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 8: Cash dividends and dividend shares
Paragraph 64: Limit on amount reinvested

3143.This paragraph specifies a limit for total dividend reinvestment that must be included in the plan. It derives from paragraph 54 of Schedule 8.

3144.Sub-paragraph (2)(b) has new wording, including a mention of “approved SIPs”, and this has permitted the removal of the two further sub-paragraphs from the source legislation.