{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-70",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-70.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/70",
  "kind": "paragraph",
  "number": "70",
  "heading": null,
  "text": "(1) A SIP must meet the plan requirements contained in—\nparagraph 71(1) and (2) (establishment of trustees), and\nparagraph 79 (meeting by trustees of PAYE obligations).\n(2) The following provisions also relate to the trustees—\nparagraph 71(3) to (6) (the trust instrument and classes of trustees)\nparagraph 72 (duty to act in accordance with participant’s directions),\nparagraph 73 (duty not to dispose of plan shares),\nparagraph 74 (duty to make payments to participants),\nparagraph 75 (duty to give notice of award of shares etc.),\nparagraph 76 (power to borrow),\nparagraph 77 (power to raise funds to subscribe for rights issue), and\n...\nparagraph 80 (other duties in relation to tax liabilities).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 2 para. 70(2) inserted (with effect in accordance with Sch. 2 para. 93(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 92(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 2 para. 70(2) omitted (with effect in accordance with Sch. 2 para. 93(2) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 92(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/70",
    "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."
}