Income Tax (Earnings and Pensions) Act 2003

Finance Act 1989 (c. 26)

160 (1) Amend section 69 (chargeable events in relation to employee share ownership trusts) as follows.

(2) In subsection (3AA)—

(a) in paragraph (a) for “an employee share ownership” substitute “a share incentive”, and

(b) in paragraph (b) for “Schedule 8 to the Finance Act 2000” substitute “Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003”.

(3) In the definition of “market value” in subsection (3AC), for “in Schedule 8 to the Finance Act 2000” substitute “it has for the purposes of the SIP code (see paragraph 92 of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003)”.

(4) In subsection (4ZA)(b)—

(a) for “a savings-related share option scheme within the meaning of Schedule 9 to the Taxes Act 1988” substitute “an SAYE option scheme within the meaning of the SAYE code (see section 516(4) of the Income Tax (Earnings and Pensions) Act 2003)”, and

(b) in sub-paragraph (ii) for “that Schedule” substitute “Schedule 3 to that Act”.