Income Tax (Earnings and Pensions) Act 2003 Schedule 3 paragraph 10

The employment requirement

Schedule 3 paragraph 10 sets out the employment requirement that must be met for an individual to be eligible to participate in a Share Incentive Plan.

• An individual can only participate in the scheme if they are a director or employee of the scheme organiser at the relevant time.
• Where the scheme is a group scheme, the individual may alternatively be a director or employee of a constituent company within the group.
• The eligibility check applies at the particular time the individual seeks to participate, meaning their employment status must be current.
• The employment requirement is not breached by any provision of the scheme that is required or permitted by another part of Schedule 3.