Income Tax (Earnings and Pensions) Act 2003 Schedule 6 Part 1

Consequential amendments to the Income and Corporation Taxes Act 1988

Schedule 6 Part 1 (paragraphs 1–121) sets out the consequential amendments needed to the Income and Corporation Taxes Act 1988 (ICTA) as a result of the rewrite of employment income, pension income and social security income rules into ITEPA 2003.

• Numerous sections of ICTA dealing with Schedule E charges, benefits in kind, PAYE, share options, termination payments and pension scheme taxation are repealed because they have been rewritten in ITEPA 2003
• References throughout ICTA to "Schedule E" and "section 203" are replaced with references to the employment income Parts of ITEPA 2003 and "PAYE regulations" respectively
• New provisions are inserted into ICTA to deal with matters not fully transferred to ITEPA 2003, including a new section 266A (life assurance premiums paid by employers under non-approved retirement benefits schemes) and new schedules for Share Incentive Plan corporation tax deductions
• Approved profit sharing scheme legislation is retained in ICTA (sections 186–187 and Schedules 9–10) but amended to use the new ITEPA 2003 language, reflecting the phasing out of these schemes after April 2001

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