Income Tax (Trading and Other Income) Act 2005

[F194ACosts of setting up SAYE option scheme or CSOP schemeU.K.
This section has no associated Explanatory Notes

(1)This section applies if—

(a)a company incurs expenses in setting up a scheme within subsection (2) F2... and

F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)The schemes within this subsection are—

(a)[F4Schedule 3] SAYE option schemes within the meaning of the SAYE code (see section 516(4) of ITEPA 2003), and

(b)[F5Schedule 4] CSOP schemes within the meaning of the CSOP code (see section 521(4) of ITEPA 2003).

F6...

(3)A deduction for the expenses is to be made in calculating the profits of a trade carried on by the company.

(4)If the [F7relevant date falls] more than 9 months after the end of the period of account in which the expenses are incurred, for the purposes of subsection (3) the deduction is to be made for the period of account in which the [F7relevant date falls] .

[F8(4A)In subsection (4) “the relevant date”—

(a)in relation to a Schedule 3 SAYE option scheme, has the meaning given in paragraph 40A(6) of Schedule 3 to ITEPA 2003, and

(b)in relation to a Schedule 4 CSOP scheme, has the meaning given in paragraph 28A(6) of Schedule 4 to ITEPA 2003.]

[F9(5)But subsection (4) does not apply in calculating the profits of a trade on the cash basis.]]

Textual Amendments

F1S. 94A and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 28 (with Sch. 9 paras. 1-9, 22)

F2Words in s. 94A(1)(a) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 140(2)(a), 146 (with Sch. 8 paras. 147-157)

F3S. 94A(1)(b) and word omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 140(2)(b), 146 (with Sch. 8 paras. 147-157)

F4Words in s. 94A(2)(a) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 140(3)(a), 146 (with Sch. 8 paras. 147-157)

F5Words in s. 94A(2)(b) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 140(3)(b), 146 (with Sch. 8 paras. 147-157)

F6Words in s. 94A(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 140(3)(c), 146 (with Sch. 8 paras. 147-157)

F7Words in s. 94A(4) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 140(4), 146 (with Sch. 8 paras. 147-157)

F9S. 94A(5) inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 17