(1)This Chapter is about deductions relating to approved share incentive plans.
(2)Section 984 relates to the interpretation of this Chapter.
(3)Sections 985 and 986 set out—
(a)how effect is given to deductions allowed under this Chapter, and
(b)how amounts treated as received under this Chapter are dealt with.
(4)Sections 987 and 988 deal with deductions allowed for the costs of setting up plans and their running expenses.
(5)Sections 989 to 993 deal with deductions allowed for payments used to acquire shares for plan trusts.
(6)Sections 994 to 997 deal with other deductions relating to free shares, matching shares, partnership shares and dividend shares.
(7)Section 998 deals with the withdrawal of deductions if approval for a plan is withdrawn.
(1)This Chapter forms part of the SIP code (see section 488 of ITEPA 2003).
(2)Therefore expressions used in this Chapter and contained in the index at the end of Schedule 2 to ITEPA 2003 have the meaning indicated by that index.
(3)Subsection (4) applies if any of a participant’s plan shares are forfeited.
(4)For the purposes of this Chapter the shares are treated as acquired by the trustees—
(a)when the forfeiture occurs, and
(b)for no consideration.