3(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;”.