Part 5 Free Shares
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 5 Free Shares

Free shares: introduction

34

(1)     If a SIP provides for free shares, it must meet the plan requirements contained in—

paragraph 35 (maximum annual award), and

paragraph 36 (the holding period).

(2)     If a SIP provides for free shares and for performance allowances, the requirements of the following paragraphs also apply—

paragraph 38 (performance allowances: general application),

paragraph 39 (performance allowances: targets and measures),

paragraph 40 (performance allowances: information to be given to employees), and

either paragraph 41 or 42 (performance allowances: methods of awarding shares).

(3)     The plan must meet any plan requirements contained in those paragraphs.

(4)     For the purpose of the SIP code a plan provides for performance allowances if it provides for—

(a)     whether or not free shares will be awarded to an individual, or

(b)     the number or value of free shares awarded,

to be conditional on performance targets being met.

Maximum annual award

35

(1)     The plan must provide that the initial market value of the free shares awarded to a participant in a tax year is not to exceed [£3,600].

(2)     The “initial market value” of shares means their market value

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