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Income Tax (Earnings and Pensions) Act 2003

Section 488: Approved share incentive plans (SIPs)

2012.This section is introductory. It indicates the main components of the SIP code, and defines some terms of general application.

2013.Subsection (1) is new, and indicates the main topics dealt with in the SIP code. Subsection (2), which is also new, then indicates which of those topics are dealt with in Schedule 2.

2014.Subsection (3) contains the definition of “the SIP code”. This definition is also new.

2015.Subsection (4) defines terms used generally in the SIP code. Of these terms:

  • the definition of an “approved” plan may be deduced from the definition of “approved employee share ownership plan” in paragraph 129(1) of Schedule 8 to FA 2000; but, in this Act, the definition is now followed by a new provision, stating that the word “approval” has a corresponding meaning;

  • the definition of a “PAYE deduction” generalises the partial definitions in paragraphs 95(10) and 96(5) of Schedule 8 to FA 2000; and

  • the definition of a “share incentive plan” derives from the definition of an “employee share ownership plan” in paragraph 1(1) of Schedule 8 to FA 2000.

2016.Subsection (5) draws attention to the fact that there is an index relating to the SIP code at the end of Schedule 2. Expressions contained in that index have the meanings that are indicated there.

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