C1Part 11Relief for particular employee share acquisition schemes

Annotations:
Modifications etc. (not altering text)
C1

Pt. 11 applied by 2010 c. 8, s. 425(1) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))

Chapter 1Share incentive plans

F3Plan ceasing to be a Schedule 2 SIP

Annotations:
Amendments (Textual)
F3

S. 998 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 82, 89 (with Sch. 8 paras. 90-96)

998Withdrawal of deductions if F4share incentive plan ceases to be a Schedule 2 share incentive plan

1

This section applies if—

a

a deduction is made by a company under section F2987, 989, 991, 994 or 995 in relation to F1a Schedule 2 share incentive plan, and

F5b

by virtue of paragraph 81H or 81I of Schedule 2 to ITEPA 2003 the plan is not to be a Schedule 2 share incentive plan.

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An officer of Revenue and Customs may by notice direct that the deduction is withdrawn.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