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Part 11U.K.Relief for particular employee share acquisition schemes

Modifications etc. (not altering text)

C1Pt. 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 1U.K.Share incentive plans

[F1Plan ceasing to be a Schedule 2 SIP]U.K.

Textual Amendments

F1S. 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 [F2share incentive plan ceases to be a Schedule 2 share incentive plan]U.K.

(1)This section applies if—

(a)a deduction is made by a company under section [F3987,] 989, 991, 994 or 995 in relation to [F4a Schedule 2] share incentive plan, and

[F5(b)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(2)An officer of Revenue and Customs may by notice direct that the deduction is withdrawn.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.

Textual Amendments

F2Words in s. 998 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(2), 89 (with Sch. 8 paras. 90-96)

F3Word in s. 998(1)(a) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(a)(i), 89 (with Sch. 8 paras. 90-96)

F4Words in s. 998(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(a)(ii), 89 (with Sch. 8 paras. 90-96)

F5S. 998(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(b), 89 (with Sch. 8 paras. 90-96)