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Income Tax (Earnings and Pensions) Act 2003

Paragraph 71: Establishment of trustees

3160.This paragraph sets out the requirements and duties that a SIP must contain regarding the establishment and duties of the trustees. The paragraph derives from paragraph 68 of Schedule 8.

3161.Sub-paragraph (1) has been reworded to make it clear that the body of trustees should consist of persons resident in the United Kingdom.

3162.Sub-paragraph (3) provides for the introduction of the term “the trust instrument”. Schedule 8 contains no formal introduction of this term, although the term is used extensively in the following paragraphs of this Part.

3163.Sub-paragraphs (5) and (6) incorporate provisions deriving from the Employee Share Schemes Act 2002.

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