Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Profit sharing schemes
100 Relevant age for purpose of appropriate percentage.
1
Schedule 10 to the Taxes Act 1988 (profit sharing schemes) shall be amended as follows.
2
In paragraph 3 (the appropriate percentage for purposes of tax charge) the words from “In this paragraph” to the end of the paragraph shall be omitted.
3
The following paragraph shall be inserted after paragraph 3—
3A
1
In paragraph 3 above the reference to the relevant age shall be construed as follows.
2
Where the scheme is approved before 25th July 1991 and the event occurs before 30th November 1993, the relevant age is pensionable age.
3
Where—
a
the scheme is approved before 25th July 1991,
b
the event occurs on or after 30th November 1993,
c
the scheme defines the period of retention by reference to the age of 60 for both men and women, and
d
the reference to that age is incorporated in the definition by virtue of an alteration approved by the Board under paragraph 4 of Schedule 9 before the event occurs,
the relevant age is 60.
4
Where—
a
the scheme is approved before 25th July 1991,
b
the event occurs on or after 30th November 1993, and
c
sub-paragraph (3) above does not apply,
the relevant age is pensionable age.
5
Where the scheme is approved on or after 25th July 1991, the relevant age is the specified age.