For section 95 of the Finance Act 2001 (exemptions in relation to employee share ownership plans) substitute—

“95Exemptions in relation to approved share incentive plans

(1)

This section forms part of the SIP code (see section 488 of the Income Tax (Earnings and Pensions) Act 2003 (approved share incentive plans)).

(2)

Accordingly, expressions used in this section and contained in the index at the end of Schedule 2 to that Act (approved share incentive plans) have the meaning indicated by that index.

(3)

Where, under an approved share incentive plan, partnership shares or dividend shares are transferred by the trustees to an employee—

(a)

no ad valorem stamp duty is chargeable on any instrument by which the transfer is made, and

(b)

no stamp duty reserve tax is chargeable on any agreement by the trustees to make the transfer.

(4)

But subsection (3) does not apply to—

(a)

any instrument executed (within the meaning of the Stamp Act 1891) before 6th April 2003, or

(b)

any agreement to transfer shares made before that date.”