399(1)Amend Schedule 5 (enterprise management incentives) as follows.U.K.
(2)In paragraph 10(3) for “section 416(2) to (6) of ICTA” substitute “ sections 450 and 451 of CTA 2010 ”.
(3)In paragraph 11A for sub-paragraph (3) substitute—
“(3)In sub-paragraph (2) “property deriving its value from land” has the meaning given by section 188(3) of ITA 2007.”
(4)In paragraph 23—
(a)in sub-paragraph (4)(c)—
(i)for “section 344(2) of ICTA (company reconstructions: supplemental)” substitute “ section 942 of CTA 2010 (options for purposes of ownership condition) ”, and
(ii)for the words from “section 343” to the end substitute “ section 941 of that Act (trade transfers without change of ownership: ownership condition) ”,
(b)in sub-paragraph (6) for “section 416(2) to (6) of ICTA” substitute “ sections 450 and 451 of CTA 2010 ”,
(c)in sub-paragraph (8) in the definition of “associate”—
(i)for “in section 417(3) and (4) of ICTA” substitute “ by section 448 of CTA 2010 ”, and
(ii)for “those subsections as they apply” substitute “ that section as it applies ”, and
(d)in sub-paragraph (8) in the definition of “director” for “section 417(5) of ICTA” substitute “ section 452 of CTA 2010 ”.
(5)In paragraph 29(4)—
(a)in the definition of “close company”—
(i)for “section 414(1)(a) of ICTA” substitute “ section 442(a) of CTA 2010 ”,
(ii)for “section 415 of ICTA” substitute “ sections 446 and 447 of CTA 2010 ”, and
(b)in the definition of “participator” for “section 417(1) of ICTA” substitute “ section 454 of CTA 2010 ”.
(6)In paragraph 59 in the entry for “tax”, in the second column, for “section 832(3) of ICTA (as applied by section 989 of ITA 2007)” substitute “ section 989 of ITA 2007 ”.