# Finance Act 2014, Paragraph 16


(1) Paragraph 1 (introduction) is amended as follows.
(2) For sub-paragraphs (1) and (2) substitute—
“(A1) For the purposes of the SIP code a share incentive plan (a “SIP”) is a Schedule 2 SIP if the requirements of Parts 2 to 9 of this Schedule are met in relation to the SIP.”
(3) For sub-paragraph (4) substitute—
“(4) Sub-paragraph (A1) is subject to Part 10 of this Schedule which—
(a) requires notice of a plan to be given to Her Majesty's Revenue and Customs (“HMRC”) in order for the plan to be a Schedule 2 SIP (see paragraph 81A(1)),
(b) provides for a plan in relation to which such notice is given to be a Schedule 2 SIP (see paragraph 81A(4)), and
(c) gives power to HMRC to enquire into a plan and to decide that the plan should not be a Schedule 2 SIP (see paragraphs 81F to 81I).”

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Source: https://www.legislation.gov.uk/ukpga/2014/26/schedule/8/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-2014/schedule-8/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.