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Changes over time for: Section 488


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Version Superseded: 06/04/2014
Status:
Point in time view as at 03/08/2005. This version of this provision has been superseded.

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Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 488 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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488Approved share incentive plans (SIPs)U.K.
This section has no associated Explanatory Notes
(1)This Chapter provides—
(a)for the approval of share incentive plans (“SIPs”) by [an officer of Revenue and Customs] ,
(b)for exemptions from income tax in connection with shares obtained under those plans,
(c)for amounts to count as employment income in certain circumstances in connection with such plans, and
(d)for the making of PAYE deductions in connection with such amounts.
(2)Schedule 2 contains the requirements that have to be met for a SIP to be approved, together with—
(a)the approval procedure, and
(b)provisions relating to the administration and operation of a SIP.
(3)The provisions of—
(a)this and the following sections of this Chapter,
(b)Schedule 2, and
(c)the provisions mentioned in section 515 (tax advantages and charges under other Acts),
together constitute “the SIP code”.
(4)In the SIP code—
“approved” means approved by [an officer of Revenue and Customs] under Schedule 2, and “approval” has a corresponding meaning;
“PAYE deduction” means a deduction required by PAYE regulations;
a “share incentive plan” (or “SIP” for short) means a plan established by a company providing—
(a)
for shares to be appropriated to employees without payment (“free shares”), or
(b)
for shares to be acquired on behalf of employees out of sums deducted from their salary (“partnership shares”).
(5)Other expressions used in the SIP code and contained in the index at the end of Schedule 2 have the meaning indicated by the index.
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