Income Tax (Earnings and Pensions) Act 2003 section 95

Meaning of participant ceasing to be in relevant employment

Section 95 defines what it means for a participant in a Share Incentive Plan (SIP) to cease to be in relevant employment.

  • Relevant employment means employment by the SIP company or any associated company.
  • A participant remains in relevant employment as long as they continue working for the company or any associated company.
  • A participant only ceases to be in relevant employment when they leave the company and all associated companies.
  • This definition applies throughout the SIP code and affects how shares are treated when a participant departs.

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