Income Tax (Earnings and Pensions) Act 2003
Income Tax (Earnings and Pensions) Act 2003 (2003 c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (2003 c. 1)
- Part 1 Overview
- 1 Overview of contents of this Act
- 2 Abbreviations and general index in Schedule 1
- Part 2 Employment income: charge to tax
- Chapter 1 Introduction
- 3 Structure of employment income Parts
- 4 “Employment” for the purposes of the employment income Parts
- 5 Application to offices and office-holders
- Chapter 2 Tax on employment income
- 6 Nature of charge to tax on employment income
- 7 Meaning of “employment income”, “general earnings” and “specific employment income”
- 8 Meaning of “exempt income”
- Chapter 3 Operation of tax charge
- 9 Amount of employment income charged to tax
- 10 Meaning of “taxable earnings” and “taxable specific income”
- 11 Calculation of “net taxable earnings”
- 12 Calculation of “net taxable specific income”
- 13 Person liable for tax
- Chapter 4 Taxable earnings: UK resident employees
- Taxable earnings
- 14 Taxable earnings under this Chapter: introduction
- UK resident employees
- 15 Earnings for year when employee UK resident
- Year for which general earnings are earned
- 16 Meaning of earnings “for” a tax year
- 17 Treatment of earnings for year in which employment not held
- When general earnings are received
- 18 Receipt of money earnings
- 19 Receipt of non-money earnings
- Chapter 5 Taxable earnings: remittance basis rules and rules for non-uk resident employees
- Taxable earnings
- 20 Taxable earnings under this Chapter: introduction
- Remittance basis rules for employees outside section 26
- 21 Earnings for year when employee resident and ordinarily resident, but not domiciled, in UK, except chargeable overseas earnings
- 22 Chargeable overseas earnings for year when remittance basis applied and employee outside section 26
- 23 Calculation of “chargeable overseas earnings”
- 24 Limit on chargeable overseas earnings where duties of associated employment performed in UK
- 24A Restrictions on remittance basis
- 24B Definitions of “C” and “I” for the purposes of section 24A(14)
- Remittance basis rules: employees who met section 26A requirement
- 25 UK-based earnings for year when employee resident, but not ordinarily resident, in UK
- 26 Foreign earnings for year when remittance basis applied and employee met section 26A requirement
- 26A Section 26: requirement for 3-year period of non-residence
- Employees not resident in UK
- 27 UK-based earnings for year when employee not resident in UK
- Special class of earnings for purposes of sections 25 to 27
- 28 Meaning of “general earnings from overseas Crown employment subject to UK tax”
- Year for which general earnings are earned
- 29 Meaning of earnings “for” a tax year
- 30 Treatment of earnings for year in which employment not held
- ...
- 31 Receipt of money earnings
- 32 Receipt of non-money earnings
- 33 Earnings remitted to UK
- 34 Earnings remitted to UK: further provisions about UK-linked debts
- Relief for delayed remittances
- 35 Relief for delayed remittances
- 36 Election in respect of delayed remittances
- 37 Claims for relief on delayed remittances
- Place of performance of duties of employment
- 38 Earnings for period of absence from employment
- 38A Earnings relating to duties not performed
- 39 Duties in UK merely incidental to duties outside UK
- 40 Duties on board vessel or aircraft
- 41 Employment in UK sector of continental shelf
- Apportionment of earnings
- 41ZA Basis of apportionment
- Chapter 5A Taxable specific income: effect of remittance basis
- 41A Taxable specific income from employment-related securities: effect of remittance basis
- 41B Section 41A: the relevant period
- 41C Section 41A: foreign securities income
- 41D Limit on foreign securities income where duties of associated employment performed in UK
- 41E Foreign securities income: just and reasonable apportionment
- CHAPTER 5B Taxable specific income from employment-related securities etc: internationally mobile employees
- 41F Taxable specific income: internationally mobile employees etc
- 41G Section 41F: the relevant period
- 41H Section 41F: chargeable and unchargeable foreign securities income
- 41I Limit on “chargeable foreign securities income” where duties of associated employment performed in UK
- 41J Location of employment duties
- 41K Securities income from overseas Crown employment
- 41L Chargeable and unchargeable foreign securities income: just and reasonable apportionment
- Chapter 5C Relief for new residents on foreign employment income
- Foreign employment election
- 41M Foreign employment election for qualifying new residents
- Key definitions
- 41N Key definitions
- Claim for relief
- 41P Claim for relief for qualifying new residents
- 41Q Amount of relief available
- 41R Limit on relief
- 41S Effect of claim on relief for contributions to registered pension schemes
- 41T Foreign employment relief ignored for purposes of determining adjusted net income
- Qualifying foreign employment income
- 41U Qualifying foreign general earnings
- 41V Qualifying foreign third party income
- 41W Qualifying foreign securities income
- 41X Meaning of “overseas Crown employment subject to UK tax”
- 41Y Location of employment duties
- Other rules for determining amounts of qualifying foreign employment income
- 41Z Artificial arrangements to be disregarded
- 41Z1 Limit on qualifying foreign employment income from associated employments
- Chapter 6 Disputes as to domicile or ordinary residence
- 42 Commissioners to determine dispute as to domicile or ordinary residence
- 43 Appeal against Commissioners' decision on domicile or ordinary residence
- Chapter 7 Application of provisions to agency workers
- Agency workers
- 44 Treatment of workers supplied by agencies
- 45 Arrangements with agencies
- 46 Cases involving unincorporated bodies etc.
- Anti-avoidance
- 46A Anti-avoidance
- Supplementary
- 47 Interpretation of this Chapter
- Chapter 8 Workers' services provided through intermediaries to small clients
- Application of this Chapter
- 48 Scope of this Chapter
- 49 Engagements to which this Chapter applies
- 50 Worker treated as receiving earnings from employment
- 51 Conditions of liability where intermediary is a company
- 52 Conditions of liability where intermediary is a partnership
- 53 Conditions of liability where intermediary is an individual
- The deemed employment payment
- 54 Calculation of deemed employment payment
- 55 Application of rules relating to earnings from employment
- 56 Application of Income Tax Acts in relation to deemed employment
- Supplementary provisions
- 57 Earlier date of deemed employment payment in certain cases
- 58 Relief in case of distributions by intermediary
- 59 Provisions applicable to multiple intermediaries
- 60 Meaning of “associate”
- When a person qualifies as small for a tax year
- 60A When a company qualifies as small for a tax year
- 60B When a company qualifies as small for a tax year: joint ventures
- 60C When a company qualifies as small for a tax year: subsidiaries
- 60D When a relevant undertaking qualifies as small for a tax year
- 60E When other undertakings qualify as small for a tax year
- 60F When other persons qualify as small for a tax year
- 60G Sections 60A to 60F: connected persons
- 60H Duty on client to state whether it qualifies as small for a tax year
- When a person has a UK connection
