[554J Exclusions: earmarking for employee share schemes (1)]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554J  Exclusions: earmarking for employee share schemes (1)]

[(1)     This section applies if—

(a)     there is an arrangement (“B's employee share scheme”) under which, in respect of A's employment with B, an award may be made to A of—

(i)     relevant shares, or

(ii)     a sum of money the amount of which is to be determined by reference to the market value of any relevant shares at the time the sum is to be paid,

(b)     the main purpose of the award of the relevant shares or sum of money would not be the provision of relevant benefits,

(c)     the award of the relevant shares or sum of money would be on terms (“the deferred award terms”) the main purpose of which is to defer the receipt of the shares by A, or the payment of the sum of money to A, to a specified date (“the vesting date”) which is after the date (“the award date”) on which the award is made, while providing that the award is revoked if specified conditions are not met on or before the vesting date,

(d)     the vesting date would not be more than ten years after the award date, and

(e)

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