# Income Tax (Earnings and Pensions) Act 2003, Paragraph 18

Extent: E+W+S+N.I.
Status: repealed

(1) The plan must provide that an individual is not eligible to participate in an award of free, matching or partnership shares under the plan in a tax year if the individual—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) is at the same time to participate, in an award of shares under another Schedule 2 SIP established by the company or a connected company.
(2) For the purposes of this paragraph an individual is to be treated as having participated in an award of free shares under a SIP if the individual would have participated in that award but for the individual’s failure to obtain a performance allowance (see paragraph 34).
(3) In this paragraph “connected company” means— (a)a company which controls or is controlled by the company or which is controlled by a company which also controls the company, or (b)a company which is a member of a consortium owning the company or which is owned in part by the company as a member of a consortium.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/18 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.