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 3: Eligibility of individuals
Paragraph 22: Meaning of “associate”

3012.This paragraph also supplements paragraph 19. It contains the definition of “associate” and is in its turn supplemented by paragraphs 23 and 24. This paragraph derives from paragraph 20 of Schedule 8.

3013.In sub-paragraph (1) references to an “individual” replace references to a “person”; and in sub-paragraph (1)(c) different words are used to describe the relevant company.

3014.Sub-paragraph (2) is new. This provision links sub-paragraph (1)(c) with paragraphs 23 and 24 of this Schedule.

3015.In sub-paragraph (3) the definition of “relative” has been slightly amended.