SCHEDULE 7 continued PART 7 continued
84 In relation to times before 6th April 2003, section 549(5) (definition of “employee” for purposes of Chapter 11 of Part 7) is to be read as referring to a person holding an office or employment whose emoluments were chargeable under Schedule E.
85 Any obligation imposed in accordance with paragraph 34(b) of Schedule 9 to ICTA (trustees' duties to provide information) on the trustees of a profit sharing scheme approved under that Schedule is to be construed as an obligation, where an amount counts as employment income of a participant by reason of the occurrence of any event, to inform the participant of any facts relevant to determining the participant’s resulting liability to tax.
86 (1) Where the trustees of an approved share incentive plan acquire shares from the trustees of an approved profit sharing scheme, the disposal and the acquisition by the trustees are treated for capital gains tax purposes as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.
(2) In such a case the relevant period for the purposes of paragraph 2 of Schedule 7D to TCGA 1992 is determined as if the shares had been acquired by the trustees of the share incentive plan at the time they were acquired by the trustees of the other trust.
This does not affect the date on which the trustees of the share incentive plan are treated as acquiring the shares for the purposes of taper relief.
(3) In this paragraph—
“approved profit sharing scheme” means a profit sharing scheme approved under Schedule 9 to ICTA, and
“approved share incentive plan” means a share incentive plan approved under Schedule 2 to this Act.
87 (1) In applying any of the provisions specified in sub-paragraph (2) (which deal with the meaning of “material interest” for the purpose of determining eligibility to participate in share schemes, etc.) the following are to be disregarded—
(a) the interest of the trustees of any profit sharing scheme approved under Schedule 9 to ICTA in any shares which are held by them in accordance with the plan but which have not been appropriated to an individual, and
(b) any rights exercisable by the trustees as a result of that interest.
(2) The provisions referred to in sub-paragraph (1) are—
(a) paragraph 20 of Schedule 2 (approved share incentive plans);
(b) paragraph 12 of Schedule 3 (approved SAYE option schemes);
(c) paragraph 10 of Schedule 4 (approved CSOP schemes);
(d) paragraph 29 of Schedule 5 (enterprise management incentives).
88 (1) This paragraph applies if, on 6th April 2003, the repeals made by TCA 2002 of the provisions listed in sub-paragraph (3) have not come fully into force.
(2) Until the repeal of those provisions has come fully into force, Table B in section 677(1) of this Act is to be read as if it included references to disabled person’s tax credit and working families' tax credit.
(3) The provisions referred to in this paragraph are—
(a) in SSCBA 1992, section 128 (working families' tax credit) and section 129 (disabled person’s tax credit), and
(b) in SSCB(NI)A 1992, section 127 (working families' tax credit) and section 128 (disabled person’s tax credit).
89 (1) In relation to any time before the commencement of the repeals in Part 7 of Schedule 20 to FA 1999, section 684(2) (PAYE regulations) has effect with the following modification.
(2) At the end of item 5 insert “including the proving of the contents or transmission of anything that the regulations allow to be transmitted to any person in electronic form or by electronic means”.
90 (1) This paragraph applies where—
(a) a company is charged to corporation tax by reference to an accounting period which begins before and ends on or after 6th April 2003, and
(b) because of a change in the law made by this Act, the income tax law relating to the accounting period is different from what it would have been if that change had not been made.
(2) If the company so elects, this Act applies with such modifications as may be necessary to secure that the income tax law relating to the accounting period is the same as it would have been if the change in the law had not been made.
(3) An election under this paragraph must be made by notice given to the Inland Revenue no later than the end of the period of two years beginning with the day following the last day of the accounting period.
(4) In this paragraph “income tax law” has the same meaning as in section 9 of ICTA.
91 (1) This paragraph applies in relation to corporation tax charged by reference to an accounting period which begins before and ends on or after 6th April 2003.
(2) In its application for the purposes of corporation tax, any provision of this Schedule is to be read as if—
(a) any reference to the tax year 2003-04 were a reference to that accounting period, and
(b) any reference to 6th April 2003 were a reference to the first day of that accounting period.
92 (1) The provisions of this Act mentioned in sub-paragraph (2) do not have effect for corporation tax purposes for so much of any accounting period as falls before 6th April 2003.
(2) The provisions are—
(a) in Schedule 6 (consequential amendments)—
(i) paragraph 11 (which replaces references in section 84A of ICTA to share option schemes approved under Schedule 9 to that Act with references to SAYE option schemes and CSOP schemes approved under this Act), and
(ii) paragraphs 12 and 109 (which insert Schedule 4AA to ICTA (share incentive plans: corporation tax deductions)), and
(b) the repeal by Schedule 8 (repeals) of—
(i) Part 12 of Schedule 8 to FA 2000 (corporation tax deductions in relation to employee share option plans), and
(ii) so much of any other provision of Schedule 8 to that Act as is necessary for the operation of Part 12.
(3) This paragraph has effect as an exception to the provision made by section 723(1)(b) (commencement of this Act for purposes of corporation tax).