Textual Amendments
F1Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)
Textual Amendments
F2Words in Sch. 2 para. 1 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 15, 89 (with Sch. 8 paras. 90-96)
1[F3(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.]U.K.
(3)The requirements consist of general requirements (see Part 2) and requirements as to—
the eligibility of individuals (see Part 3),
the types of shares that may be awarded (see Part 4),
free shares (see Part 5),
partnership shares (see Part 6),
matching shares (see Part 7),
cash dividends and dividend shares (see Part 8), and
the trustees (see Part 9).
[F4(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
(c)gives power to HMRC to enquire into a plan and to decide that the plan should not be a Schedule 2 SIP (see paragraphs 81F to 81I).]
[F5(5)Sub-paragraph (A1) is also subject to Part 10A of this Schedule (disqualifying events).]
Textual Amendments
F3Sch. 2 para. 1(A1) substituted for Sch. 2 para. 1(1)(2) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 16(2), 89 (with Sch. 8 paras. 90-96)
F4Sch. 2 para. 1(4) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 16(3), 89 (with Sch. 8 paras. 90-96)
F5Sch. 2 para. 1(5) inserted (with effect in accordance with Sch. 3 para. 2(4) of the amending Act) by Finance Act 2016 (c. 24), Sch. 3 para. 2(2)