# Income Tax Act 2007, Section 488: Application of section 479 to trustees of Schedule 2 share incentive plans

Extent: E+W+S+N.I.

(1) This section applies if—
(a) income arises to the trustees of a Schedule 2 share incentive plan, and
(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.
(2) Section 479 applies in relation to the income only if and when condition A or condition B has been met.
(3) Condition A is that—
(a) the applicable period in relation to the shares has ended, and
(b) that period came to an end without the shares being awarded to a participant in accordance with the plan.
(4) Condition B is that the trustees disposed of the shares before the end of the applicable period in relation to the shares.
(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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/488 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-488
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.