{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-9/paragraph-28",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-9/paragraph-28.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/9/paragraph/28",
  "kind": "paragraph",
  "number": "28",
  "heading": null,
  "text": "(1) The scheme must provide that no person shall obtain rights under it which would, at the time they are obtained, cause the aggregate market value of the shares which he may acquire in pursuance of rights obtained under the scheme or under any other share option scheme, not being a savings-related share option scheme, approved under this Schedule and established by the grantor or by any associated company of the grantor (and not exercised) to exceed or further exceed £30,000.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) For the purposes of sub-paragraph (1) above, the market value of shares shall be calculated as at the time when the rights in relation to those shares were obtained or, in a case where an agreement relating to them has been made under paragraph 29 below, such earlier time or times as may be provided in the agreement.\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 9 para. 28(1) substituted (29.4.1996) by Finance Act 1996 (c. 8), s. 114(2)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 9 para. 28(2)(4) repealed (29.4.1996) by Finance Act 1996 (c. 8), s. 114(2)(b), Sch. 41 Pt. 5(5), Note 3"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Source—1984 Sch. 10 5"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 9 para. 28(3) applied (with effect in accordance with Sch. 16 para. 1 of the affecting Act) by Finance Act 1996 (c. 8), Sch. 16 para. 2(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/9/paragraph/28",
    "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."
}