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Finance Act 1989

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This is the original version (as it was originally enacted).

10(1)Paragraphs 13(2) and 14(2) of Schedule 8 (which provide for a scheme’s distributable pool to be at least 5 per cent. of the pay of all the employees to whom the scheme relates if profits remain unchanged) shall be omitted.

(2)In consequence of sub-paragraph (1) above—

(a)the following provisions shall be omitted—

  • section 175(3);

  • in section 176(1), the words “(but not more than six months)”;

  • section 178(2)(b);

  • in paragraph 13(1) of Schedule 8, the word “fixed”;

  • paragraph 13(3) of that Schedule;

  • paragraph 14(7) of that Schedule.

(b)in paragraph 13 of Schedule 8—

(i)after sub-paragraph (1) there shall be inserted—

(1A)That percentage must be a fixed percentage specified in the scheme and, if the scheme relates to more than one period, must be the same for each period.;

(ii)in sub-paragraph (4)(a), for the words “the base year referred to in sub-paragraph (3) above” there shall be substituted the words “a base year specified in the scheme”;

(iii)in sub-paragraph (5), for the words “must be” onwards there shall be substituted the words “must not exceed the profits for a base year specified in the scheme”;

(iv)for sub-paragraph (6), there shall be substituted—

(6)The base year referred to in sub-paragraph (4)(a) and sub-paragraph (5) above must be a period of 12 months ending at a time within the period of two years immediately preceding the profit period, or the first of the profit periods, to which the scheme relates;

(c)in paragraph 14(5) of that Schedule, for the words “must be” onwards there shall be substituted the words “must not exceed the profits in the period of 12 months immediately preceding the first or only profit period to which the scheme relates”.

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