SCHEDULES
SCHEDULE 8Employee share schemes
PART 1Share incentive plans
94Commencement and transitional provision
1
Paragraph 81A of Schedule 2 to ITEPA 2003 (as inserted by paragraph 28 above) has effect in relation to the SIP—
a
as if, at the end of sub-paragraph (1), the words “on or before 6 July 2015” were inserted,
b
if the first date on which awards of shares are made under the SIP falls before 6 April 2014—
i
ii
as if sub-paragraph (3)(b)(i) were omitted, and
iii
as if, in sub-paragraph (3)(b)(ii), “otherwise” were omitted,
c
as if sub-paragraph (5) were omitted, and
d
as if, in sub-paragraph (6), the definitions of “the initial notification deadline” and “the relevant tax year” were omitted.
2
But the SIP cannot be a Schedule 2 SIP if, before 6 April 2014, an application for its approval was refused or an officer of Revenue and Customs decided to withdraw its approval.
3
Sub-paragraph (2) is without prejudice to the outcome of any appeal under paragraph 82 or 85 of Schedule 2 to ITEPA 2003 against the refusal or decision to withdraw approval.
4
The amendments made by this Part do not affect any right of appeal under paragraph 82 or 85 of Schedule 2 to ITEPA 2003 against a refusal or decision made before 6 April 2014 in relation to the SIP.
5
6
On and after 6 April 2014, the SIP code operates in relation to the relevant shares—
a
as if the relevant shares were appropriated to, or acquired on behalf of, the individual under the SIP at a time when the SIP was a Schedule 2 SIP, and
7
If no notice under paragraph 81A of Schedule 2 to ITEPA 2003 is given in relation to the SIP, paragraph 81B of that Schedule (as inserted by paragraph 28 above) is to apply in relation to the SIP despite no notice being given; and, for this purpose, the relevant date is to be taken to be 6 April 2014.
8
In relation to the SIP—
a
b
the cases covered by paragraphs 81F(4)(b), 81H(1)(a)(ii) and 81I(1)(a)(ii) of Schedule 2 to ITEPA 2003 (as inserted by paragraph 28 above) include cases in which requirements of Parts 2 to 9 of that Schedule were not met before 6 April 2014.