Commentary on Sections Structure of Chapters Overview Section 392: SIP shares: introduction
1584.This section introduces the special rules about SIPs. It is based on section 251A of ICTA.
1585.Subsections (2) to (7) ensure that sections 393 to 396 apply only if the participant has benefited from the tax advantages of an approved SIP. Those tax advantages apply to an individual who is chargeable to tax under Part 2 of ITEPA in respect of eligible employment (as defined in subsection (4)) or, if the shares were awarded before ITEPA came into force, under Schedule E.