Corporation Tax Act 2009 (c. 4)

Valid from 01/04/2009

Part 11 U.K. Relief for particular employee share acquisition schemes

Chapter 1 U.K. Share incentive plans

Withdrawal of approval for a plan U.K.

998 Withdrawal of deductions if approval for share incentive plan withdrawn U.K.

(1) This section applies if—

(a) a deduction is made by a company under section 989, 991, 994 or 995 in relation to an approved share incentive plan, and

(b) the approval for the plan is withdrawn.

(2) An officer of Revenue and Customs may by notice direct that the deduction is withdrawn.

(3) If a direction is made, the company is treated as receiving an amount equal to the deduction.

(4) The amount is treated as received when the direction is made.