SCHEDULE 4AAShare incentive plans: corporation tax deductions
Withdrawal of deductions on withdrawal of approval
11
(1)
If approval of a share incentive plan is withdrawn the Inland Revenue may by notice to a company direct that the benefit of—
(a)
any deductions under paragraph 2 (deduction for providing free or matching shares),
(b)
any deductions under paragraph 3 (deduction for additional expenses in providing partnership shares),
(c)
any deductions under paragraph 9 (deduction for contribution to plan trust) (in so far as not already withdrawn under paragraph 10), or
(d)
any deductions under paragraph 10(3) (further deduction where deduction under paragraph 9 withdrawn),
in relation to the plan is also withdrawn.
(2)
The effect of the direction is that the aggregate amount of the deductions is treated as a trading receipt of that company for the period of account in which the Inland Revenue give notice of the withdrawal of approval.