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Finance Act 2003

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Changes over time for: Cross Heading: Participation in more than one connected plan in a tax year

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Point in time view as at 01/01/2013.

Changes to legislation:

Finance Act 2003, Cross Heading: Participation in more than one connected plan in a tax year is up to date with all changes known to be in force on or before 24 February 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. Help about Changes to Legislation

Participation in more than one connected plan in a tax yearU.K.

2U.K.After paragraph 18 insert—

Participation in more than one connected SIP in a tax yearU.K.

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..

3U.K.In paragraph 13 (eligibility of individuals: introduction), for the entry relating to paragraph 18 substitute—

paragraph 18 (requirement not to participate simultaneously in connected SIPs), paragraph 18A (successive participation in connected SIPs), and.

4U.K.In paragraph 14(7) (eligibility to participate dependent on certain requirements of plan being met), for paragraph (b) substitute—

(b)not participating simultaneously in connected SIPs (see paragraph 18),

(ba)successive participation in connected SIPs (see paragraph 18A), and.

5U.K.In paragraph 18 (requirement not to participate in connected SIPs), omit sub-paragraph (1)(a) (successive participation in connected SIPs).

6U.K.After paragraph 71 insert—

Duty to monitor participants in connected schemesU.K.

71AThe trust instrument must require the trustees to maintain records of participants who have participated in one or more other approved SIPs established by the company or a connected company..

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