- 60I When a person has a UK connection for a tax year
- Interpretation
- 61 Interpretation
- Chapter 9 Managed service companies
- Application of this Chapter
- 61A Scope of this Chapter
- 61B Meaning of “managed service company”
- 61C Section 61B: supplementary
- The deemed employment payment
- 61D Worker treated as receiving earnings from employment
- 61E Calculation of deemed employment payment
- 61F Sections 61D and 61E: application of rules relating to earnings from employment
- 61G Application of Income Tax Acts in relation to deemed employment
- Supplementary provisions
- 61H Relief in case of distributions by managed service company
- 61I Meaning of “associate”
- 61J Interpretation of Chapter
- CHAPTER 10 Workers' services provided through intermediaries to public authorities or medium or large clients
- 61K Scope of this Chapter
- 61L Meaning of “public authority”
- 61M Engagements to which Chapter applies
- 61N Worker treated as receiving earnings from employment
- 61NA Meaning of status determination statement
- 61O Conditions where intermediary is a company
- 61P Conditions where intermediary is a partnership
- 61Q Calculation of deemed direct payment
- 61R Application of Income Tax Acts in relation to deemed employment
- 61S Deductions from chain payments
- 61T Client-led status disagreement process
- 61TA Duty for client to withdraw status determination statement if it ceases to be medium or large
- 61U Information to be provided by worker or intermediary and consequences of failure
- 61V Consequences of providing fraudulent information
- 61W Prevention of double charge to tax and allowance of certain deductions
- 61WA Anti-avoidance
- 61X Interpretation
- Chapter 11 Umbrella companies
- 61Y Umbrella companies: joint and several liability
- 61Z Relevant parties
- 61Z1 Purported umbrella companies
- 61Z2 Disclosures to liable persons
- Part 3 Employment income: earnings and benefits etc. treated as earnings
- Chapter 1 Earnings
- 62 Earnings
- Chapter 2 Taxable benefits: the benefits code
- The benefits code
- 63 The benefits code
- 64 Relationship between earnings and benefits code
- 65 Dispensations relating to benefits within provisions not applicable to lower-paid employment
- General definitions for benefits code
- 66 Meaning of “employment” and related expressions
- 67 Meaning of “director” and “full-time working director”
- 68 Meaning of “material interest” in a company
- 69 Extended meaning of “control”
- 69A Optional remuneration arrangements
- 69B Optional remuneration arrangements: supplementary
- Chapter 3 Taxable benefits: expenses payments
- 70 Sums in respect of expenses
- 71 Meaning of paid or put at disposal by reason of the employment
- 72 Sums in respect of expenses treated as earnings
- Chapter 4 Taxable benefits: vouchers and credit-tokens
- Cash vouchers: introduction
- 73 Cash vouchers to which this Chapter applies
- 74 Provision for, or receipt by, member of employee’s family
- Meaning of “cash voucher”
- 75 Meaning of “cash voucher”
- 76 Sickness benefits-related voucher
- 77 Apportionment of cost of provision of voucher
- Cash vouchers: exceptions
- 78 Voucher made available to public generally
- 79 Voucher issued under approved scheme
- 80 Vouchers where payment of sums exempt from tax
- Benefit of cash voucher treated as earnings
- 81 Benefit of cash voucher treated as earnings
- Non-cash vouchers: introduction
- 82 Non-cash vouchers to which this Chapter applies
- 83 Provision for, or receipt by, member of employee’s family
- Meaning of “non-cash voucher”
- 84 Meaning of “non-cash voucher”
- Non-cash voucher: exceptions
- 85 Non-cash voucher made available to public generally
- 86 Transport vouchers under pre-26th March 1982 arrangements
- Benefit of non-cash voucher treated as earnings
- 87 Benefit of non-cash voucher treated as earnings
- 87A Benefit of non-cash voucher treated as earnings: optional remuneration arrangements
- 88 Year in which earnings treated as received
- 89 Reduction for meal vouchers
- Credit-tokens: introduction
- 90 Credit-tokens to which this Chapter applies
- 91 Provision for, or use by, member of employee’s family
- Meaning of “credit-token”
- 92 Meaning of “credit-token”
- Credit-tokens: exception
- 93 Credit-token made available to public generally
- Benefit of credit-token treated as earnings
- 94 Benefit of credit-token treated as earnings
- 94A Benefit of credit-token treated as earnings: optional remuneration arrangements
- General supplementary provisions
- 95 Disregard for money, goods or services obtained
- 96 Dispensations relating to vouchers or credit-tokens
- 96A Power to exempt use of non-cash vouchers or credit-tokens to obtain exempt benefits
- Chapter 5 Taxable benefits: living accommodation
- Living accommodation
- 97 Living accommodation to which this Chapter applies
- Exceptions
- 98 Accommodation provided by local authority
- 99 Accommodation provided for performance of duties
- 100 Accommodation provided as result of security threat
- 100A Homes outside UK owned through company etc
- 100B Section 100A(1): exceptions
- 101 Chevening House
- Benefit of living accommodation treated as earnings
- 102 Benefit of living accommodation treated as earnings
- Calculation of cash equivalent
- 103 Method of calculating cash equivalent
- 103A Accommodation provided pursuant to optional remuneration arrangements: relevant amount
- 104 General rule for calculating cost of providing accommodation
- Accommodation costing £75,000 or less
- 105 Cash equivalent: cost of accommodation not over £75,000
- 105A Lease premiums
- 105B Lease premiums in the case of leases with break clauses
- Accommodation costing more than £75,000
- 106 Cash equivalent: cost of accommodation over £75,000
- 107 Special rule for calculating cost of providing accommodation
- Apportionment of cash equivalent
- 108 Cash equivalent: accommodation provided for more than one employee
- Other tax implications
- 109 Priority of this Chapter over Chapter 1 of this Part
- Supplementary
- 110 Meaning of “annual value”
- 111 Disputes as to annual value
- 112 Meaning of “person involved in providing the accommodation”
- 113 Meaning of “the property”
- Chapter 6 Taxable benefits: cars, vans and related benefits
- General
- 114 Cars, vans and related benefits
- 115 Meaning of “car” and “van”
- 116 Meaning of when car or van is available to employee
- 117 Meaning of car or van made available by reason of employment
- 118 Availability for private use
- 119 Where alternative to benefit of low emission car or van offered
- Cars: benefit treated as earnings
- 120 Benefit of car treated as earnings
- 120A Benefit of car treated as earnings: optional remuneration arrangements
- 121 Method of calculating the cash equivalent of the benefit of a car
- 121A Optional remuneration arrangements: method of calculating relevant amount
- 121B Meaning of “modified cash equivalent”
- Cars: the price of a car
- 122 The price of the car
- 123 The list price of a car
- 124 The notional price of a car with no list price
- 124A Automatic car for a disabled employee
- Cars: treatment of accessories
- 125 Meaning of “accessory” and related terms
- 125A Security features not to be regarded as accessories
- 126 Amounts taken into account in respect of accessories
- 127 The list price of an accessory
- 128 Accessory: published price of the car manufacturer etc.
- 129 Accessory: published price of the accessory manufacturer etc.
