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(1) Sections 406 to 408 contain special rules about the charge under this Chapter in respect of shares awarded to an individual under an approved share incentive plan.
(2) Those sections only apply if the condition in section 392(3) or (5) was met at the time the shares in question were so awarded (earnings within ITEPA 2003).
(3) This section and sections 406 to 408 form part of the SIP code (see section 488 of ITEPA 2003 (approved share incentive plans)).
(4) Accordingly, expressions used in this section or those sections and contained in the index in paragraph 100 of Schedule 2 to that Act (approved share incentive plans) have the meaning indicated by that index.
(5) In particular—
(a) for the meaning of “award of shares” see paragraph 5(1) of that Schedule,
(b) for the meaning of “ceasing to be subject to plan” see paragraph 97 of that Schedule,
(c) for the meaning of “dividend shares” see paragraph 62(3)(b) of that Schedule,
(d) for the meaning of “participant” see paragraph 5(4) of that Schedule,
(e) for the meaning of “plan shares” see paragraphs 86 to 88 and 99(1) of that Schedule, and
(f) for the meaning of “shares” see paragraphs 87(6) and 99(2) of that Schedule.
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.