Section 488 | ... Share incentive plans (SIPs) ^F1

(1)This Chapter provides—

(a)Repealed

(b)for exemptions from income tax in connection with shares obtained under share incentive plans (“SIPs”) which are Schedule 2 SIPs,^F2

(c)for amounts to count as employment income in certain circumstances in connection with such plans, and

(d)for the making of PAYE deductions in connection with such amounts.

(2)Repealed

(3)The provisions of—

(a)this and the following sections of this Chapter,

(b)Schedule 2, and

(c)the provisions mentioned in section 515 (tax advantages and charges under other Acts),

together constitute “the SIP code”.

(4)In the SIP code—

(5)Other expressions used in the SIP code and contained in the index at the end of Schedule 2 have the meaning indicated by the index.