SCHEDULES

SCHEDULE 23Corporation tax relief for employee share acquisition

Part 5Supplementary provisions

Relationship between relief and other deductions: priority of deductions under SIP code

24

1

Deductions available under any of the following provisions of Schedule 4AA to the Taxes Act 1988 (share incentive plans) are to be given in priority to relief under this Schedule—

a

paragraph 2 (deduction for providing free or matching shares);

b

paragraph 3 (deduction for expenses in providing partnership shares);

c

paragraph 9 or 10(3) (deduction for contribution to plan trust).

2

No relief is available under this Schedule in respect of shares in relation to which a deduction is allowable, or has been made, under any of those provisions.