Finance Act 2014 (c. 26)

SCHEDULES

SCHEDULE 8 U.K. Employee share schemes

PART 1 U.K. Share incentive plans

Other amendments: Individual Savings Account Regulations 1998 (S.I. 1998/1870) U.K.

84 U.K. The Individual Savings Account Regulations 1998 are amended as follows.

85 U.K. In regulation 2 (interpretation) in paragraph (1)(a)—

(a) omit the definition of “approved SIP”,

(b) in the definitions of “ceasing to be subject to the plan”, “participant” and “plan shares” for “an approved” substitute “ a Schedule 2 ”, and

(c) at the appropriate place insert—

““Schedule 2 SIP” shall be construed in accordance with the SIP code (see section 488(3) of ITEPA 2003);”.

86 U.K. In regulation 7 (qualifying investments) in paragraph (2)(h)(iii) for “an approved” substitute “ a Schedule 2 ”.

87 U.K. In regulation 34 (capital gains tax: adaptation of enactments) in paragraph (2)(a)—

(a) in the inserted subsections (12)(b)(iii) and (13)(d) for “an approved” substitute “ a Schedule 2 ”, and

(b) in the inserted subsection (13)(c) for “approved” substitute “ Schedule 2 ”.