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Income Tax (Earnings and Pensions) Act 2003

Paragraphs 90 to 92

3747.These paragraphs explain how this Act will have effect for the purposes of corporation tax.

3748.A company’s accounting period affected by the provisions of this Act may straddle the beginning of the tax year 2003-04. Paragraph 91 provides that in such a case, the company may elect for the law as it stood before 6 April 2003 to apply for the duration of that straddling accounting period.

3749.Most transitional provisions made by this Schedule operate by reference to 6 April 2003 (the beginning of the tax year 2003-04) which is the date on which the Act will first have effect for income tax purposes. Paragraph 91 provides that, in a case where this Act applies for a company’s accounting period that begins before 6 April 2003, those transitional provisions will instead operate by reference to the beginning of that accounting period.

3750.Paragraph 92 provides the one exception to this: the existing provisions about corporation tax deductions in relation to SIPs, SAYE option schemes and CSOPs (Part 12 of Schedule 8 to FA 2000 and section 84A of ICTA) will continue to operate until the provisions of this Act come into force on 6 April 2003, regardless of when the company’s accounting period begins.

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