24(1)The plan must provide that the initial market value of the free shares awarded to a participant in any tax year cannot exceed £3,000.
(2)For this purpose the “initial market value” of shares means their market value on the date on which they are awarded.
(3)For the purposes of this paragraph the market value of shares subject to restrictions or risk of forfeiture shall be determined as if there were no such restriction or risk.
For this purpose shares are “subject to risk of forfeiture” if the interest that may be acquired is only conditional within the meaning of section 140C of the Taxes Act 1988.