Corporation Tax Act 2009

Income Tax (Earnings and Pensions) Act 2003 (c. 1) U.K.

548 U.K. The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

549 U.K. In section 61(1) (interpretation) in the definition of “business” for “or Schedule A business” substitute “ within the meaning of Chapter 2 of Part 3 of ITTOIA 2005 or Chapter 2 of Part 4 of CTA 2009 ”.

550 U.K. In section 178(d) (exception for loans where interest qualifies for tax relief) for “, or a Schedule A business,” substitute “ (within the meaning of Chapter 2 of Part 3 of ITTOIA 2005 or Chapter 2 of Part 4 of CTA 2009) ”.

551 U.K. In section 180(5)(d) (threshold for benefit of loan to be treated as earnings) for “, or a Schedule A business,” substitute “ (within the meaning of Chapter 2 of Part 3 of ITTOIA 2005 or Chapter 2 of Part 4 of CTA 2009) ”.

552 (1) Amend section 357 (business entertainment and gifts: exception where employer's expenses disallowed) as follows. U.K.

(2) In subsection (2) for “section 577 of ICTA” substitute “ section 1298 of CTA 2009 ”.

(3) In subsection (3) for “that section” substitute “ section 1298 of CTA 2009 ”.

553 U.K. In section 420(1)(h) (meaning of securities etc) at the end insert “ or section 507 of CTA 2009 (investment bond arrangements) ”.

554 (1) Amend section 515 (which refers to other provisions which deal with share incentive plans) as follows. U.K.

(2) Omit subsection (1).

(3) In subsection (2)—

(a) omit the “and” immediately after paragraph (c), and

(b) after paragraph (d) insert “, and

(e) Chapter 1 of Part 11 of CTA 2009 (share incentive plans)”.

555 U.K. In section 702(5B) (which sets out what shares are corporation tax deductible) for “Schedule 23 to the Finance Act 2003” substitute “ Part 12 of CTA 2009 ”.

556 U.K. In Schedule 1 (abbreviations and defined expressions)—

(a) in Part 1 at the end insert—

“CTA 2009

The Corporation Tax Act 2009”, and

(b) in Part 2 omit the entries for “Schedule A business” and “UK property business”.

557 U.K. In Schedule 2 (approved share incentive plans), in paragraph 85(1)(c), for “paragraph 11 of Schedule 4AA to ICTA” substitute “ section 998 of CTA 2009 ”.