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Income Tax (Earnings and Pensions) Act 2003 section 498
No charge on shares ceasing to be subject to plan in certain circumstances
Section 498 sets out the circumstances in which a participant in a Share Incentive Plan (SIP) will not face an income tax charge when shares leave the plan, either because the participant leaves relevant employment for specified reasons, or because shares are withdrawn as part of a corporate takeover or restructuring where the participant receives only cash in exchange.
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