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Finance Act 2013

Part 7, Share Incentive Plans: Employee Share Ownership Trusts

54.Paragraph 91 introduces amendments to Part 9 of Schedule 2 of ITEPA.

55.Paragraphs 92 and 93 remove the requirement in paragraph 78 of Schedule 2 for the SIP trust instrument to include a provision in relation to the acquisition by the SIP trustees of shares from qualifying employee share ownership trusts, and make consequential changes. The change takes effect from the date the legislation receives Royal Assent. Any SIP trust instrument in force on that date the legislation takes effect has effect with the omission of the provision deleted by paragraph 93.

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