SCHEDULES
SCHEDULE 8Employee share schemes
PART 1Share incentive plans
3Amendments to Chapter 6 of Part 7 of ITEPA 2003
1
Section 488 (introduction to share incentive plans) is amended as follows.
2
In the heading omit “Approved”.
3
In subsection (1)—
a
omit paragraph (a), and
b
in paragraph (b) for “those plans” substitute “share incentive plans (“SIPs”) which are Schedule 2 SIPs”.
4
Omit subsection (2).
5
In subsection (4)—
a
omit the definitions of “approved” and “approval”, and
b
after the definition of “PAYE deduction” insert—
“Schedule 2 SIP” is to be read in accordance with paragraph 1 and Part 10 of Schedule 2;