Point in time view as at 02/12/2019.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 5 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.
5(1)For the purposes of the SIP code an “award of shares” is made under a SIP on each occasion when in accordance with the plan—U.K.
(a)free or matching shares are appropriated to employees, or
(b)partnership shares are acquired on behalf of employees.
(2)Accordingly, references to shares awarded to an individual under a SIP are to—
(a)free or matching shares appropriated to the individual, or
(b)partnership shares acquired on the individual’s behalf,
under the plan.
(3)For the purposes of the SIP code an individual participates in an award of free, matching or partnership shares under a SIP if shares included in that award are—
(a)in the case of an award of free or matching shares, appropriated to the individual, or
(b)in the case of an award of partnership shares, acquired on the individual’s behalf.
(4)In the SIP code, in relation to a SIP, “participant” means an individual to whom shares have been awarded under the plan.
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