# Income Tax (Earnings and Pensions) Act 2003, Paragraph 35

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

(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 .
(2) The “initial market value” of shares means their market value on the date on which they are awarded.
(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.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/35 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.