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|Relief for contributions in respect of share option gains.||187A.(1) Where a person ("the earner") is chargeable to tax under section 135 on a gain, relief is available under this section if|
(b) an election is in force which has the effect of transferring to the earner the whole or part of the liability to pay secondary Class 1 contributions in respect of the gain.
(2) The amount of the relief is the total of
(3) Where notice of withdrawal of approval of any such election is given, relief under subsection (2)(b) is limited to so much of the earner's liability in respect of the gain as is met before the end of the 60th day after the end of the year of assessment in which occurred the event giving rise to the charge under section 135.
(4) Relief under this section shall be given by way of deduction from the amount of the gain on which the earner is chargeable to tax under section 135.
(5) Any such deduction does not affect the amount of the gain for the purposes of
(6) The agreements and elections referred to in this section are those having effect under paragraph 3A or 3B of Schedule 1 to the Contributions and Benefits Act.
References to approval in relation to an election are to approval by the Inland Revenue under paragraph 3B of that Schedule.
(7) In this section
(2) Section 203FB of the Taxes Act 1988 (PAYE: gains from share options) is amended as follows
These amendments apply where the event giving rise to the charge to tax occurs after the passing of this Act.
(3) In section 136(6) of the Taxes Act 1988 and section 85(1) of the Finance Act 1988 (duty to deliver particulars relating to share options, etc. within 30 days after end of year of assessment), for "30 days" substitute "92 days".
These amendments apply where the event giving rise to the duty to deliver particulars occurs on or after 6th April 2000.
(4) After section 136(6) of the Taxes Act 1988 add
In other respects the obligations imposed by that subsection and that paragraph are independent of each other.
(8) The duty of a body corporate under subsection (6) above to deliver particulars of any matter includes a duty to deliver particulars of any secondary Class 1 contributions payable in connection with that matter that
In this subsection 'secondary Class 1 contributions' has the same meaning as in section 187A.".
Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Oliver Letwin
Mr Howard Flight
NC1To move the following Clause:
'(1) After section 83B of the Taxes Act 1988 there shall be inserted
|"Volunteer expenditure||83C (1) Subsection (2) below applies to where an individual volunteers to assist in the work of a charity and in the course of providing such assistance incurs expenses attributable to the work for which the individual volunteered.|
(2) On a claim made in that behalf to an officer of the Board the relevant amount shall be allowed as a deduction in calculating the individual's income for the purposes of income tax for the year of assessment in which the expenses are incurred.
(3) The relevant amount is the amount of the expenses incurred, after deducting any reinbursement for those expenses received by the individual from the charity for whose benefit the expenses were incurred.
(4) In this section a 'charity' has the same meaning as in section 506 and includes each of the bodies mentioned in section 507(1).
|©Parliamentary copyright 2000||Prepared 29 Jun 2000|