Corporation Tax Act 2009 (c. 4)

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

Modifications etc. (not altering text)

C1 Pt. 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 1 U.K. Share incentive plans

Introductory U.K.

984 Chapter to form part of SIP code etc U.K.

(1) This Chapter forms part of the SIP code (see section 488 of ITEPA 2003).

(2) Therefore expressions used in this Chapter and contained in the index at the end of Schedule 2 to ITEPA 2003 have the meaning indicated by that index.

(3) Subsection (4) applies if any of a participant's plan shares are forfeited.

(4) For the purposes of this Chapter the shares are treated as acquired by the trustees—

(a) when the forfeiture occurs, and

(b) for no consideration.