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Income Tax (Earnings and Pensions) Act 2003
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16(1)This paragraph applies if the plan provides for a qualifying period in relation to an award. U.K.
(2)In the case of an award of free shares, the qualifying period must be a period of not more than 18 months ending with the date on which the award is made.
(3)In the case of an award of partnership shares where the plan does not provide for an accumulation period, the qualifying period must be a period of not more than 18 months ending with the deduction of partnership share money relating to the award.
(4)In the case of an award of partnership shares where the plan does provide for an accumulation period, the qualifying period must be a period of not more than 6 months ending with the start of the accumulation period relating to the award.
(5)In the case of an award of matching shares where the plan does not provide for an accumulation period, the qualifying period must be a period of not more than 18 months ending with the deduction of partnership share money relating to the award of partnership shares to which the matching shares relate.
(6)In the case of an award of matching shares where the plan does provide for an accumulation period, the qualifying period must be a period of not more than 6 months ending with the start of the accumulation period relating to the award of partnership shares to which the matching shares relate.
(7)In relation to an award, the same qualifying period must apply in relation to all employees—
(a)of the company, or
(a)in the case of a group plan, of the constituent companies.
(8)The plan may authorise the company to specify different qualifying periods in respect of different awards of shares, but the requirements in sub-paragraphs (2) to (7) apply to periods so specified.
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