Income Tax (Earnings and Pensions) Act 2003 Schedule 2 paragraph 22

Meaning of "associate"

Paragraph 22 of Schedule 2 defines who counts as an "associate" of a person for the purposes of the Share Incentive Plan (SIP) rules.

• An associate includes any relative of the person, meaning their spouse, civil partner, parent, child, grandparent, grandchild, brother or sister
• Business partners of the person are also treated as associates, along with the relatives of those business partners
• Trustees of a settlement are associates if the person, or any of their relatives (living or deceased), is or was a settlor of that trust
• Where the person has an interest in shares or obligations of a company that are subject to a trust, the trustees of that trust are also treated as associates