- 130 The notional price of an accessory
- 131 Replacement accessories
- Cars: capital contributions by employee
- 132 Capital contributions by employee
- 132A Capital contributions by employee: optional remuneration arrangements
- Cars: the appropriate percentage
- 133 How to determine the “appropriate percentage”
- 134 Meaning of car with or without a CO2 emissions figure
- Cars: appropriate percentage: first registered on or after 1st January 1998
- 135 Car with a CO2 emissions figure: pre-October 1999 registration
- 136 Car with a CO2 emissions figure: registration from 1st October 1999 to IP completion day
- 136A Car with a CO2 emissions figure: registration on or after IP completion day
- 137 Car with a CO2 emissions figure: bi-fuel cars : registration from 1st January 2000 to IP completion day
- 137A Car with a CO2 emissions figure: bi-fuel cars registered on or after IP completion day
- 138 Car with a CO2 emissions figure: automatic car for a disabled employee
- 138A Certain cars with a CO2 emissions figure and an electric range figure
- 139 Cars with a CO2 emissions figure: the appropriate percentage
- 140 Car without a CO2 emissions figure: the appropriate percentage
- 141 Diesel cars: the appropriate percentage
- Cars: appropriate percentage: first registered before 1st January 1998
- 142 Car first registered before 1st January 1998: the appropriate percentage
- Cars: unavailability or payments for private use
- 143 Deduction for periods when car unavailable
- 144 Deduction for payments for private use
- 145 Modification of provisions where car temporarily replaced
- Cars: special cases
- 146 Cars that run on road fuel gas
- 147 Classic cars: 15 years of age or more
- 147A Classic cars: optional remuneration arrangements
- Cars: reduction where shared car
- 148 Reduction of cash equivalent where car is shared
- Car fuel: benefit treated as earnings
- 149 Benefit of car fuel treated as earnings
- 149A Benefit of car fuel treated as earnings: optional remuneration arrangements
- 150 Car fuel: calculating the cash equivalent
- 151 Car fuel: nil cash equivalent
- 152 Car fuel: proportionate reduction of cash equivalent
- 153 Car fuel: reduction of cash equivalent
- Vans: benefit treated as earnings
- 154 Benefit of van treated as earnings
- 154A Benefit of van treated as earnings: optional remuneration arrangements
- 155 Cash equivalent of the benefit of a van
- Vans: reductions of cash equivalent
- 156 Meaning of “shared van”
- Reduction of cash equivalent where van is shared
- 157 Reduction of cash equivalent where van is shared
- Reduction for payments for private use
- 158 Reduction for payments for private use
- 158A Van provided pursuant to optional remuneration arrangements: private use
- Modification of provisions where van temporarily replaced
- 159 Modification of provisions where van temporarily replaced
- Van fuel: benefit treated as earnings
- 160 Benefit of van fuel treated as earnings
- 160A Benefit of van fuel treated as earnings: optional remuneration arrangements
- 161 Van fuel: the cash equivalent
- 162 Van fuel: nil cash equivalent
- 163 Van fuel: proportionate reduction of cash equivalent
- 164 Van fuel: reduction of cash equivalent
- Cars and vans: exceptions
- 167 Pooled cars
- 168 Pooled vans
- 169 Car available to more than one member of family or household employed by same employer
- 169A Van available to more than one member of family or household employed by same employer
- Orders
- 170 Orders etc. relating to this Chapter
- Supplementary
- 171 Minor definitions: general
- 172 Minor definitions: equipment to enable a disabled person to use a car
- Chapter 7 Taxable benefits: loans
- Introduction
- 173 Loans to which this Chapter applies
- 173A Alternative finance arrangements
- 174 Employment-related loans
- Benefit of taxable cheap loan treated as earnings
- 175 Benefit of taxable cheap loan treated as earnings
- 175A Optional remuneration arrangements: “relevant amount” and “modified cash equivalent”
- 176 Exception for loans on ordinary commercial terms
- 177 Exceptions for loans at fixed rate of interest
- 178 Exception for loans where interest qualifies for tax relief
- 179 Exception for certain advances for necessary expenses
- 180 Threshold for benefit of loan to be treated as earnings
- Calculation of amount of interest at official rate
- 181 The official rate of interest
- 182 Normal method of calculation: averaging
- 183 Alternative method of calculation
- Supplementary provisions relating to taxable cheap loans
- 184 Interest treated as paid
- 185 Apportionment of cash equivalent in case of joint loan etc.
- 186 Replacement loans
- 187 Aggregation of loans by close company to director
- Loan released or written off
- 188 Loan released or written off: amount treated as earnings
- 189 Exception where double charge
- General supplementary provisions
- 190 Exclusion of charge after death of employee
- 191 Claim for relief to take account of event after assessment
- Chapter 8 Taxable benefits: notional loans in respect of acquisitions of shares
- Introduction
- 192 Application of this Chapter
- Acquisition of shares for less than market value
- 193 Notional loan where acquisition for less than market value
- 194 The amount of the notional loan
- 195 Discharge of notional loan: amount treated as earnings
- Supplementary provisions
- 196 Effects on other income tax charges
- 197 Minor definitions
- Chapter 9 Taxable benefits: disposals of shares for more than market value
- 198 Shares to which this Chapter applies
- 199 Disposal for more than market value: amount treated as earnings
- 200 Minor definitions
- Chapter 10 Taxable benefits: residual liability to charge
- Introduction
- 201 Employment-related benefits
- 202 Excluded benefits
- Cash equivalent of benefit treated as earnings
- 203 Cash equivalent of benefit treated as earnings
- 203A Employment-related benefit provided under optional remuneration arrangements
- Determination of the cost of the benefit
- 204 Cost of the benefit: basic rule
- 205 Cost of the benefit: asset made available without transfer
- 205A Deduction for periods when asset unavailable for private use
- 205B Reduction of cost of taxable benefit where asset is shared
- 206 Cost of the benefit: transfer of used or depreciated asset
- Supplementary provisions
- 207 Meaning of “annual rental value”
- 208 Meaning of “market value”
- 209 Meaning of “persons providing benefit”
- 210 Power to exempt minor benefits
- Special rules for scholarships
- 211 Special rules for scholarships: introduction
- 212 Scholarships provided under arrangements entered into by employer or connected person
- 213 Exception for certain scholarships under trusts or schemes
- 214 Scholarships: cost of the benefit
- 215 Limitation of exemption for scholarship income in section 776(1) of ITTOIA 2005
- Chapter 11 Taxable benefits: exclusion of lower-paid employments from parts of benefits code
- Introduction
- 216 Provisions not applicable to lower-paid employments
- What is lower-paid employment
- 217 Meaning of “lower-paid employment”
- 218 Calculation of earnings rate for a tax year
- 219 Extra amounts to be added in connection with a car
- Treatment of related employments
- 220 Related employments
- Chapter 12 Other amounts treated as earnings
- Payments
- 221 Payments where employee absent because of sickness or disability
- 222 Payments by employer on account of tax where deduction not possible
- 223 Payments on account of director’s tax other than by the director
- 224 Payments to non-approved personal pension arrangements
- 225 Payments for restrictive undertakings
- 226 Valuable consideration given for restrictive undertakings
- Shares of employee shareholders
- 226A Amount treated as earnings
- 226B Deemed payment for employee shareholder shares
- 226C Only one payment deemed to be made under associated agreements
- 226D Shareholder or connected person having material interest in company
- Sporting testimonial payments
- 226E Sporting testimonial payments
- Part 4 Employment income: exemptions
- Chapter 1 Exemptions: general
- 227 Scope of Part 4
- 228 Effect of exemptions on liability under provisions outside Part 2
- 228A General exclusion from exemptions: optional remuneration arrangements
- Chapter 2 Exemptions: mileage allowances and passenger payments
- Mileage allowances
- 229 Mileage allowance payments
- 230 The approved amount for mileage allowance payments
- 231 Mileage allowance relief
- 232 Giving effect to mileage allowance relief
- Passenger payments
- 233 Passenger payments
- 234 The approved amount for passenger payments
- Supplementary
- 235 Vehicles to which this Chapter applies
- 235A Journeys made by members of local authorities etc
- 236 Interpretation of this Chapter
- Chapter 3 Exemptions: other transport, travel and subsistence
- 237 Parking provision and expenses
- 237A Vehicle-battery charging
- 238 Modest private use of heavy goods vehicles
- 239 Payments and benefits connected with taxable cars and vans and exempt heavy goods vehicles
- 240 Incidental overnight expenses and benefits
- 241 Incidental overnight expenses and benefits: overall exemption limit
- 241A Travel by unpaid directors of not-for-profit companies
- 241B Travel where directorship held as part of trade or profession
- 242 Works transport services
- 243 Support for public bus services
- 244 Cycles and cyclist’s safety equipment
- 245 Travelling and subsistence during public transport strikes
- 246 Transport between work and home for disabled employees: general
- 247 Provision of cars for disabled employees
- 248 Transport home: late night working and failure of car-sharing arrangements
- 248A Emergency vehicles
- 249 Interpretation of this Chapter
- Chapter 4 Exemptions: education and training
- Work-related training
- 250 Exemption of work-related training provision
- 251 Meaning of “work-related training”
- 252 Exception for non-deductible travel expenses
- 253 Exception where provision for excluded purposes
- 254 Exception where unrelated assets are provided
- Persons leaving local authority care
- 254A Apprenticeship bursaries paid to persons leaving local authority care
- Individual learning account training
- 255 Exemption for contributions to individual learning account training
- 256 Meaning of “individual learning account training”
- 257 Exception for non-deductible travel expenses
- 258 Exception where provision for excluded purposes
- 259 Exception where unrelated assets are provided
- 260 Exception where training not generally available to staff
- Chapter 5 Exemptions: recreational benefits
- Recreational facilities
- 261 Exemption of recreational benefits
- 262 Benefits not exempted by section 261
- 263 Power to alter benefits to which section 261 applies
- Annual parties and functions
- 264 Annual parties and functions
- Entertainment
- 265 Third party entertainment
- Chapter 6 Exemptions: non-cash vouchers and credit-tokens
- General exemptions: use for exempt benefits
- 266 Exemption of non-cash vouchers for exempt benefits
- 267 Exemption of credit-tokens used for exempt benefits
- Exemptions for particular non-cash vouchers and credit-tokens
- 268 Exemption of vouchers and tokens for incidental overnight expenses
- 269 Exemption where benefits or money obtained in connection with taxable car or van or exempt heavy goods vehicle
- 270 Exemption for small gifts of vouchers and tokens from third parties
- 270A Limited exemption for qualifying childcare vouchers
- 270AA Meaning of “eligible employee”
- 270B Meaning of “relevant earnings amount” and “required time”
- Chapter 7 Exemptions: removal benefits and expenses
- Exemption of removal benefits and expenses: general
- 271 Limited exemption of removal benefits and expenses: general
- 272 Removal benefits and expenses to which section 271 applies
- 273 Conditions applicable to change of residence
- 274 Meaning of “the limitation day”
- 275 Meaning of “the employment change”
- 276 Meaning of “residence”, “former residence” and “new residence” etc.
