Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Schedule 1: Minor and consequential amendments

Part 2: Other enactments

Income Tax (Earnings and Pensions) Act 2003

Section 68: Meaning of “material interest” in a company

3417.This provision amends section 68(2) and (3) of ITEPA for the sake of consistency with section 457. See the commentary on that section. This amendment is a drafting clarification, and does not change the law.

Schedule 2: Approved share incentive plans

3418.This Schedule amends paragraph 80 of Schedule 2 to ITEPA in line with the rewrite of section 234A of ICTA in the Act. See Change 58 in Annex 1.

Schedule 5: Enterprise management incentives

3419.In paragraph 11A of Schedule 5 to ITEPA, this Schedule omits the reference to the second limb of section 776(13)(a) of ICTA, forthe reasons given in the commentary on this Schedule in relation to that provision, and substitutes a suitable reference to section 188(3) of ITA. Paragraph 11A of Schedule 5 to ITEPA and section 188 of ITA are very similar provisions.