Income Tax (Earnings and Pensions) Act 2003 section 515

Tax advantages and charges under other Acts

Section 515 identifies where the various tax advantages and charges relating to Share Incentive Plans (SIPs) are set out across other pieces of tax legislation.

• Capital gains tax relief for SIP trustees and participants is provided under Schedule 7D to the Taxation of Chargeable Gains Act 1992, including relief when shares cease to be subject to the plan
• Stamp duty and stamp duty reserve tax relief on transfers of partnership or dividend shares is contained in section 95 of the Finance Act 2001
• Special rules for income tax on dividends from UK and non-UK resident companies held in SIPs, and an exemption for amounts used by SIP trustees to acquire dividend shares or retained for reinvestment, are found in ITTOIA 2005
• Further SIP-related provisions address the treatment of SIP trustee income under ITA 2007 and corporation tax deductions for employers under the Corporation Tax Act 2009