Corporation Tax Act 2009 (c. 4)

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

Modifications etc. (not altering text)

C1 Pt. 11 applied by 2010 c. 8, s. 425(1) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))

Chapter 1 U.K. Share incentive plans

Deductions relating to setting up and running costs U.K.

988 Deductions for running expenses of [F1 a Schedule 2] share incentive plan U.K.

(1) This section applies if a company incurs expenses in contributing to the expenses of the trustees in running [F2 a Schedule 2] share incentive plan.

(2) This Chapter does not affect the deductions that, apart from this Chapter, are allowed to the company in relation to those expenses incurred by it.

(3) For the purposes of this section expenses of the trustees in running [F3 a Schedule 2] share incentive plan do not include expenses incurred in acquiring shares for the purposes of the plan other than expenses within subsection (4).

(4) The expenses within this subsection are—

(a) interest paid on money borrowed by the trustees for the purpose of acquiring the shares, and

(b) any of the following—

(i) fees,

(ii) commission,

(iii) stamp duty,

(iv) stamp duty reserve tax, and

(v) other incidental costs similar to any mentioned in sub-paragraphs (i) to (iv).

Textual Amendments

F1 Words in s. 988 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 77(2), 89 (with Sch. 8 paras. 90-96)

F2 Words in s. 988(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 77(3), 89 (with Sch. 8 paras. 90-96)

F3 Words in s. 988(3) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 77(3), 89 (with Sch. 8 paras. 90-96)