SCHEDULE 3 Employee Share Schemes: Minor Amendments
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 3 Employee Share Schemes: Minor Amendments

Section 16

Enterprise management incentives and employee ownership trusts

1

(1)     In section 534 of ITEPA 2003 (disqualifying events relating to relevant company), at the end insert—

“(7)     Subsection (1)(a) and (b) do not apply where the relevant company is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).â€

(2)     The amendment made by this paragraph is treated as having come into force on 1 October 2014.

Share incentive plans

2

(1)     Schedule 2 to ITEPA 2003 (share incentive plans) is amended as follows.

(2)     In paragraph 1 (introduction), after sub-paragraph (4) insert—

“(5)     Sub-paragraph (A1) is also subject to Part 10A of this Schedule (disqualifying events).â€

(3)     After Part 10 insert—

“Part 10A
Disqualifying Events
85A

(1)     A SIP ceases to be a Schedule 2 SIP if (and with effect from the time when) a disqualifying event occurs.

(2)     The following are disqualifying events—

(a)     an alteration being made in—

(i)     the share capital of a company any of whose shares are subject to the plan trust, or

(ii)     the rights attaching to any shares of such a company,

that

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