- Benefits and expenses within this Chapter
- 277 Acquisition benefits and expenses
- 278 Abortive acquisition benefits and expenses
- 279 Disposal benefits and expenses
- 280 Transporting belongings
- 281 Travelling and subsistence
- 282 Exclusion from section 281 of benefits and expenses where deduction allowed
- 283 Exclusion from section 281 of taxable car and van facilities
- 284 Bridging loan expenses
- 285 Replacement of domestic goods
- 286 Power to amend sections 277 to 285
- Limit on exemption
- 287 Limit on exemption
- Special exemption and relief for bridging loans
- 288 Limited exemption of certain bridging loans connected with employment moves
- 289 Relief for certain bridging loans not qualifying for exemption under section 288
- CHAPTER 7A Exemptions: amounts which would otherwise be deductible
- 289A Exemption for paid or reimbursed expenses
- 289B Approval to pay or reimburse expenses at a flat rate
- 289C Revocation of approvals
- 289D Exemption for other benefits
- 289E Anti-avoidance
- Chapter 8 Exemptions: special kinds of employees
- Ministers of religion
- 290 Accommodation benefits of ministers of religion
- 290A Accommodation outgoings of lower-paid ministers of religion
- 290B Allowances paid to lower-paid ministers of religion in respect of accommodation outgoings
- 290C Provisions of benefits code not applicable to lower-paid ministers of religion
- 290D Meaning of “lower-paid employment as a minister of religion”
- 290E Calculation of earnings rate for a tax year
- 290F Extra amounts to be added in connection with a car
- 290G Related employments
- MPs, government ministers etc.
- 291 Termination payments to MPs and others ceasing to hold office
- 292 Accommodation expenses of MPs
- 293 Overnight expenses of other elected representatives
- 293A UK travel and subsistence expenses of MPs
- 293B UK travel expenses of other elected representatives
- 294 European travel expenses of MPs and other representatives
- 295 Transport and subsistence for Government ministers etc.
- Members of local authorities etc
- 295A Travel expenses of members of local authorities etc
- Armed forces
- 296 Armed forces' leave travel facilities
- 297 Armed forces' food, drink and mess allowances
- 297A Armed forces: the Operational Allowance
- 297B Armed forces: the Council Tax Relief
- 297C Armed forces: Continuity of Education Allowance
- 297D Armed forces: accommodation allowances
- 298 Reserve and auxiliary forces' training allowances
- Crown employees
- 299 Crown employees' foreign service allowances
- Voluntary office-holders
- 299A Voluntary office-holders: compensation for lost employment income
- 299B Voluntary office-holders: payments in respect of expenses
- Consuls, foreign agents etc.
- 300 Consuls
- 301 Official agents
- 302 Consular employees
- Visiting forces and staff of designated allied headquarters
- 303 Visiting forces etc
- Detached national experts
- 304 Experts seconded to European Commission
- 304A Experts seconded to other European Union bodies
- Offshore oil and gas workers
- 305 Offshore oil and gas workers: mainland transfers
- Miners etc.
- 306 Miners etc: coal and allowances in lieu of coal
- Carers
- 306A Carers: board and lodging
- Professional sportspersons
- 306B Limited exemption for sporting testimonial payments
- Chapter 9 Exemptions: pension provision
- 307 Death or retirement benefit provision
- 308 Exemption of contributions to registered pension scheme
- 308A Exemption of contributions to overseas pension scheme
- 308B Independent advice in respect of conversions and transfers of pension scheme benefits
- 308C Provision of pensions advice: limited exemption
- Chapter 10 Exemptions: termination of employment
- Redundancy payments
- 309 Limited exemptions for statutory redundancy payments
- Outplacement benefits
- 310 Counselling and other outplacement services
- 311 Retraining courses
- 312 Recovery of tax
- CHAPTER 10A Exemptions: bonus payments by certain employers
- 312A Limited exemption for qualifying bonus payments
- 312B “Qualifying bonus payments”
- 312C Section 312B: the participation and equality requirements
- 312D Section 312B: the trading requirement
- 312E Section 312B: the indirect employee-ownership requirement
- 312F Section 312B: the office-holder requirement
- 312G “Service company”
- 312H Excluded payments
- 312I Interpretation of Chapter 10A
- Chapter 11 Miscellaneous exemptions
- Living accommodation
- 313 Repairs and alterations to living accommodation
- 314 Council tax etc. paid for certain living accommodation
- 315 Limited exemption for expenses connected with certain living accommodation
- Work accommodation, supplies etc.
- 316 Accommodation, supplies and services used in employment duties
- 316ZA Accommodation, supplies and services used in employment duties: payment or reimbursement of expenses
- 316A Homeworker’s additional household expenses
- Workplace meals
- 317 Subsidised meals
- Childcare
- 318 Childcare: exemption for employer-provided care
- 318A Childcare: limited exemption for other care
- 318AZA Meaning of “eligible employee”
- 318AA Meaning of “relevant earnings amount” and “required time”
- 318B Childcare: meaning of “care”, “child” and “parental responsibility”
- 318C Childcare: meaning of “qualifying child care”
- 318D Childcare: power to vary amounts which are the exempt amount and qualifying conditions
- Telephones and computer equipment
- 319 Mobile telephones
- 320 Limited exemption for computer equipment
- Eye tests and special corrective appliances
- 320A Eye tests and special corrective appliances
- Health-screening and medical check-ups
- 320B Health-screening and medical check-ups
- Recommended medical treatment
- 320C Recommended medical treatment
- Flu vaccinations
- 320D Flu vaccinations
- Awards and gifts
- 321 Suggestion awards
- 322 Suggestion awards: “the permitted maximum”
- 323 Long service awards
- 323A Trivial benefits provided by employers
- 323B Section 323A: calculation of available exempt amount
- 323C Power to amend sections 323A and 323B
- 324 Small gifts from third parties
- Overseas medical treatment
- 325 Overseas medical treatment
- 325A Health and employment insurance payments
- Expenses incidental to sale etc. of asset
- 326 Expenses incidental to transfer of a kind not normally met by transferor
- Monitoring schemes
- 326A Fees relating to monitoring schemes relating to vulnerable persons
- Employee shareholder agreements
- 326B Advice relating to proposed employee shareholder agreements
- Part 5 Employment income: deductions allowed from earnings
- Chapter 1 Deductions allowed from earnings: general rules
- Introduction
- 327 Deductions from earnings: general
- General rules
- 328 The income from which deductions may be made
- 329 Deductions from earnings not to exceed earnings
- 330 Prevention of double deductions
- 331 Order for making deductions
- 332 Meaning of “the deductibility provisions”
- Chapter 2 Deductions for employee’s expenses
- Introduction
- 333 Scope of this Chapter: expenses paid by the employee
- 334 Effect of reimbursement etc.
