SCHEDULES

SCHEDULE 6Consequential Amendments

Part 2Other enactments

Inheritance Tax Act 1984 (c. 51)

150

The Inheritance Tax Act 1984 is amended as follows.

151

1

Amend the following provisions as provided in sub-paragraph (2)—

a

section 13(4)(c) (dispositions by close companies for benefit of employees),

b

section 72(4A) (property leaving employee trusts and newspaper trusts), and

c

section 86(3)(c) (trusts for benefit of employees).

2

In each of those provisions, for “an employee share ownership plan approved under Schedule 8 to the Finance Act 2000” substitute “ a share incentive plan approved under Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 ”.

152

In section 14(1) (waiver of remuneration), for “would be assessable to income tax under Schedule E” substitute “ would be earnings, or would be treated as earnings, and would constitute employment income (see section 7(2)(a) or (b) of the Income Tax (Earnings and Pensions) Act 2003) ”.