Part IV U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter IV U.K. Share Options, Profit Sharing and Employee Share Ownership

Profit sharing schemes U.K.

118 The appropriate allowance. U.K.

(1) In section 186(12) of the Taxes Act 1988 (determination of the appropriate allowance for the purposes of the charge to tax on capital receipts by a participant in an approved profit sharing scheme)—

(a) for “£100” there shall be substituted “ £60 ”; and

(b) for “five years” there shall be substituted “ three years ”.

(2) Subsection (1) above has effect for the year 1997-98 and subsequent years of assessment.