Textual Amendments
F1Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)
18(1)The plan must provide that an individual is not eligible to participate in an award of free, matching or partnership shares under the plan in a tax year if the individual—U.K.
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)is at the same time to participate, in an award of shares under another [F3Schedule 2] SIP established by the company or a connected company.
(2)For the purposes of this paragraph an individual is to be treated as having participated in an award of free shares under a SIP if the individual would have participated in that award but for the individual’s failure to obtain a performance allowance (see paragraph 34).
(3)In this paragraph “connected company” means— (a)a company which controls or is controlled by the company or which is controlled by a company which also controls the company, or (b)a company which is a member of a consortium owning the company or which is owned in part by the company as a member of a consortium.
Textual Amendments
F2Sch. 2 para. 18(1)(a) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 5, Sch. 43 Pt. 3(3)
F3Words in Sch. 2 para. 18(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 20, 89 (with Sch. 8 paras. 90-96)