- 335 Application of deductions provisions: “earnings charged on receipt” and “earnings charged on remittance”
- General rule for deduction of employee’s expenses
- 336 Deductions for expenses: the general rule
- Travel expenses
- 337 Travel in performance of duties
- 338 Travel for necessary attendance
- 339 Meaning of “workplace” and “permanent workplace”
- 339A Travel for necessary attendance: employment intermediaries
- 340 Travel between group employments
- 340A Travel between linked employments
- 341 Travel at start or finish of overseas employment
- 342 Travel between employments where duties performed abroad
- Fees and subscriptions
- 343 Deduction for professional membership fees
- 344 Deduction for annual subscriptions
- 345 Decisions of an officer of Revenue and Customs under section 344
- Employee liabilities and indemnity insurance
- 346 Deduction for employee liabilities and expenses
- 347 Payments made after leaving the employment
- 348 Liabilities related to the employment
- 349 Meaning of “qualifying insurance contract”
- 350 Connected contracts
- Expenses of ministers of religion
- 351 Expenses of ministers of religion
- Agency fees paid by entertainers
- 352 Limited deduction for agency fees paid by entertainers
- Special rules for earnings with a foreign element
- 353 Deductions from earnings charged on remittance
- 354 Disallowance of expenses relating to earnings taxed on different basis or untaxed
- 355 Deductions for corresponding payments by qualifying new resident employees with foreign employers
- Disallowance of business entertainment and gifts expenses
- 356 Disallowance of business entertainment and gifts expenses
- 357 Business entertainment and gifts: exception where employer’s expenses disallowed
- 358 Business entertainment and gifts: other exceptions
- Other rules preventing deductions of particular kinds
- 359 Disallowance of travel expenses: mileage allowances and reliefs
- 360 Disallowance of certain accommodation expenses of MPs and other representatives
- 360A Social security contributions
- 360B Additional household expenses
- Chapter 3 Deductions from benefits code earnings
- Introduction
- 361 Scope of this Chapter: cost of benefits deductible as if paid by employee
- Deductions where amounts treated as earnings under the benefits code
- 362 Deductions where non-cash voucher provided
- 363 Deductions where credit-token provided
- 364 Deductions where living accommodation provided
- 365 Deductions where certain employment-related benefits provided
- Chapter 4 Fixed allowances for employee’s expenses
- Introduction
- 366 Scope of this Chapter: amounts fixed by Treasury
- Fixed sum deductions
- 367 Fixed sum deductions for repairing and maintaining work equipment
- 368 Fixed sum deductions from earnings payable out of public revenue
- Chapter 5 Deductions for earnings representing benefits or reimbursed expenses
- Introduction
- 369 Scope of this Chapter: earnings representing benefits or reimbursed expenses
- Travel costs and expenses where duties performed abroad
- 370 Travel costs and expenses where duties performed abroad: employee’s travel
- 371 Travel costs and expenses where duties performed abroad: visiting spouse’s , civil partner's or child’s travel
- 372 Where seafarers' duties are performed
- Travel costs and expenses of non-resident or qualifying new resident employees where duties performed in UK
- 373 Non-resident or qualifying new resident employee’s travel costs and expenses where duties performed in UK
- 374 Non-resident or qualifying new resident employee’s spouse’s , civil partner's or child’s travel costs and expenses where duties performed in UK
- 375 Meaning of “qualifying arrival date”
- Foreign accommodation and subsistence costs and expenses
- 376 Foreign accommodation and subsistence costs and expenses (overseas employments)
- Personal security assets and services
- 377 Costs and expenses in respect of personal security assets and services
- Chapter 6 Deductions from seafarers' earnings
- 378 Deduction from seafarers' earnings: eligibility
- 379 Calculating the deduction
- 380 Limit on deduction where UK duties etc. make amount unreasonable
- 381 Taking account of other deductions
- 382 Duties on board ship
- 383 Place of performance of incidental duties
- 384 Meaning of employment “as a seafarer”
- 385 Meaning of “ship”
- Part 6 Employment income: income which is not earnings or share-related
- Chapter 1 Payments to non-approved pension schemes
- 386 Charge on payments to non-approved retirement benefits schemes
- 387 Meaning of “non-approved retirement benefits scheme”
- 388 Apportionment of payments in respect of more than one employee
- 389 Exception: employments where earnings charged on remittance
- 390 Exception: non-domiciled employees with foreign employers
- 391 Exception: seafarers with overseas earnings
- 392 Relief where no benefits are paid or payable
- Chapter 2 Benefits from employer-financed retirement benefits
- Benefits treated as employment income
- 393 Application of this Chapter
- 393A Employer-financed retirement benefits scheme
- 393B Relevant benefits
- 394 Charge on benefit to which this Chapter applies
- 394A Temporary non-residents
- 395 Reduction where employee has contributed
- 395A Benefits under old section 222 schemes not taxed by virtue of section 394
- 395B Exemption or reduction for foreign service
- 395C Meaning of “foreign service” in section 395B
- 396 Certain lump sums not taxed by virtue of section 394
- 397 Certain lump sums: calculation of amount taxed by virtue of section 394
- Valuation of benefits etc.
- 398 Valuation of benefits
- 399 Employment-related loans: interest treated as paid
- Interpretation
- 399A Responsible person
- 400 Interpretation
- Chapter 3 Payments and benefits on termination of employment etc.
- Preliminary
- 401 Application of this Chapter
- 402 Meaning of “benefit”
- Payments and benefits treated as employment income
- 402A Split of payments and other benefits between sections 402B and 403
- 402B Termination awards not benefiting from threshold to be treated as earnings
- 402C The termination awards to which section 402B applies
- 402D “Post-employment notice pay”
- 402E Meaning of “trigger date” and “post-employment notice period” in section 402D
- 403 Charge on payment or other benefit where threshold applies
- 404 How the £30,000 threshold applies
- 404A Amounts charged to be treated as highest part of total income
- 404B Power to vary threshold
- Exceptions and reductions
- 405 Exception for certain payments exempted when received as earnings
- 406 Exception for death or disability payments and benefits
- 407 Exception for payments and benefits under tax-exempt pension schemes
- 408 Exception for contributions to registered pension schemes
- 409 Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance
- 410 Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance: individual deceased
- 411 Exception for payments and benefits for forces
- 412 Exception for payments and benefits provided by foreign governments etc.
