SCHEDULES

SCHEDULE 6Consequential Amendments

Part 1Income and Corporation Taxes Act 1988

113

1

Amend Schedule 10 (further provisions relating to profit sharing schemes) as follows.

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 ”.