{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-488",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-488.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/488",
  "kind": "section",
  "number": "488",
  "heading": "Application of section 479 to trustees of Schedule 2 share incentive plans",
  "text": "(1) This section applies if—\n(a) income arises to the trustees of a Schedule 2 share incentive plan, and\n(b) the income consists of dividends or other distributions in respect of shares held by the trustees in relation to which the requirements of Part 4 of Schedule 2 to ITEPA 2003 (... share incentive plans: types of shares that may be awarded) are met.\n(2) Section 479 applies in relation to the income only if and when condition A or condition B has been met.\n(3) Condition A is that—\n(a) the applicable period in relation to the shares has ended, and\n(b) that period came to an end without the shares being awarded to a participant in accordance with the plan.\n(4) Condition B is that the trustees disposed of the shares before the end of the applicable period in relation to the shares.\n(5) For the purpose of determining whether shares are awarded to a participant within the applicable period in relation to them, shares acquired by the trustees at an earlier time are taken to be awarded to a participant before shares of the same class acquired by the trustees at a later time.\n(6) References in this section to shares being awarded to a participant include references to the shares being acquired on behalf of the participant as dividend shares.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 488(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 71(3)(a), 89 (with Sch. 8 paras. 90-96)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 488(1)(b) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 71(3)(b), 89 (with Sch. 8 paras. 90-96)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 488 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 71(2), 89 (with Sch. 8 paras. 90-96)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/488",
    "retrieved_at": "2026-10-29T09:13:03.599581+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}