- 413 Exception in certain cases of foreign service
- 413A Exception for payment of certain legal costs
- 414 Reduction in other cases of foreign service
- 414A Exception for payments and benefits under section 615(3) schemes
- 414B Exception in certain cases of foreign service as seafarer
- 414C Reduction in other cases of foreign service as seafarer
- General and supplementary provisions
- 415 Valuation of benefits
- 416 Notional interest treated as paid if amount charged for beneficial loan
- Part 7 Employment income: income and exemptions relating to securities
- Chapter 1 Introduction
- General
- 417 Scope of Part 7
- 418 Other related provisions
- 419 Negative amounts treated as nil
- Interpretation of Chapters 1 to 5
- 420 Meaning of “securities” etc
- 421 Meaning of “market value” etc
- 421A Meaning of “consideration”
- Application of Chapters 2 to 4A
- 421B Application of Chapters 2 to 4A
- 421C Associated persons
- 421D Replacement and additional securities and changes in interests
- 421E Exclusions: residence etc
- 421F Exclusions: public offers
- 421G Exclusions: approved plan or scheme securities
- 421H Meaning of “employee-controlled” etc
- 421I Consideration for acquisition of employment-related securities
- Information
- 421J Duty to provide information
- 421JA Annual returns
- 421JB Returns to be given electronically
- 421JC Penalties for late returns
- 421JD Penalty if information not given correctly
- 421JE Assessment of penalties
- 421JF Appeals
- 421K Reportable events
- 421L Persons to whom section 421J applies
- Chapter 2 Restricted securities
- Introduction
- 422 Application of this Chapter
- 423 “Restricted securities” and “restricted interest in securities”
- 424 Exceptions
- Tax exemption on acquisition
- 425 No charge in respect of acquisition in certain cases
- Tax charge on post-acquisition chargeable events
- 426 Charge on occurrence of chargeable event
- 427 Chargeable events
- 428 Amount of charge
- 428A Relief for secondary Class 1 contributions met by employee
- 429 Case outside charge under section 426
- 430 Election for outstanding restrictions to be ignored
- 430A Application of this Chapter where securities exchanged for further securities
- 431 Election for full or partial disapplication of this Chapter
- 431A Shares under tax advantaged plan or scheme
- 431B Securities acquired for purpose of avoidance
- 432 Definitions
- Chapter 3 Convertible securities
- Introduction
- 435 Application of this Chapter
- 436 “Convertible securities”
- Tax relief on acquisition
- 437 Adjustment of charge
- Tax charge on post-acquisition chargeable events
- 438 Charge on occurrence of chargeable event
- 439 Chargeable events
- 440 Amount of charge
- 441 Amount of gain realised on occurrence of chargeable event
- 442 Amount of consideration given for entitlement to convert
- 442A Relief for secondary Class 1 contributions met by employee
- 443 Case outside charge under section 438
- Supplementary
- 444 Definitions
- Chapter 3A Securities with artificially depressed market value
- Introduction
- 446A Application of this Chapter
- Tax charge on acquisition
- 446B Charge on acquisition
- 446C Amount of charge
- 446D Restricted securities and convertible securities
- Other tax charges
- 446E Charge on restricted securities
- 446F Adjustment of market value: conditional interests
- 446G Adjustment of market value: consideration for entitlement to convert
- 446H Adjustment of market value: charge on conversion
- 446I Adjustment of consideration or benefit received
- 446IA Disapplication of exceptions from charges
- Supplementary
- 446J Definitions
- Chapter 3B Securities with artificially enhanced market value
- Introduction
- 446K Application of this Chapter
- Charge on non-commercial increases
- 446L Charge on non-commercial increases
- 446M Securities subject to restriction on valuation date
- 446N Securities subject to restriction during relevant period
- 446NA Disapplication of exceptions from charges
- Supplementary
- 446O “Relevant period” and “valuation date”
- 446P Definitions
- Chapter 3C Securities acquired for less than market value
- 446Q Application of this Chapter
- 446R Case outside this Chapter
- 446S Notional loan
- 446T Amount of notional loan
- 446U Discharge of notional loan
- 446UA Pre-acquisition avoidance cases
- 446V Chapter to be additional to other income tax charges
- 446W Definitions
- Chapter 3D Securities disposed of for more than market value
- 446X Application of this Chapter
- 446Y Amount treated as income
- 446Z Definitions
- Chapter 4 Post-acquisition benefits from securities
- 447 Charge on other chargeable benefits from securities
- 448 Amount of charge
- 449 Case outside this Chapter
- 450 Definitions
- Tax charge where restrictions or rights varied
- 451 Amount of charge
- 452 Cases outside charge under section 449
- Tax charge on increase in value of shares of dependent subsidiaries
- 453 Charge on increase in value of shares of dependent subsidiary
- 454 Chargeable increases
- 455 Amount of charge
- 456 Cases outside charge under section 453
- Tax charge on other benefits from shares
- 457 Charge on other chargeable benefits from shares
- 458 Chargeable benefits
- 459 Amount of charge
- 460 Cases outside charge under section 457
- Supplementary provisions
- 461 Related acquisitions of additional shares
- 462 Company reorganisations etc.
- 463 Disposals of shares to connected persons etc. ignored
- 464 Application to interests in shares
- 465 Duty to notify acquisitions of shares or interests in shares
- 466 Duty to notify chargeable events and chargeable benefits
- Interpretation
- 467 Meaning of “dependent subsidiary”
- 468 Meaning of “employee-controlled”
- 469 Shares “held by outside shareholders”
- 470 Minor definitions
- Chapter 4A Shares in research institution spin-out companies
- Introduction
- 451 Application of this Chapter
- Tax relief on acquisition
- 452 Market value on acquisition
- Tax relief following acquisition
- 453 Taxable amount under Chapter 4
- Disapplication of Chapters 2 and 3B
- 454 Deemed election for disapplication of Chapter 2
- 455 Disapplication of Chapter 3B
- Supplementary
- 456 Meaning of “intellectual property” and “transfer”
- 457 Meaning of “research institution”
- 458 Meaning of “involved in research”
- 459 Transfer of intellectual property by controlled company
- 460 Definitions
- Chapter 5 Securities options
- Introduction
- 471 Options to which this Chapter applies
- 472 Associated persons
- 473 Introduction to taxation of securities options
- 474 Cases where this Chapter does not apply
- Tax relief on acquisition of option
- 475 No charge in respect of acquisition of option
- Tax charge on post-acquisition chargeable events
- 476 Charge on occurrence of chargeable event
- 477 Chargeable events
- 478 Amount of charge
- 479 Amount of gain realised on occurrence of chargeable event
- 480 Deductible amounts
- 481 Relief for secondary Class 1 contributions met by employee
- 482 Relief for special contribution met by employee
- Supplementary provisions
- 483 Application of this Chapter where option exchanged for another
- 484 Definitions
- Supplementary provisions
- 485 Application of this Chapter where share option exchanged for another
- 486 Duty to notify matters relating to share options
- 487 Minor definitions
- Chapter 6 ... share incentive plans
- Introduction
- 488 ... Share incentive plans (SIPs)
- Scope of tax advantages
- 489 Operation of tax advantages in connection with Schedule 2SIP
- Tax advantages connected with award of shares
- 490 No charge on award or acquisition of shares: general
- 491 No charge on award of shares as taxable benefit
- 492 No charge on partnership share money deducted from salary
- 493 No charge on acquisition of dividend shares
- Tax advantages connected with holding of shares
- 494 No charge on removal of restrictions applying to shares
- 495 No charge on increase in value of shares of dependent subsidiary
- 496 No charge on cash dividend retained for reinvestment
- Tax advantages connected with shares ceasing to be subject to plan
- 497 Limitations on charges on shares ceasing to be subject to plan
- 498 No charge on shares ceasing to be subject to plan in certain circumstances
- Tax advantages: supplementary
- 499 No charge in respect of incidental expenditure
- Scope of tax charges
- 500 Operation of tax charges in connection with Schedule 2SIP
- Charges connected with holding of shares
- 501 Charge on capital receipts in respect of plan shares
- 502 Meaning of “capital receipt” in section 501
- 503 Charge on partnership share money paid over to employee
- 504 Charge on cancellation payments in respect of partnership share agreement
- Charges connected with shares ceasing to be subject to plan
- 505 Charge on free or matching shares ceasing to be subject to plan
- 506 Charge on partnership shares ceasing to be subject to plan
- 507 Charge on disposal of beneficial interest during holding period
- 508 Identification of shares ceasing to be subject to plan
- PAYE
- 509 Modification of section 696 where charge on shares ceasing to be subject to plan
- 510 Payments by trustees to employer company on shares ceasing to be subject to plan
