Income Tax (Earnings and Pensions) Act 2003

Inheritance Tax Act 1984 (c. 51) U.K.

150 U.K. The Inheritance Tax Act 1984 is amended as follows.

151 (1) Amend the following provisions as provided in sub-paragraph (2)— U.K.

(a) section 13(4)(c) (dispositions by close companies for benefit of employees),

(b) section 72(4A) (property leaving employee trusts and newspaper trusts), and

(c) section 86(3)(c) (trusts for benefit of employees).

(2) In each of those provisions, for “an employee share ownership plan approved under Schedule 8 to the Finance Act 2000” substitute “ a share incentive plan approved under Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 ”.

152 U.K. In section 14(1) (waiver of remuneration), for “would be assessable to income tax under Schedule E” substitute “ would be earnings, or would be treated as earnings, and would constitute employment income (see section 7(2)(a) or (b) of the Income Tax (Earnings and Pensions) Act 2003) ”.