40 Corporation tax relief for employee share acquisitions etc
Finance Act 2013 (2013 c 29) | Legislation

40  Corporation tax relief for employee share acquisitions etc

(1)     Chapter 6 of Part 12 of CTA 2009 (relief for employee share acquisitions: relationship between relief under Part 12 and other reliefs) is amended as follows.

(2)     For section 1038 substitute—

“1038 Exclusion of other deductions

(1)     Subsection (2) applies if relief is or, apart from condition 2 in section 1009(1), would be available under this Part.

For this purpose, it does not matter if the amount of the relief is or would be calculated as nil.

(2)     Except as provided for by this Part, for the purpose of calculating any company's profits for corporation tax purposes for any accounting period, no deduction is allowed—

(a)     in relation to the provision of the shares or to any matter connected with the provision of the shares, or

(b)     so far as not covered by paragraph (a) in a case in which the shares are acquired pursuant to an option, in relation to the option or to any matter connected with the option.

(3)     In a case in which section 1022 has applied, in subsection (2)(b)references to the option cover the new option and any relevant earlier qualifying option.

(4)     For

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