Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter IV Share Options, Profit Sharing and Employee Share Ownership
Profit sharing schemes
118 The appropriate allowance.
1
In section 186(12) of the Taxes Act 1988 (determination of the appropriate allowance for the purposes of the charge to tax on capital receipts by a participant in an approved profit sharing scheme)—
a
for “£100” there shall be substituted “
£60
”
; and
b
for “five years” there shall be substituted “
three years
”
.
2
Subsection (1) above has effect for the year 1997-98 and subsequent years of assessment.