Part 2 General Requirements
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 2 General Requirements

General requirements . . .: introduction

6

[(1)]     A SIP must meet the plan requirements contained in—

paragraph 7 (the purpose of the plan),

paragraph 8 (all-employee nature of plan),

paragraph 9 (participation on same terms),

paragraph 10 (no preferential treatment for directors and senior employees),

paragraph 11 (no further conditions), and

paragraph 12 (no loan arrangements).

[(2)     The requirements of this Part are also to be taken to include the requirements of paragraphs 89 and 90 (plan termination notices etc).]

The purpose of the plan

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(1)     The purpose of the plan must be to provide[, in accordance with this Schedule,] benefits to employees in the [form] of shares in a company which give them a continuing stake in that company.

[(1A)     The plan must not provide benefits to employees otherwise than in accordance with this Schedule.

(1B)     For example, the plan must not provide cash to employees as an alternative to shares.

(1C)     Sub-paragraph (1A) does not prohibit an employee receiving a benefit from a company as a result of any shares in that company being held on the employee's behalf under the plan where the employee would have received

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