Amendments to Chapter 6 of Part 7 of ITEPA 2003
16(1)Paragraph 1 (introduction) is amended as follows.
(2)For sub-paragraphs (1) and (2) substitute—
“(A1)For the purposes of the SIP code a share incentive plan (a “SIP”) is a Schedule 2 SIP if the requirements of Parts 2 to 9 of this Schedule are met in relation to the SIP.”
(3)For sub-paragraph (4) substitute—
“(4)Sub-paragraph (A1) is subject to Part 10 of this Schedule which—
(a)requires notice of a plan to be given to Her Majesty’s Revenue and Customs (“HMRC”) in order for the plan to be a Schedule 2 SIP (see paragraph 81A(1)),
(b)provides for a plan in relation to which such notice is given to be a Schedule 2 SIP (see paragraph 81A(4)), and
(c)gives power to HMRC to enquire into a plan and to decide that the plan should not be a Schedule 2 SIP (see paragraphs 81F to 81I).”