Finance Act 2013

Share incentive plans U.K.

33 U.K. Part 3 of Schedule 2 (eligibility of individuals) is amended as follows.

34 U.K. In paragraph 13 (introduction)—

(a) after the entry for paragraph 18 insert “ and ”, and

(b) omit the entry for paragraph 19 and the “and” before it.

35 U.K. In paragraph 14 (time of eligibility to participate) in sub-paragraph (7)—

(a) after paragraph (b) insert “ and ”, and

(b) omit paragraph (c) and the “and” before it.

36 U.K. Omit paragraphs 19 to 24 (the “no material interest” requirement).

37 U.K. In Part 11 of Schedule 2 (supplementary provisions) in paragraph 100 (index of defined expressions), in the entry for “close company”, omit “(and see paragraph 20(4))”.

38 (1) The amendments made by paragraphs 33 to 37 above have effect for the purpose of determining whether an individual is eligible to participate in an award of shares on the day on which this Act is passed or any later day. U.K.

(2) A SIP approved before the day on which this Act is passed has effect accordingly with the omission of any provision falling within a provision of Schedule 2 to ITEPA 2003 omitted by those paragraphs.