Paragraph 112

United Kingdom

(1)

Nothing in this Part of this Schedule affects any deduction for expenses incurred by a company in contributing to the expenses of the trustees in operating an approved employee share ownership plan.

(2)

For this purpose the expenses of the trustees in operating the plan—

(a)

do not include expenses in acquiring shares for the purposes of the trust, other than incidental acquisition costs, but

(b)

do include the payment of interest on money borrowed by them for that purpose.

(3)

In sub-paragraph (2)(a) “incidental acquisition costs” means any fees, commission, stamp duty and similar incidental costs attributable to the acquisition of the shares.

Notes on Schedule 8

Textual amendments

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)