Section 998 Withdrawal of deductions if share incentive plan ceases to be a Schedule 2 share incentive planF4

United Kingdom

(1)

This section applies if—

(a)

a deduction is made by a company under section F1987, 989, 991, 994 or 995 in relation to F2a Schedule 2 share incentive plan, and

F3(b)

by virtue of paragraph 81H or 81I of Schedule 2 to ITEPA 2003 the plan is not to be a Schedule 2 share incentive plan.

(2)

An officer of Revenue and Customs may by notice direct that the deduction is withdrawn.

(3)

If a direction is made, the company is treated as receiving an amount equal to the deduction.

(4)

The amount is treated as received when the direction is made.

Annotations

F1: Word in s. 998(1)(a) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(a)(i), 89 (with Sch. 8 paras. 90-96)
F2: Words in s. 998(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(a)(ii), 89 (with Sch. 8 paras. 90-96)
F3: S. 998(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(3)(b), 89 (with Sch. 8 paras. 90-96)
F4: Words in s. 998 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 83(2), 89 (with Sch. 8 paras. 90-96)

C1: Pt. 11 applied by 2010 c. 8, s. 425(1) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))

F1: S. 998 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 82, 89 (with Sch. 8 paras. 90-96)