Income Tax Act 2007 section 490

Interpretation of Chapter

Section 490 provides the interpretation rules for the chapter dealing with the income tax treatment of shares held in Share Incentive Plans (SIPs).

• This chapter forms part of the Share Incentive Plan (SIP) code under section 488 of ITEPA 2003
• Technical terms used in the chapter take their meanings from the index at the end of Schedule 2 to ITEPA 2003
• Shares subject to forfeiture provisions are treated as acquired by the plan trustees only if and when the forfeiture actually occurs
• These interpretation rules ensure consistency between the income tax provisions in this chapter and the wider SIP legislative framework