SCHEDULES
SCHEDULE 4AA
Deduction for costs of setting up the plan
7
(1)
A deduction is allowed under this paragraph for expenses incurred by a company in establishing a share incentive plan which is approved by the Inland Revenue.
(2)
No deduction may be made under this paragraph if—
(a)
any employee acquires rights under the plan, or
(b)
the trustees acquire any shares for the purposes of the plan,
before the Inland Revenue approve the plan.
(3)
If Inland Revenue approval of the plan is given more than nine months after the end of the period of account in which the expenses are incurred, the expenses are treated for the purposes of this paragraph as F1deductible for the period in which the approval is given.
(4)
No other deduction is allowed in respect of expenses for which a deduction is allowed under this paragraph.