Part 1 Share Incentive Plans
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 8 Employee Share Schemes

Section 51

Part 1 Share Incentive Plans

Amendments to Chapter 6 of Part 7 of ITEPA 2003

1

Chapter 6 of Part 7 of ITEPA 2003 (employment income: income and exemptions relating to securities: share incentive plans) is amended as follows.

2

In the title omit “Approvedâ€.

3

(1)     Section 488 (introduction to share incentive plans) is amended as follows.

(2)     In the heading omit “Approvedâ€.

(3)     In subsection (1)—

(a)     omit paragraph (a), and

(b)     in paragraph (b) for “those plans†substitute “share incentive plans (“SIPsâ€) which are Schedule 2 SIPsâ€.

(4)     Omit subsection (2).

(5)     In subsection (4)—

(a)     omit the definitions of “approved†and “approvalâ€, and

(b)     after the definition of “PAYE deduction†insert—

““Schedule 2 SIP†is to be read in accordance with paragraph 1 and Part 10 of Schedule 2;â€.

4

(1)     Section 489 (operation of tax advantages) is amended as follows.

(2)     In the heading for “approved†substitute “Schedule 2â€.

(3)     In subsection (1) for “an approved†substitute “a Schedule 2â€.

5

In section 498 (no charge on shares ceasing

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