# Income Tax (Earnings and Pensions) Act 2003, Paragraph 15

Status: repealed

(1) The plan must provide that an individual is not eligible to participate in an award of shares unless the individual meets the requirement in sub-paragraph (2).
(2) The requirement is that the individual—
(a) is an employee of—
(i) the company, or
(ii) in the case of a group plan, a constituent company, and
(b) if the plan provides for a qualifying period, has at all times during that period been an employee of a qualifying company.
(3) In the SIP code “the employment requirement” means the requirement in sub-paragraph (2).
(4) This paragraph is supplemented—
(a) as regards qualifying periods, by paragraph 16, and
(b) as regards the meaning of “qualifying company”, by paragraph 17.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/15 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.