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Income Tax (Earnings and Pensions) Act 2003

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This is the original version (as it was originally enacted).

Approved share incentive plans

This section has no associated Explanatory Notes

68(1)This paragraph applies where, immediately before 6th April 2003, an employee share ownership plan was approved under Schedule 8 to FA 2000 (employee share ownership plans).

(2)On and after that date the plan is to be treated as a share incentive plan (or “SIP”) approved by the Inland Revenue under Schedule 2 to this Act.

(3)Sub-paragraph (2) has effect even if the provisions of the plan do not wholly conform with the provisions of Schedule 2 to this Act, but it has effect without prejudice to—

(a)paragraphs 83 and 84 of that Schedule (withdrawal of approval),

(b)paragraphs 89 and 90 of that Schedule (termination of plan), and

(c)any alteration of the plan.

(4)For the purposes of paragraph 84(1)(a) of Schedule 2, as it applies to the plan, nothing is to be regarded as a disqualifying event because of a contravention of any of the requirements of that Schedule if the requirement in question does not correspond to any of the requirements of Schedule 8 to FA 2000.

(5)Nothing in this Act affects the validity of—

(a)any provision of the plan which was included in it at any time before 6th April 2003 in accordance with the provisions of Schedule 8 to FA 2000 as then in force, or

(b)any award of shares under the plan which was made at any such time in accordance with the provisions of that Schedule as then in force.

(6)In this paragraph—

  • “award of shares” means the appropriation of shares to, or the acquisition of shares on behalf of, a person;

  • “employee share ownership plan” has the meaning given by paragraph 1(1) of Schedule 8 to FA 2000.

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