Income Tax (Earnings and Pensions) Act 2003

Other share schemes: eligibility of individuals and material interests U.K.

87 (1) In applying any of the provisions specified in sub-paragraph (2) (which deal with the meaning of “material interest” for the purpose of determining eligibility to participate in share schemes, etc.) the following are to be disregarded— U.K.

(a) the interest of the trustees of any profit sharing scheme approved under Schedule 9 to ICTA in any shares which are held by them in accordance with the plan but which have not been appropriated to an individual, and

(b) any rights exercisable by the trustees as a result of that interest.

(2) The provisions referred to in sub-paragraph (1) are—

(a) paragraph 20 of Schedule 2 (approved share incentive plans);

(b) paragraph 12 of Schedule 3 (approved SAYE option schemes);

(c) paragraph 10 of Schedule 4 (approved CSOP schemes);

(d) paragraph 29 of Schedule 5 (enterprise management incentives).