SCHEDULES

SCHEDULE 8Employee share schemes

PART 1Share incentive plans

Amendments to Chapter 6 of Part 7 of ITEPA 2003

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1

Paragraph 56 (repayment of partnership share money) is amended as follows.

2

In sub-paragraph (1) for “approval of the plan is withdrawn (see paragraph 83)” substitute “ plan is not to be a Schedule 2 SIP by virtue of paragraph 81H or 81I ”.

3

In sub-paragraph (2) for the words from “notice” to the end substitute “ the relevant day ”.

4

After sub-paragraph (2) insert—

2A

If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81H, in sub-paragraph (2) “the relevant day” means—

a

the last day of the period in which notice of an appeal under paragraph 81K(2)(a) may be given, or

b

if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.

2B

If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81I, in sub-paragraph (2) “the relevant day” means—

a

the last day of the period in which notice of an appeal under paragraph 81K(3) may be given, or

b

if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.