Explanatory Notes

Income Tax (Earnings and Pensions) Act 2003

2003 CHAPTER 1

6th March 2003

Commentary on Sections

Omitted material

Schedule 2: Approved Share Incentive Plans

Overview

Part 2: General requirements
Paragraph 11: No further conditions

2979.This paragraph provides that a SIP must not impose additional conditions on an employee’s participation in an award of shares under the plan. It derives from paragraph 11 of Schedule 8.

2980.A reference to conditions “required or authorised by this Schedule” replaces a reference to conditions “required or permitted by this Schedule”. This change brings the wording used into alignment with that used elsewhere (for example, in paragraph 8(4) of this Schedule).