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1Part 7 of ITEPA 2003 (employment income: income and exemptions relating to securities) is amended as follows.
2In section 498 (no charge on shares ceasing to be subject to plan in certain circumstances) in subsection (2)(e) omit the words from “on” to “2)”.
3In Part 4 of Schedule 2 (types of shares that may be awarded) in paragraph 32 (provision for forfeiture) in sub-paragraph (2)(e) omit the words from “on” to “98)”.
4Part 11 of Schedule 2 (supplementary provisions) is amended as follows.
5Omit paragraph 98 (meaning of “specified retirement age”).
6In paragraph 100 (index of defined expressions) omit the entry for “the specified retirement age”.
7Part 6 of Schedule 3 (requirements etc relating to share options) is amended as follows.
8In paragraph 27 (introduction) in sub-paragraph (1)—
(a)omit the entry for paragraph 31,
(b)after the entry for paragraph 32 insert “and”, and
(c)omit the entry for paragraph 33 and the “and” after it.
9In paragraph 30 (time for exercising options) in sub-paragraph (2)(a)—
(a)for “32 to” substitute “32,”, and
(b)omit “reaching the specified age without retiring,”.
10Omit paragraph 31 (requirement to have a “specified age”).
11Omit paragraph 33 (exercise of options: reaching specified age without retiring).
12In paragraph 34 (exercise of options: scheme-related employment ends) in sub-paragraph (2)(b) omit the words from “on” to “employment”.
13In Part 9 of Schedule 3 (supplementary provisions) in paragraph 49 (index of defined expressions) omit the entry for “specified age”.
14In section 524 (no charge in respect of exercise of option) in subsection (2C) omit the definition of “retirement” and the “and” before it.
15In Part 8 of Schedule 4 (supplementary provisions) omit paragraph 35A (retirement age).
16The amendment made by paragraph 11 above has no effect in relation to options granted before the day on which this Act is passed; and the effect of the amendments made by paragraphs 8 to 10 and 13 above is limited accordingly.
17(1)A SIP, SAYE option scheme or CSOP scheme approved before the day on which this Act is passed has effect with any modifications needed to reflect the amendments made by this Part of this Schedule.
(2)In relation to any shares awarded under a SIP before that day which are subject to provision for forfeiture, that provision has effect with any modifications needed to reflect the amendment made by paragraph 3 above.
(3)Because of paragraphs 48 and 58 below, that amendment is not relevant to shares awarded under a SIP on or after that day.
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