SCHEDULES
SCHEDULE 8Employee share schemes
PART 1Share incentive plans
16Amendments to Chapter 6 of Part 7 of ITEPA 2003
1
Paragraph 1 (introduction) is amended as follows.
2
For sub-paragraphs (1) and (2) substitute—
A1
For the purposes of the SIP code a share incentive plan (a “SIP”) is a Schedule 2 SIP if the requirements of Parts 2 to 9 of this Schedule are met in relation to the SIP.
3
For sub-paragraph (4) substitute—
4
Sub-paragraph (A1) is subject to Part 10 of this Schedule which—
a
requires notice of a plan to be given to Her Majesty’s Revenue and Customs (“HMRC”) in order for the plan to be a Schedule 2 SIP (see paragraph 81A(1)),
b
provides for a plan in relation to which such notice is given to be a Schedule 2 SIP (see paragraph 81A(4)), and