Part 3 Eligibility of Individuals
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 3 Eligibility of Individuals

Eligibility of individuals: introduction

13

A SIP must meet the plan requirements contained in—

paragraph 14 (time of eligibility to participate),

paragraph 15 (the employment requirement),

[paragraph 18 (requirement not to participate simultaneously in connected SIPs), [and]

paragraph 18A (successive participation in connected SIPs), . . .]

.Ìý.Ìý..

Time of eligibility to participate

14

(1)     The plan must provide that an individual may only participate in an award of shares if the individual is eligible to participate in the award at the appropriate time mentioned below.

(2)     In the case of an award of free shares, the appropriate time is the time when the award is made.

(3)     In the case of an award of partnership shares where the plan does not provide for an accumulation period, the appropriate time is the time of the deduction of the partnership share money relating to the award.

(4)     In the case of an award of partnership shares where the plan does provide for an accumulation period, the appropriate time is the time of the first deduction of partnership share money relating to the award.

(5)     In the case of an award of matching

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