- 511 PAYE deductions to be made by trustees on shares ceasing to be subject to plan
- 512 Disposal of beneficial interest by participant
- 513 Capital receipts: payments by trustees to employer company
- 514 Capital receipts: PAYE deductions to be made by trustees
- Other tax consequences
- 515 Tax advantages and charges under other Acts
- Chapter 7 ... SAYE option schemes
- Introduction
- 516 ... SAYE option schemes
- 517 Share options to which this Chapter applies
- Tax advantages
- 518 No charge in respect of receipt of option
- 519 No charge in respect of exercise of option
- 520 No charge in respect of post-acquisition benefits
- Chapter 8 ... CSOP schemes
- Introduction
- 521 ... CSOP schemes
- 522 Share options to which this Chapter applies
- Tax advantages
- 523 No charge in respect of receipt of option
- 524 No charge in respect of receipt of option
- 525 No charge in respect of post-acquisition benefits
- Tax charge
- 526 Charge where option granted at a discount
- Chapter 9 Enterprise management incentives
- Introduction
- 527 Enterprise management incentives: qualifying options
- Tax advantages: receipt of option
- 528 No charge on receipt of qualifying option
- Tax advantages: exercise of option
- 529 Scope of tax advantages: option must be exercised by the specified anniversary
- 530 No charge on exercise of option to acquire shares at market value
- 531 Limitation of charge on exercise of option to acquire shares below market value
- Tax advantages where disqualifying events
- 532 Modified tax consequences following disqualifying events
- 533 Disqualifying events
- 534 Disqualifying events relating to relevant company
- 535 Disqualifying events relating to employee
- 536 Other disqualifying events
- 537 Alterations of share capital for purposes of section 536
- 538 Share conversions excluded for purposes of section 536
- 539 CSOP and other options relevant for purposes of section 536
- Tax advantages: taxable benefits
- 540 No charge on acquisition of shares as taxable benefit
- Other income tax consequences
- 541 Effects on other income tax charges
- Chapter 10 Priority share allocations
- Exemption where offer made to both public and employees
- 542 Exemption: offer made to public and employees
- 543 Discount not covered by exemption in section 542
- Exemption where different offers made to public and employees
- 544 Exemption: different offers made to public and employees
- 545 Discount not covered by exemption in section 544
- Supplementary provisions
- 546 Meaning of being entitled “on similar terms”
- 547 Meaning and amount or value of “registrant discount”
- 548 Minor definitions
- Chapter 11 Supplementary provisions about employee benefit trusts
- Introduction
- 549 Application of this Chapter
- Employee benefit trusts
- 550 Meaning of “employee benefit trust”
- 551 “Qualifying disposals” for purposes of section 550
- Attribution of interests in company
- 552 Attribution of interest in company to beneficiary or associate
- 553 Meaning of “appropriate percentage” for purposes of section 552
- 554 Attribution of further interest in company
- Part 7A Employment income provided through third parties
- CHAPTER 1 Application etc
- Application: main case
- 554A Application of Chapter 2 : main case
- Application: close companies
- 554AA Application of Chapter 2: close companies
- 554AB Meaning of “relevant transaction”
- 554AC Meaning of “excluded transaction”
- 554AD Section 554AA: meaning of “director”
- 554AE Section 554AA: meaning of “material interest”
- 554AF Section 554AA: supplementary
- Relevant steps
- 554B Relevant steps: earmarking etc of sum of money or asset
- 554C Relevant steps: payment of sum, transfer of asset etc
- 554D Relevant steps: making asset available
- Exclusions
- 554E Exclusions: steps under certain schemes etc
- 554F Exclusions: commercial transactions
- 554G Exclusions: transactions under employee benefit packages
- 554H Exclusions: earmarking of deferred remuneration
- 554I Exclusions: introduction to sections 554J to 554M
- 554J Exclusions: earmarking for employee share schemes (1)
- 554K Exclusions: earmarking for employee share schemes (2)
- 554L Exclusions: earmarking for employee share schemes (3)
- 554M Exclusions: earmarking for employee share schemes (4)
- 554N Exclusions: other cases involving employment-related securities etc
- 554O Exclusions: employee car ownership schemes
- 554OA Exclusions: transfer of employment-related loans
- 554P Exclusions: employment income exemptions under Part 4
- 554Q Exclusions: income arising from earmarked sum or asset
- 554R Exclusions: acquisitions out of sums or assets
- 554RA Exclusions: relevant repayments
- 554S Exclusions: pension income chargeable under Part 9 etc
- 554T Exclusions: employee pension contributions
- 554U Exclusions: pre-6 April 2006 contributions to employer-financed retirement benefit schemes
- 554V Exclusions: purchases of annuities out of pension scheme rights
- 554W Exclusions: certain retirement benefits etc
- 554X Exclusions: transfers between certain foreign pension schemes
- 554XA Exclusions: payments in respect of a tax liability
- 554Y Power to exclude other relevant steps
- Interpretation
- 554Z Interpretation: general
- 554Z1 Interpretation: persons linked with A
- CHAPTER 2 Treatment of relevant step for income tax purposes
- Employment income
- 554Z2 Value of relevant step to count as employment income
- 554Z2A Exception to section 554Z2(1): close companies
- 554Z3 Value of relevant step
- 554Z4 Residence issues
- 554Z4A Temporary non-residents
- 554Z5 Overlap with money or asset subject to earlier tax liability
- 554Z6 Overlap with certain earnings
- 554Z7 Exercise price of share options
- 554Z8 Cases where consideration given for relevant step
- Remittance basis
- 554Z9 Remittance basis: A did not meet section 26A requirement
- 554Z10 Remittance basis: A met section 26A requirement
- 554Z11 Remittance basis: supplementary
- 554Z11A Temporary non-residents
- Double taxation: earlier income tax liability
- 554Z11B Earlier income tax liability: application of section 554Z11C
- 554Z11C Earlier income tax liability: treatment of payments
- 554Z11D Earlier income tax liability: provisional payments of tax
- 554Z11E Application for provisional payments to be treated as payment of tax
- 554Z11F Provisional payments of tax: further provision
- 554Z11G Earlier income tax liability: supplementary provision
- Supplementary
- 554Z12 Relevant step taken after A's death etc
- 554Z13 Subsequent income tax liability
- 554Z14 Relief where earmarking not followed by further relevant step
- 554Z15 Location of employment duties
- CHAPTER 3 Undertakings given by employers etc in relation to retirement benefits etc
- 554Z16 Application etc
- 554Z17 Employer etc to be treated as relevant third person etc
- 554Z18 Earmarking etc
- 554Z19 Provision of security
- 554Z20 Valuation of step within section 554Z19
- 554Z21 Relief for earmarking or security not followed by contribution or relevant benefit
- Part 8 Former employees: deductions for liabilities
- Deductions in calculating net income
- 555 Former employee entitled to deduction in calculating net income
- 556 Deductible payments made outside the time limits allowed
- 556A Deductible payments made pursuant to tax avoidance arrangements
- 557 Deductible payments wholly or partly borne by the former employer etc.
- Interpretation
- 558 Meaning of “deductible payment”
- 559 Liabilities related to the former employment
- 560 Meaning of “qualifying insurance contract”
- 561 Connected contracts
- 562 Meaning of “former employee” and “employment”
- 563 Other interpretation
- 564 Application of this Part to office-holders
- Part 9 Pension income
- Chapter 1 Introduction
- 565 Structure of Part 9
- Chapter 2 Tax on pension income
- 566 Nature of charge to tax on pension income and relevant definitions
- 567 Amount charged to tax
- 567A Cases in which Part 7A has applied to source of pension income
- 567B Cases where inheritance tax is paid in respect of pension death benefit
- 568 Person liable for tax
- Chapter 3 United Kingdom pensions: general rules
- 569 United Kingdom pensions
- 570 “Pension”: interpretation
- 571 Taxable pension income
- 572 Person liable for tax
- 572A Temporary non-residents
- Chapter 4 Foreign pensions: general rules
- 573 Foreign pensions
- 574 “Pension”: interpretation
- 574A “Pension”: relevant lump sums
- 575 Taxable pension income
- 576 Person liable for tax
- 576A Temporary non-residents
- Chapter 5 United Kingdom social security pensions
- 577 United Kingdom social security pensions
- 578 Taxable pension income
- 579 Person liable for tax
- Chapter 5A PENSIONS UNDER REGISTERED PENSION SCHEMES
- 579A Pensions
- 579B Taxable pension income
- 579C Person liable for tax
- 579CZA Exemption for beneficiaries' income withdrawal in some cases
- 579CA Temporary non-residents
- 579CB Refund of overpaid inheritance tax treated as pension
- 579D Interpretation
- Chapter 6 Approved retirement benefits schemes
- Pensions and annuities
- 580 Pensions and annuities
- 581 Taxable pension income
- 582 Person liable for tax
- Unauthorised payments
- 583 Unauthorised payments
- 584 Taxable pension income
- 585 Person liable for tax
- Interpretation etc.
