113(1)Amend Schedule 10 (further provisions relating to profit sharing schemes) as follows.U.K.
(2)In paragraphs 3(1) and 6(4) for “charging an individual to income tax under Schedule E” substitute “ under which an amount counts as employment income of an individual ”.
(3)In paragraph 7—
(a)in sub-paragraph (1), for “a participant in the scheme is chargeable to income tax under Schedule E” substitute “ an amount counts as employment income of the participant ”,
(b)in sub-paragraph (6), for the words from “section 203” to “Schedule E” substitute “ section 684 of ITEPA 2003 (PAYE regulations) and PAYE regulations as PAYE income payable to the recipient ”, and
(c)in sub-paragraph (7)(b)—
(i)omit second “to”, and
(ii)for “the participant is chargeable” substitute “ is charged on the participant ”.