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Income Tax (Earnings and Pensions) Act 2003

Paragraph 25: Types of shares that may be awarded: introduction

3026.This paragraph is introductory, and derives from paragraph 59 of Schedule 8.

3027.Sub-paragraph (1) lists the requirements relating to types of shares that must be met before a SIP may be approved. The paragraph follows the source legislation and, unlike paragraphs 6 and 13 (for example), contains no reference to “plan requirements”. This divergence may be explained by the fact that the requirements imposed in this Part of this Schedule are not matters that must be dealt with in the plan documentation.

3028.Sub-paragraph (2) then defines shares that may be awarded under the plan as “eligible shares”. This definition is in a new sub-paragraph.

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