Income Tax (Earnings and Pensions) Act 2003 section 76

Power of trustees to borrow

Section 76 sets out the borrowing powers that may be granted to the trustees of a share incentive plan (SIP) trust.

  • The SIP trust instrument may include provisions allowing the trustees to borrow money
  • Borrowing is permitted for the purpose of acquiring shares to be used within the plan
  • Borrowing may also be permitted for any other purposes specified in the trust instrument
  • The scope of any additional borrowing purposes is determined by what the trust instrument itself sets out

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