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Changes over time for: Paragraph 97


Timeline of Changes
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Status:
Point in time view as at 02/12/2019.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Paragraph 97 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.

Changes to Legislation
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This section has no associated Explanatory Notes
97(1)For the purposes of the SIP code plan shares cease to be subject to a SIP when—U.K.
(a)they are withdrawn from the plan,
(b)the participant to whom the shares were awarded ceases to be in relevant employment at a time when the shares are subject to the plan, or
(c)the trustees dispose of the shares under provision made in accordance with paragraph 79 (meeting by trustees of PAYE obligations).
(2)If an individual—
(a)participates in an award of partnership shares, and
(b)ceases to be in relevant employment at any time during the acquisition period relating to that award,
the individual is to be treated for the purposes of this paragraph as ceasing to be in relevant employment immediately after the shares are awarded.
(3)In sub-paragraph (2) “the acquisition period” in relation to an award means—
(a)where there was no accumulation period, the period beginning with the deduction of the partnership share money and ending with the acquisition date (as defined by paragraph 50(4)), and
(b)where there was an accumulation period, the period beginning with the end of that period and ending immediately before the acquisition date (as defined by paragraph 52(5)).
(4)If a participant ceases to be in relevant employment, the participant’s plan shares are to be treated as ceasing to be subject to the plan on the date of leaving.
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