Point in time view as at 02/12/2019.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 40 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
40(1)A plan that provides for performance allowances in relation to an award of shares must require the company—U.K.
(a)to notify each qualifying employee who has accepted an invitation to participate in the award of the performance targets and measures which, under the plan, will be used to determine the number or value of free shares awarded to the employee, and
(b)to notify all qualifying employees—
(i)of the company, or
(ii)in the case of a group plan, of any constituent company,
in general terms, of the performance measures to be used to determine the number or value of free shares to be awarded to each employee participating in the award.
(2)The notices must be given as soon as reasonably practicable.
(3)The company may exclude from the notice mentioned in sub-paragraph (1)(b) any information whose disclosure the company reasonably considers would prejudice commercial confidentiality.
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