{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-10/paragraph-2",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-10/paragraph-2.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/10/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "For the purposes of any of the relevant provisions, “the period of retention”, in relation to any of a participant’s shares, means the period beginning on the date on which they are appropriated to him and ending on the second anniversary of that date or, if it is earlier—\n(a) the date on which the participant ceases to be a director or employee of the grantor or, in the case of a group scheme, a participating company by reason of injury or disability or on account of his being dismissed by reason of redundancy, within the meaning of the Employment Rights Act 1996 or the Employment Rights (Northern Ireland) Order 1996; or\n(b) the date on which the participant reaches the relevant age; or\n(c) the date of the participant’s death; or\n(d) in a case where the participant’s shares are redeemable shares in a workers’ cooperative, the date on which the participant ceases to be employed by, or by a subsidiary of, the cooperative.\nFor the purposes of sub-paragraph (a) above, in the case of a group scheme, the participant shall not be treated as ceasing to be a director or employee of a participating company until such time as he is no longer a director or employee of any of the participating companies.\nIn this paragraph, the reference to the relevant age is a reference, in the case of a scheme approved before the day on which the Finance Act 1991 was passed, in the case of a man, to the age of 65, and in the case of a woman, to the age of 60 and, in the case of a scheme approved on or after that day, to the specified age.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 10 para. 2 substituted (22.8.1996) by Employment Rights Act 1996 (c. 18), s. 243, Sch. 1 para. 35(4)(b)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 10 para. 2 substituted (24.9.1996) by The Employment Rights (Northern Ireland) Order 1996 (S.I. 1996/1919 (N.I. 16)), art. 1(2), Sch. 1 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 10 para. 2(b) substituted by Finance Act 1991 (c. 31, SIF 63:1), s. 38(3)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word at the end of Sch. 10 para. 2(c) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 9"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 10 para. 2 inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 38(3)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in Sch. 10 para. 2 substituted (19.7.1995) by Pensions Act 1995 (c. 26), ss. 126, 180(2)(a), Sch. 4 para. 12(b), s. 178(3)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Source—1978 s.54(4), (5); 1980 s.46(3); 1986 s.24(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/10/paragraph/2",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}