{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-1",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-1.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "schedule/2/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(A1) For the purposes of the SIP code a share incentive plan (a “SIP”) is a Schedule 2 SIP if the requirements of Parts 2 to 9 of this Schedule are met in relation to the SIP.\n(3) The requirements consist of general requirements (see Part 2) and requirements as to—\nthe eligibility of individuals (see Part 3),\nthe types of shares that may be awarded (see Part 4),\nfree shares (see Part 5),\npartnership shares (see Part 6),\nmatching shares (see Part 7),\ncash dividends and dividend shares (see Part 8), and\nthe trustees (see Part 9).\n(4) Sub-paragraph (A1) is subject to Part 10 of this Schedule which—\n(a) requires notice of a plan to be given to Her Majesty's Revenue and Customs (“HMRC”) in order for the plan to be a Schedule 2 SIP (see paragraph 81A(1)),\n(b) provides for a plan in relation to which such notice is given to be a Schedule 2 SIP (see paragraph 81A(4)), and\n(c) gives power to HMRC to enquire into a plan and to decide that the plan should not be a Schedule 2 SIP (see paragraphs 81F to 81I).\n(5) Sub-paragraph (A1) is also subject to Part 10A of this Schedule (disqualifying events).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 2 para. 1(A1) substituted for Sch. 2 para. 1(1)(2) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 16(2), 89 (with Sch. 8 paras. 90-96)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 2 para. 1(4) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 16(3), 89 (with Sch. 8 paras. 90-96)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 2 para. 1(5) inserted (with effect in accordance with Sch. 3 para. 2(4) of the amending Act) by Finance Act 2016 (c. 24), Sch. 3 para. 2(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/1",
    "retrieved_at": "2026-10-29T09:18:42.395488+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."
}