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Income Tax (Earnings and Pensions) Act 2003

Paragraph 21: Material interest: options and interests in SIPs

3009.This paragraph supplements paragraph 20, and contains further provisions dealing with the meaning of the expression “material interest”. The paragraph derives from paragraph 18 of Schedule 8 (in sub-paragraphs (1) to (5)) and from paragraph 19 of Schedule 8 (in sub-paragraph (6)).

3010.Sub-paragraphs (3) and (4) both derive from paragraph 18(2) of Schedule 8. This sub-paragraph has been divided to make the text easier to understand.

3011.In sub-paragraph (6), the reference to “any approved profit sharing scheme” (in paragraph 19 of Schedule 8) has been omitted. The legislation relating to approved profit sharing schemes has not been rewritten; but, in this Act, paragraph 87 of Schedule 7 (transitionals and savings) preserves the effect of this reference.

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