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Income Tax (Earnings and Pensions) Act 2003

Paragraph 5: Meaning of “award of shares”, “participant” etc.

2959.This paragraph defines various expressions to be found in the SIP code. It derives from paragraph 3 of Schedule 8.

2960.These definitions are set out in an order that differs somewhat from that found in the source legislation, because sub-paragraph (2) derives from the full-out words at the end of paragraph 3(2) of Schedule 8.

2961.In paragraph 3(2) of Schedule 8, the source legislation provides for the definition of “the individual award”. This term is not used in this Act, as it appears in one place only: in paragraph 53(5) of this Schedule (derived from paragraph 43(4) of Schedule 8). The wording of paragraph 53(5) has been amended accordingly.

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