SCHEDULES

SCHEDULE 2Transitionals and savings

Part 10Special rules about settlements and trustees

Share incentive plans: definition of “applicable period”

103

1

This paragraph applies for the purposes of section 489 if the relevant shares (see subsection (1) of that section) were acquired by the trustees before 11 May 2001.

2

That section applies in relation to those shares with the following modifications.

3

It applies as if subsection (2) were omitted.

4

It applies as if in subsection (3) the words “If any were” were omitted.

5

It applies as if in subsection (4)—

a

for “If none were” there were substituted “ But if when the trustees acquired the relevant shares none of the shares in the relevant company were readily convertible assets ”, and

b

in paragraph (b) for “any shares in the relevant company” there were substituted “ the relevant shares ”.

6

It applies as if in subsection (5) for “(2) to” there were substituted “ (3) and ”.