{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-34",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-34.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/34",
  "kind": "paragraph",
  "number": "34",
  "heading": null,
  "text": "(1) If a SIP provides for free shares, it must meet the plan requirements contained in—\nparagraph 35 (maximum annual award), and\nparagraph 36 (the holding period).\n(2) If a SIP provides for free shares and for performance allowances, the requirements of the following paragraphs also apply—\nparagraph 38 (performance allowances: general application),\nparagraph 39 (performance allowances: targets and measures),\nparagraph 40 (performance allowances: information to be given to employees), and\neither paragraph 41 or 42 (performance allowances: methods of awarding shares).\n(3) The plan must meet any plan requirements contained in those paragraphs.\n(4) For the purpose of the SIP code a plan provides for performance allowances if it provides for—\n(a) whether or not free shares will be awarded to an individual, or\n(b) the number or value of free shares awarded,\nto be conditional on performance targets being met.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/34",
    "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."
}