Part 4 Types of Shares that may be Awarded
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 4 Types of Shares that may be Awarded

Types of share that may be awarded: introduction

25

(1)     The requirements of the following paragraphs must be met with respect to any shares that may be awarded under a SIP—

paragraph 26 (shares must be part of ordinary share capital of certain companies),

paragraph 27 (requirement as to listing etc),

paragraph 28 (shares must be fully paid up and not redeemable), [and]

paragraph 29 (prohibited shares), . . .

....

(2)     In this Part of this Schedule “eligible shares” means shares that may be awarded under the plan.

Shares must be part of ordinary share capital of certain companies

26

Eligible shares must form part of the ordinary share capital of—

(a)     the company,

(b)     a company which has control of the company, or

(c)     a company which either is, or has control of, a company which is a member of a consortium owning either the company or a company having control of the company.

Requirement as to listing etc

27

(1)     Eligible shares must be—

(a)     shares of a class listed on a recognised stock exchange,

(b)     shares in a company which is not

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