SCHEDULE 11 Transitional provisions for profit-related pay
General interpretation
5
(1)
Expressions used in this Schedule and in Chapter III of Part V of the Taxes Act 1988 have the same meanings in this Schedule as in that Chapter.
(2)
References in this Schedule to the section 171(4) limit are references to the second of the limits mentioned in section 171(2) of the Taxes Act 1988; and this Schedule shall have effect on the basis that that limit is nil for any period (or part of a period) beginning on or after 1st January 2000.
(3)
References in this Schedule to the beginning for the employee of any profit period by reference to which he is eligible to receive profit-related pay are references—
(a)
where sub-paragraph (4) below applies, to the earliest time in that period which is included in a part of that period by reference to which he is so eligible; and
(b)
in any other case, to the beginning of the first day of the period in question.
(4)
This sub-paragraph applies where—
(a)
the employee is eligible to receive profit-related pay by reference to only a part of the relevant period; and
(b)
that part of that period begins after the beginning of that period.