Commentary on Sections Overview Part 3: Eligibility of individuals Paragraph 18: Requirement not to participate in other SIPs
2999.This paragraph restricts the ability of an individual to participate in an award of shares under more than one SIP in a tax year.
3000.The paragraph derives from paragraph 16 of Schedule 8. In that Schedule, paragraphs 17 to 22 supplement paragraph 15; so, to improve the narrative “flow”, this paragraph now appears before the paragraphs rewriting paragraphs 15 and 17 to 22, which now constitute one single uninterrupted “block”.
3001.The title to this paragraph has been changed to make it simpler.
3002.In sub-paragraph (1) the word “eligible” has been added to bring this provision into alignment with paragraphs 15(1) and 19(1).
3003.Sub-paragraph (1) combines and abbreviates paragraph 16(1) and (2) of Schedule 8. References to approved profit sharing schemes in paragraph 16(1) of Schedule 8 have been removed. See Change 160 in Annex 1.