509 Modification of section 696 where charge on shares ceasing to be subject to plan
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

PAYE

509  Modification of section 696 where charge on shares ceasing to be subject to plan

(1)     Where—

(a)     as a result of shares ceasing to be subject to [a Schedule 2] SIP, there is an amount that counts as employment income of a participant by virtue of the SIP code, and

(b)     the shares are readily convertible assets,

section 696 (readily convertible assets) applies as follows.

(2)     Section 696 applies as if the participant (“P”) were being

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