SCHEDULES
SCHEDULE 8Employee share schemes
PART 1Share incentive plans
Other amendments: Chapter 1 of Part 11 of CTA 2009
74
Chapter 1 of Part 11 of CTA 2009 (relief for employee share acquisition schemes: share incentive plans) is amended as follows.
75
1
Section 983 (overview of Chapter) is amended as follows.
2
In subsection (1) for “approved” substitute “
Schedule 2
”
.
3
In subsection (7) for “approval for a plan is withdrawn” substitute “
a plan ceases to be a Schedule 2 share incentive plan
”
.
76
1
Section 987 (deduction for cost of setting up plan) is amended as follows.
2
In the heading for “an approved” substitute “
a Schedule 2
”
.
3
In subsection (1) for “approved by an officer of Revenue and Customs” substitute “
a Schedule 2 share incentive plan
”
.
4
Omit subsection (3).
5
In subsection (4) for “approval is given” (in both places) substitute “
relevant date falls
”
.
6
After subsection (4) insert—
4A
In subsection (4) “the relevant date”, in relation to a share incentive plan, has the meaning given in paragraph 81A(6) of Schedule 2 to ITEPA 2003.
77
1
Section 988 (deductions for running expenses) is amended as follows.
2
In the heading for “an approved” substitute “
a Schedule 2
”
.
3
In subsections (1) and (3) for “an approved” substitute “
a Schedule 2
”
.
78
In section 989 (deduction for contribution to plan trust) in subsection (1)(a) for “an approved” substitute “
a Schedule 2
”
.
79
In section 994 (deduction for providing free or matching shares) in subsection (1) for “an approved” substitute “
a Schedule 2
”
.
80
In section 995 (deduction for additional expense in providing partnership shares) in subsection (1)(a) for “an approved” substitute “
a Schedule 2
”
.
81
In section 997 (no deduction for expenses in providing dividend shares) in subsection (1) for “an approved” substitute “
a Schedule 2
”
.
82
For the cross-heading before section 998 substitute “
Plan ceasing to be a Schedule 2 SIP
”
.
83
1
Section 998 (withdrawal of deductions) is amended as follows.
2
In the heading for “approval for share incentive plan withdrawn” substitute “
share incentive plan ceases to be a Schedule 2 share incentive plan
”
.
3
In subsection (1)—
a
in paragraph (a)—
i
after “section” insert “
987,
”
, and
ii
for “an approved” substitute “
a Schedule 2
”
, and
b
for paragraph (b) substitute—
b
by virtue of paragraph 81H or 81I of Schedule 2 to ITEPA 2003 the plan is not to be a Schedule 2 share incentive plan.