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Section 40: Corporation tax relief for employee share acquisitions etc

Finance Act 2013 · 2013 c. 29View on legislation.gov.uk

Part 1: Income Tax, Corporation Tax and Capital Gains Tax — CHAPTER 3: Corporation tax: general

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.

For section 1038 substitute—

After section 1038 insert—

For the purposes of the following subsections—

  • "pre-20 March 2013 relevant accounting period" means an accounting period which begins before 20 March 2013 but ends on or after that date, and

  • "relevant accounting period" means an accounting period which ends on or after 20 March 2013.

But the amendment made by subsection (2) above has no effect for the purpose of disallowing a deduction for a pre-20 March 2013 relevant accounting period where the acquisition of shares which gives rise, or would give rise, to the relief under Part 12 of CTA 2009 occurs before 20 March 2013.

But the amendment made by subsection (3) above has no effect for the purpose of disallowing a deduction for a pre-20 March 2013 relevant accounting period where—

the option is obtained before 20 March 2013, and
before that date, an event (for example, the lapse or cancellation of the option) occurs in consequence of which the shares cannot be acquired pursuant to the option.

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Reuse reviewed 21 August 2026 under Open Government Licence v3.0.