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Paragraph 113

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Amend Schedule 10 (further provisions relating to profit sharing schemes) as follows.

(2)

In paragraphs 3(1) and 6(4) for “charging an individual to income tax under Schedule E” substitute “ under which an amount counts as employment income of an individual ”.

(3)

In paragraph 7—

(a)

in sub-paragraph (1), for “a participant in the scheme is chargeable to income tax under Schedule E” substitute “ an amount counts as employment income of the participant ”,

(b)

in sub-paragraph (6), for the words from “section 203” to “Schedule E” substitute “ section 684 of ITEPA 2003 (PAYE regulations) and PAYE regulations as PAYE income payable to the recipient ”, and

(c)

in sub-paragraph (7)(b)—

(i)

omit second “to”, and

(ii)

for “the participant is chargeable” substitute “ is charged on the participant ”.