Part 11Relief for particular employee share acquisition schemes

Chapter 1Share incentive plans

Withdrawal of approval for a plan

998Withdrawal of deductions if approval for share incentive plan withdrawn

1

This section applies if—

a

a deduction is made by a company under section 989, 991, 994 or 995 in relation to an approved share incentive plan, and

b

the approval for the plan is withdrawn.

2

An officer of Revenue and Customs may by notice direct that the deduction is withdrawn.

3

If a direction is made, the company is treated as receiving an amount equal to the deduction.

4

The amount is treated as received when the direction is made.