Finance (No.2) Act 1987

Pension and share schemes

58 Occupational pension schemes.

Schedule 3 to this Act (which makes amendments to enactments relating to occupational pension schemes and amends certain existing schemes) shall have effect.

59 Employee share schemes.

(1) In subsection (2A) of section 47 of the [1980 c. 48.] Finance Act 1980 (savings-related share option schemes) and in subsection (6A) of section 38 of the Finance Act [1984 c. 43.] 1984 (approved share option schemes), both of which subsections are set out in Part III of Schedule 4 to the [1987 c. 16.] Finance Act 1987,—

(a) for the words “exchanged for” there shall be substituted “released in consideration of the grant of”; and

(b) for the word “exchange” there shall be substituted “transaction”.

(2) In Schedule 10 to the Finance Act 1980, paragraph 10A (which was inserted by paragraph 1(1) of Schedule 4 to the Finance Act 1987) shall be amended as follows—

(a) in sub-paragraph (1), in the words following paragraph (c), for the words “transfer to the acquiring company” there shall be substituted “release”;

(b) in sub-paragraph (3)(b) for the word “exchange” there shall be substituted “release of the old rights”; and

(c) in sub-paragraph (3)(c) for the word “exchange”, in the first place where it occurs, there shall be substituted “release” and for the word “exchange”, in the second place where it occurs, there shall be substituted “grant”;

and the amendment of paragraph 11 of the said Schedule 10 made by paragraph 1(2) of Schedule 4 to the Finance Act 1987 shall be deemed not to have been made.

(3) In Schedule 10 to the Finance Act 1984, paragraph 4A (which was inserted by paragraph 2(1) of Schedule 4 to the Finance Act 1987) shall be amended as follows—

(a) in sub-paragraph (1), in the words following paragraph (c), for the words “transfer to the acquiring company” there shall be substituted “release”;

(b) in sub-paragraph (3)(b) for the word “exchange” there shall be substituted “release of the old rights”; and

(c) in sub-paragraph (3)(c) for the word “exchange”, in the first place where it occurs, there shall be substituted “release” and for the word “exchange”, in the second place where it occurs, there shall be substituted “grant”;

and the amendment of paragraph 12 of the said Schedule 10 made by paragraph 2(2) of Schedule 4 to the [1987 c. 16.] Finance Act 1987 shall be deemed not to have been made.