Paragraph 15

United Kingdom

(1)

The plan must provide that an individual is not eligible to participate in an award of shares if he has, or has within the preceding twelve months had, a material interest in—

(a)

a close company whose shares may be awarded under the plan, or

(b)

a company which has control of such a company or is a member of a consortium which owns such a company.

(2)

For the purposes of this paragraph an individual is regarded as having a material interest in a company if—

(a)

the individual,

(b)

the individual together with one or more associates of his, or

(c)

any associate of the individual’s, with or without any other such associates,

has a material interest in the company.

(3)

This paragraph is supplemented—

(a)

as regards the meaning of “material interest”, by paragraphs 17 to 19, and

(b)

as regards the meaning of “associate”, by paragraph 20 (read with paragraphs 21 and 22).

Notes on Schedule 8

Textual amendments

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)