Income and Corporation Taxes Act 1988

175 Applications for registration. U.K.

M1 (1) An application for the registration of a profit-related pay scheme under this Chapter—

(a) shall be in such form as the Board may prescribe;

(b) shall contain a declaration by the applicant that the scheme complies with the requirements of Schedule 8;

(c) shall contain an undertaking by the applicant that the emoluments paid to any employee to whom the scheme relates and to whom minimum wage legislation applies will satisfy that legislation without taking account of profit-related pay;

(d) shall specify the profit period or periods to which the scheme relates;

(e) shall be supported by such information as the Board may require.

(2) An application for the registration of a profit-related pay scheme under this Chapter shall be accompanied by a report by an independent accountant, in a form prescribed by the Board, to the effect that in his opinion—

(a) the scheme complies with the requirements of Schedule 8;

(b) the books and records maintained and proposed to be maintained by the applicant are adequate for the purpose of enabling the documents required by section 180(1) to be produced.

(3) An application for the registration of a profit-related pay scheme under this Chapter shall be made within the period of six months ending immediately before the beginning of the profit period, or the first of the profit periods, to which the scheme relates F1 .

(4) In subsection (1) above “minimum wage legislation” means the provisions relating to remuneration in F2 . . . F3 . . .the M2 Agricultural Wages Act 1948, the M3 Agricultural Wages (Scotland) Act 1949 and the M4 Agricultural Wages (Regulation) (Northern Ireland) Order 1977.

Textual Amendments

F1 Repealed by 1989 ss.61and 187and Schs.4 para.10(2)(a), and 17 Part IV.

F2 Words in s. 175(4) repealed (30.8.1993) by 1993 c. 19, s. 51, Sch. 10; S.I. 1993/1908, art. 2(2), Sch. 1

F3 Words in s. 175(4) repealed (7.2.1994 except in so far as they relate to maternity rights or to the application of the No. 1 and No. 2 Orders to armed forces) by 1993/2668 (N.I. 11), art. 18(4), Sch.8; S.R. 1993/476, art. 2,Sch

Marginal Citations

M1 Source—1987 (No.2) s.7

M2 1948 c. 47.

M3 1949 c. 30.

M4 S.I. 1977/2151 (N.I. 22).