489Operation of tax advantages in connection with approved SIPU.K.
(1)Sections 490 to 499 apply for income tax purposes in connection with shares awarded under an approved SIP.
(2)But those sections do not apply to an individual if, at the time of the award of shares in question, the earnings from the eligible employment are not (or would not be if there were any) general earnings to which any of the charging provisions of Chapter 4 or 5 of Part 2 apply.
(3)“The eligible employment” means the employment which results in the individual meeting the employment requirement in relation to the plan.
[F1(4)And those sections do not apply if the main purpose (or one of the main purposes) of the arrangements under which the shares in question are awarded or acquired is the avoidance of tax or national insurance contributions.]
Textual Amendments
F1S. 489(4) inserted (18.6.2004 with effect in accordance with s. 88(11)-(13) of the amending Act) by Finance Act 2004 (c. 12), s. 88(4)