OpenLegislation

Section 95 Exemptions in relation to ... share incentive plansF1F2

United Kingdom

(1)

This section forms part of the SIP code (see section 488 of the Income Tax (Earnings and Pensions) Act 2003 (... share incentive plans)).

(2)

Accordingly, expressions used in this section and contained in the index at the end of Schedule 2 to that Act (... share incentive plans) have the meaning indicated by that index.

(3)

Where, under F3a Schedule 2 SIP, partnership shares or dividend shares are transferred by the trustees to an employee—

(a)

no ad valorem stamp duty is chargeable on any instrument by which the transfer is made, and

(b)

no stamp duty reserve tax is chargeable on any agreement by the trustees to make the transfer.

(4)

But subsection (3) does not apply to—

(a)

any instrument executed (within the meaning of the Stamp Act 1891) before 6th April 2003, or

(b)

any agreement to transfer shares made before that date.

Annotations

Textual amendments

F1

S. 95 substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 257 (with Sch. 7)

F2

Word in s. 95(1)(2) and heading omitted (with effect in accordance with s. 50(2) of the amending Act) by virtue of Finance Act 2019 (c. 1), s. 50(1)(a)

F3

Words in s. 95(3) substituted (with effect in accordance with s. 50(2) of the amending Act) by Finance Act 2019 (c. 1), s. 50(1)(b)