Point in time view as at 17/07/2013.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Free shares: introduction 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.
34(1)If a SIP provides for free shares, it must meet the plan requirements contained in—U.K.
paragraph 35 (maximum annual award), and
paragraph 36 (the holding period).
(2)If a SIP provides for free shares and for performance allowances, the requirements of the following paragraphs also apply—
paragraph 38 (performance allowances: general application),
paragraph 39 (performance allowances: targets and measures),
paragraph 40 (performance allowances: information to be given to employees), and
either paragraph 41 or 42 (performance allowances: methods of awarding shares).
(3)The plan must meet any plan requirements contained in those paragraphs.
(4)For the purpose of the SIP code a plan provides for performance allowances if it provides for—
(a)whether or not free shares will be awarded to an individual, or
(b)the number or value of free shares awarded,
to be conditional on performance targets being met.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
