Commentary on Sections Overview Part 2: General requirements Paragraph 8: All-employee nature of plan
2965.This paragraph contains provisions designed to ensure as many employees as possible are eligible to benefit in an award of shares under a SIP. It derives from paragraph 8 of Schedule 8.
2966.Sub-paragraph (1), in its final full-out words, adds a second “is” to the material that deriving from the final full-out words of paragraph 8(1) of Schedule 8, so that the sub-paragraph now ends “is invited to do so”. This addition brings this sub-paragraph into better alignment with sub-paragraph (5).
2967.Sub-paragraph (2) introduces a definition of a “UK resident taxpayer”, drawing on material in paragraph 8(1)(b) of Schedule 8. This definition is then used again in sub-paragraph (5)(b).
2968.Sub-paragraphs (3) and (4) deal with the material in paragraph 8(2) of Schedule 8, which has two sentences.
2969.Sub-paragraph (6) substantially recasts and shortens paragraph 8(4) of Schedule 8.