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Income Tax (Earnings and Pensions) Act 2003

Paragraph 42: Withdrawal of approval

3349.This paragraph derives from paragraph 3(1) of Schedule 9 to ICTA. The rewritten legislation includes the use of a new label, a “disqualifying event”. This expression does not occur in Schedule 9 to ICTA, but it does occur in the SIP code and in the EMI code.

3350.Sub-paragraph (1) has been expanded to include a requirement that the Inland Revenue give notice of their withdrawal of approval. See Change 170 in Annex 1.

3351.In sub-paragraph (3), it is made clear that SAYE option holders are protected in relation to their existing approved options if approval of a scheme is withdrawn.

3352.Paragraphs 3(2) and (3) of Schedule 9 to ICTA relate to approved profit sharing schemes.

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