Income Tax (Earnings and Pensions) Act 2003

Part 11 Consequences for corporation tax

90 (1) This paragraph applies where—

(a) a company is charged to corporation tax by reference to an accounting period which begins before and ends on or after 6th April 2003, and

(b) because of a change in the law made by this Act, the income tax law relating to the accounting period is different from what it would have been if that change had not been made.

(2) If the company so elects, this Act applies with such modifications as may be necessary to secure that the income tax law relating to the accounting period is the same as it would have been if the change in the law had not been made.

(3) An election under this paragraph must be made by notice given to the Inland Revenue no later than the end of the period of two years beginning with the day following the last day of the accounting period.

(4) In this paragraph “income tax law” has the same meaning as in section 9 of ICTA.

91 (1) This paragraph applies in relation to corporation tax charged by reference to an accounting period which begins before and ends on or after 6th April 2003.

(2) In its application for the purposes of corporation tax, any provision of this Schedule is to be read as if—

(a) any reference to the tax year 2003-04 were a reference to that accounting period, and

(b) any reference to 6th April 2003 were a reference to the first day of that accounting period.

92 (1) The provisions of this Act mentioned in sub-paragraph (2) do not have effect for corporation tax purposes for so much of any accounting period as falls before 6th April 2003.

(2) The provisions are—

(a) in Schedule 6 (consequential amendments)—

(i) paragraph 11 (which replaces references in section 84A of ICTA to share option schemes approved under Schedule 9 to that Act with references to SAYE option schemes and CSOP schemes approved under this Act), and

(ii) paragraphs 12 and 109 (which insert Schedule 4AA to ICTA (share incentive plans: corporation tax deductions)), and

(b) the repeal by Schedule 8 (repeals) of—

(i) Part 12 of Schedule 8 to FA 2000 (corporation tax deductions in relation to employee share option plans), and

(ii) so much of any other provision of Schedule 8 to that Act as is necessary for the operation of Part 12.

(3) This paragraph has effect as an exception to the provision made by section 723(1)(b) (commencement of this Act for purposes of corporation tax).