SCHEDULES

SCHEDULE 2F1... share incentive plans

Annotations:
Amendments (Textual)
F1

Word 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)

Part 1Introduction

SIPs: free shares and partnership shares

2

1

In the SIP code a “share incentive plan” (or “SIP” for short) means (in accordance with section 488(4)) a plan established by a company providing—

a

for shares to be appropriated to employees without payment (“free shares”), or

b

for shares to be acquired on behalf of employees out of sums deducted from their salary (“partnership shares”).

2

In the SIP code, in relation to a SIP—

  • “the company” means the company which established the plan;

  • “plan requirements” means requirements applying to the plan;

  • “the trustees” means the body of persons established under Part 9 to exercise functions in connection with the plan.