Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 23 U.K. Corporation tax relief for employee share acquisition

Part 5 U.K. Supplementary provisions

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

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— U.K.

(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.