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Income Tax (Earnings and Pensions) Act 2003

Paragraph 19: The “no material interest” requirement

3004.This paragraph states that the SIP must provide that an individual is not eligible to participate in an award of shares if the individual has (or has recently had) a “material interest” in a company with specified characteristics. In determining whether the individual has such a “material interest”, it is necessary to consider the interests of the individual’s “associates”. This paragraph is accordingly then supplemented by paragraphs 20 and 21 (which deal with the meaning of “material interest”) and by paragraphs 22 to 24 (which deal with the meaning of “associate”). This paragraph derives from paragraph 15 of Schedule 8.

3005.As the paragraphs in this Part of Schedule 8 have now been placed in a different order (see the explanatory notes relating to paragraph 18), this paragraph is now followed immediately by the paragraphs that supplement it.

3006.In sub-paragraph (3), the wording of the two paragraphs has been brought into alignment.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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