{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-35",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-35.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/35",
  "kind": "paragraph",
  "number": "35",
  "heading": null,
  "text": "(1) The plan must provide that the initial market value of the free shares awarded to a participant in a tax year is not to exceed £3,600 .\n(2) The “initial market value” of shares means their market value on the date on which they are awarded.\n(2A) The Treasury may by order amend sub-paragraph (1) by substituting for any amount for the time being specified there an amount specified in the order.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 2 para. 35(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), s. 49(2)(4)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 2 para. 35(2A) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 50(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 2 para. 35(3)(4) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 49"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/35",
    "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."
}