Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

Valid from 06/04/2003

SCHEDULE 4AA U.K. Share incentive plans: corporation tax deductions

Application of provisions to expenses of management of investment companies etc. U.K.

13 (1) The provisions of this Schedule apply in relation to—

(a) investment companies, and

(b) companies to which section 75 (expenses of management: investment companies) applies by virtue of section 76 (expenses of management: insurance companies),

in accordance with the following provisions.

(2) The provisions of this Schedule which allow a deduction in calculating the profits of a trade apply to treat amounts as disbursed as expenses of management.

(3) Paragraph 11(2) applies as if the reference to a trading receipt for the period of account in which the Inland Revenue give notice of the withdrawal of approval were a reference to profits or gains chargeable to tax under Case VI of Schedule D arising when the Inland Revenue give notice of the withdrawal.