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The Income Tax (Limits for Enterprise Management Incentives) Order 2008

S.I. 2008/706 · Made 12 March 2008

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Made 12th March 2008

Laid before the House of Commons 13th March 2008

Coming into force 6th April 2008

The Treasury make the following Order in exercise of the powers conferred upon them by paragraph 54(1)(b)(i) and (2) of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003f1.

Annotations to the whole text

Footnotes

f1

2003 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Increase in limits for enterprise management incentives
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Income Tax (Limits for Enterprise Management Incentives) Order 2008 and shall come into force on 6th April 2008.

2Increase in limits for enterprise management incentives

(1)

The EMI code in the Income Tax (Earnings and Pensions) Act 2003f1 is amended as follows.

(2)

For the sums specified in—

(a)

paragraph 5(1)(a) of Schedule 5;

(b)

paragraph 6(1) and (3) of that Schedule, and

(c)

section 536(1)(e),

the sum of £120,000 is substituted.

Signature

Dave Watts

Alan Campbell

Two of the Lords Commissioners for Her Majesty’s Treasury

12th March 2008

Explanatory note

(This note is not part of the Order)

This Order increases the limits specified in paragraphs 5(1)(a) and 6(1) and (3) of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003(c. 1) from £100,000 to £120,000. It also increases the limit in section 536(1)(e) in consequence of those changes.

No impact assessment has been produced in relation to this instrument because no impact on the private or voluntary sectors is foreseen.