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Finance Act 2003
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Participation in more than one connected plan in a tax year
2After paragraph 18 insert—
“Participation in more than one connected SIP in a tax year
18A(1)The plan must provide that, if an individual participates in an award of shares under the plan in a tax year in which he has already participated in an award of shares under one or more other approved SIPs established by the company or a connected company—
(a)paragraph 35 (maximum annual award of free shares),
(b)paragraph 46 (maximum amount of partnership share money deductions), and
(c)paragraph 64 (limit on amount reinvested),
apply as if the plan and the other plan or plans were a single plan.
(2)In this paragraph “connected company” has the same meaning as in paragraph 18.”.
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