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Income Tax (Earnings and Pensions) Act 2003

Paragraph 51: Accumulation periods

3106.This paragraph contains provisions that apply if the SIP provides for an accumulation period. The paragraph derives from paragraph 41 of Schedule 8.

3107.The material in Schedule 8 has been rearranged, with a view to making the main propositions more prominent and easier to understand. Sub-paragraph (2) derives from the opening words of paragraph 41(2) of Schedule 8; and sub-paragraphs (3) and (4) reorganise all the other material in paragraph 41(2) and (3) of that Schedule.

3108.At the end of sub-paragraph (4)(b), the words “all individuals entering into partnership share agreements” have replaced the words “all individuals who are eligible to participate in the award”. The new wording is intended to be a more accurate statement of the legislative intention. See Change 163 in Annex 1.

3109.Sub-paragraph (5) is arranged somewhat differently from paragraph 41(4) of Schedule 8.

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