74U.K.Chapter 1 of Part 11 of CTA 2009 (relief for employee share acquisition schemes: share incentive plans) is amended as follows.
75(1)Section 983 (overview of Chapter) is amended as follows.U.K.
(2)In subsection (1) for “approved” substitute “ Schedule 2 ”.
(3)In subsection (7) for “approval for a plan is withdrawn” substitute “ a plan ceases to be a Schedule 2 share incentive plan ”.
76(1)Section 987 (deduction for cost of setting up plan) is amended as follows.U.K.
(2)In the heading for “an approved” substitute “ a Schedule 2 ”.
(3)In subsection (1) for “approved by an officer of Revenue and Customs” substitute “ a Schedule 2 share incentive plan ”.
(4)Omit subsection (3).
(5)In subsection (4) for “approval is given” (in both places) substitute “ relevant date falls ”.
(6)After subsection (4) insert—
“(4A)In subsection (4) “the relevant date”, in relation to a share incentive plan, has the meaning given in paragraph 81A(6) of Schedule 2 to ITEPA 2003.”
77(1)Section 988 (deductions for running expenses) is amended as follows.U.K.
(2)In the heading for “an approved” substitute “ a Schedule 2 ”.
(3)In subsections (1) and (3) for “an approved” substitute “ a Schedule 2 ”.
78U.K.In section 989 (deduction for contribution to plan trust) in subsection (1)(a) for “an approved” substitute “ a Schedule 2 ”.
79U.K.In section 994 (deduction for providing free or matching shares) in subsection (1) for “an approved” substitute “ a Schedule 2 ”.
80U.K.In section 995 (deduction for additional expense in providing partnership shares) in subsection (1)(a) for “an approved” substitute “ a Schedule 2 ”.
81U.K.In section 997 (no deduction for expenses in providing dividend shares) in subsection (1) for “an approved” substitute “ a Schedule 2 ”.
82U.K.For the cross-heading before section 998 substitute “ Plan ceasing to be a Schedule 2 SIP ”.
83(1)Section 998 (withdrawal of deductions) is amended as follows.U.K.
(2)In the heading for “approval for share incentive plan withdrawn” substitute “ share incentive plan ceases to be a Schedule 2 share incentive plan ”.
(3)In subsection (1)—
(a)in paragraph (a)—
(i)after “section” insert “ 987, ”, and
(ii)for “an approved” substitute “ a Schedule 2 ”, and
(b)for paragraph (b) substitute—
“(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.”