SCHEDULES

SCHEDULE 2Approved share incentive plans

Part 3Eligibility of individuals

Meaning of “associate”

22

1

In paragraph 19(2) (the “no material interest” requirement) “associate”, in relation to an individual, means—

a

any relative or partner of the individual,

b

the trustee or trustees of any settlement in relation to which the individual, or any of the individual’s relatives (living or dead), is or was a settlor, and

c

where the individual is interested in any shares or obligations of the company mentioned in paragraph 19(2) which are subject to any trust, or are part of the estate of a deceased person—

i

the trustee or trustees of the settlement concerned, or

ii

the personal representatives of the deceased,

as the case may be.

2

Sub-paragraph (1)(c) needs to be read with paragraphs 23 and 24 (which relate to employee benefit trusts and discretionary trusts).

3

In this paragraph—

  • “relative” means—

    1. a

      spouse F2or civil partner,

    2. b

      parent, child or remoter relation in the direct line, or

    3. c

      brother or sister;

  • “settlor” and “settlement” have the same meaning as in F1Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act).