{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-28",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-28.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/28",
  "kind": "paragraph",
  "number": "28",
  "heading": null,
  "text": "(1) Eligible shares must be—\n(a) fully paid up, and\n(b) not redeemable.\n(2) For the purposes of sub-paragraph (1)(a) shares are not to be regarded as fully paid up if there is an undertaking to pay cash at a future date to the company whose shares they are.\n(3) For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.\n(4) Sub-paragraph (1)(b) does not apply to shares in a registered co-operative society.\n(5) In sub-paragraph (4) “registered co-operative society” means—\n(a) a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014,\n(b) a pre-commencement society (within the meaning of that Act) that is a co-operative society within the meaning of section 2 of that Act,\n(c) a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 that is a co-operative society within the meaning of section 1 of that Act , or\n(d) an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 28(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(2) (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 2 para. 28(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(3) (with Sch. 5) (as amended by Finance Act 2014 (c. 26), Sch. 39 paras. 8, 15)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/28",
    "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."
}