# Income Tax (Earnings and Pensions) Act 2003, Paragraph 8


(1) The scheme must ensure that an individual is not eligible to be granted share options under the scheme at a particular time unless the individual is then a full-time director or a qualifying employee of—
(a) the scheme organiser, or
(b) in the case of a group scheme, a constituent company.
(2) A “qualifying employee”, in relation to a company, means an employee of the company other than one who is a director of—
(a) the company, or
(b) in the case of a group scheme, a constituent company.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/4/paragraph/8 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-4/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.