Paragraph 7
United Kingdom
A deduction is allowed under this paragraph for expenses incurred by a company in establishing a share incentive plan which is approved by the Inland Revenue.
No deduction may be made under this paragraph if—
any employee acquires rights under the plan, or
the trustees acquire any shares for the purposes of the plan,
before the Inland Revenue approve the plan.
If Inland Revenue approval of the plan is given more than nine months after the end of the period of account in which the expenses are incurred, the expenses are treated for the purposes of this paragraph as F1deductible for the period in which the approval is given.
No other deduction is allowed in respect of expenses for which a deduction is allowed under this paragraph.
Annotations
Textual amendments
- F1
Words in Sch. 4AA para. 7(3) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), Sch. para. 35(3)
Notes on Schedule 4AA
Textual amendments
- F1
Sch. 4AA repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 279, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
- F2
Sch. 4AA inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 109 (with Sch. 7)