- 586 Meaning of “retirement benefits scheme” etc.
- 587 Application to marine pilots' benefit fund
- 588 Meaning of “employee” , “former civil partner and “ex-spouse”
- 589 Regulations
- Chapter 7 Former approved superannuation funds
- Annuities
- 590 Annuities
- 591 Taxable pension income
- 592 Person liable for tax
- Unauthorised payments
- 593 Unauthorised payments: application of section 583
- Interpretation
- 594 Meaning of “former approved superannuation fund”
- Chapter 8 Approved personal pension schemes
- Annuities
- 595 Annuities
- 596 Taxable pension income
- 597 Person liable for tax
- Income withdrawals
- 598 Income withdrawals
- 599 Taxable pension income
- 600 Person liable for tax
- Unauthorised personal pension payments
- 601 Unauthorised personal pension payments
- 602 Taxable pension income
- 603 Person liable for tax
- Interpretation
- 604 Meaning of “personal pension scheme” and related expressions
- Chapter 9 Retirement annuity contracts
- 605 Annuities
- 606 Meaning of “retirement annuity contract”
- 607 Taxable pension income
- 608 Person liable for tax
- Chapter 10 Other employment-related annuities
- 609 Annuities for the benefit of dependants
- 610 Annuities under non-registered occupational pension schemes
- 611 Annuities in recognition of another’s services
- 611A Exemptions from sections 609 to 611
- 612 Taxable pension income: UK annuities
- 613 Taxable pension income: foreign annuities
- 614 Person liable for tax
- Chapter 11 Certain overseas government pensions paid in the UK
- 615 Certain overseas government pensions paid in the United Kingdom
- 616 Taxable pension income
- 617 Deduction allowed from taxable pension income
- 618 Person liable for tax
- Chapter 12 House of Commons Members' Fund
- 619 The House of Commons Members' Fund
- 620 Meaning of “House of Commons Members' Fund”
- 621 Taxable pension income
- 622 Person liable for tax
- Chapter 13 Return of surplus employee additional voluntary contributions
- 623 Return of surplus employee additional voluntary contributions
- 624 Taxable pension income
- 625 Person liable for tax
- 626 Income tax treated as paid
- 627 Meaning of “grossing up”
- 628 Interpretation
- Chapter 14 Pre-1973 pensions paid under the Overseas Pensions Act 1973
- 629 Pre-1973 pensions paid under the Overseas Pensions Act 1973
- 630 Interpretation
- 631 Taxable pension income
- 632 Person liable for tax
- Chapter 15 Voluntary annual payments
- 633 Voluntary annual payments
- 634 Taxable pension income: UK voluntary annual payments
- 635 Taxable pension income: foreign voluntary annual payments
- 636 Person liable for tax
- CHAPTER 15A Lump sums under registered pension schemes
- 636A Exemptions and liabilities for certain lump sums under registered pension schemes
- 636AA Taxable lump sum death benefits
- 636B Trivial commutation and winding-up lump sums
- 636C Trivial commutation and winding-up lump sum death benefits
- Introduction
- 637 Introduction
- Tax treatment of authorised lump sums
- 637A Pension commencement lump sums
- 637B Pension commencement excess lump sums
- 637C Serious ill-health lump sums
- 637D Uncrystallised funds pension lump sums
- 637E Short service refund lump sum
- 637F Refund of excess contributions lump sums
- 637G Trivial commutation lump sums and winding-up lump sums
- Tax treatment of authorised lump sum death benefits
- 637H Defined benefits lump sum death benefits
- 637I Pension protection lump sum death benefits
- 637J Uncrystallised funds lump sum death benefits
- 637K Annuity protection lump sum death benefits
- 637L Drawdown pension fund lump sum death benefits
- 637M Flexi-access drawdown lump sum death benefits
- 637N Trivial commutation lump sum death benefits
- Allowances
- 637P Individual’s lump sum allowance
- 637Q Availability of individual’s lump sum allowance
- 637R Individual’s lump sum and death benefit allowance
- 637S Availability of individual’s lump sum and death benefit allowance
- 637T Availability of individual’s lump sum and death benefit allowance where multiple lump sum death benefits paid
- 637U Availability of individual’s allowances where lump sums or lump sum death benefits already paid by non-UK schemes
- Chapter 16 Exemption for certain lump sums
- Chapter 17 Exemptions: any taxpayer
- 638 Awards for bravery
- 639 Pensions in respect of death due to military or war service
- 640 Exemption under section 639 where income withheld
- 640A Lump sums provided under armed forces early departure scheme
- 641 Wounds and disability pensions
- 642 Compensation for National-Socialist persecution
- 642A Netherlands Benefit Act for Victims of Persecution 1940-1945
- 643 Malawi, Trinidad and Tobago and Zambia government pensions
- 644 Pensions payable where employment ceased due to disablement
- 644A Health and employment insurance payments
- 645 Social security pensions: increases in respect of children
- 646 Former miners etc: coal and allowances in lieu of coal
- 646A Foreign pensions of consular employees
- 646B Registered schemes: beneficiaries' annuities from unused funds
- 646C Registered schemes: beneficiaries' annuities from drawdown funds
- 646D Non-registered schemes: beneficiaries' annuities from unused funds
- 646E Non-registered schemes: beneficiaries' annuities from drawdown funds
- 646F Interpretation of sections 646B to 646E
- Chapter 18 Exemptions: Non-UK resident taxpayers
- 647 Introduction and meaning of “foreign residence condition” etc.
- 648 The Central African Pension Fund
- 649 Commonwealth government pensions
- 650 Oversea Superannuation Scheme
- 651 Overseas Pensions Act 1973
- 652 Overseas Service Act 1958
- 653 Overseas Service Pensions Fund
- 654 The Pensions (India, Pakistan and Burma) Act 1955
- Part 10 Social security income etc
- Chapter 1 Introduction
- 655 Structure of Part 10
- Chapter 2 Tax on social security income
- 656 Nature of charge to tax on social security income
- 657 Meaning of “social security income”, “taxable benefits” etc.
- 658 Amount charged to tax
- 659 Person liable for tax
- Chapter 3 Taxable UK social security benefits
- 660 Taxable benefits: UK benefits – Table A
- 661 Taxable social security income
- 662 Person liable for tax
- Chapter 4 Taxable UK social security benefits: exemptions
- Incapacity benefit
- 663 Long-term incapacity benefit: previous entitlement to invalidity benefit
- 664 Short-term incapacity benefit not payable at the higher rate
- Income support and relevant welfare supplementary payments
- 665 Exempt unless payable to a person involved in a trade dispute
- 666 Child maintenance bonus
- 667 Amounts in excess of taxable maximum
- 668 Taxable maximum
- 669 Interpretation
- Jobseeker’s allowance and relevant welfare supplementary payments
- 670 Child maintenance bonus
- 671 Amounts in excess of taxable maximum
- 672 Taxable maximum: general
- 673 Taxable maximum: income-based jobseeker’s allowance
- 674 Taxable maximum: contribution-based jobseeker’s allowance
- 675 Interpretation
- Increases in respect of children
- 676 Increases in respect of children
- Chapter 5 UK social security benefits wholly exempt from income tax
- 677 UK social security benefits wholly exempt from tax: Table B
- Chapter 6 Taxable foreign benefits
- 678 Taxable benefits: foreign benefits
- 679 Taxable social security income
- 680 Person liable for tax
- Chapter 7 Taxable and other foreign benefits: exemptions
- 681 Taxable and other foreign benefits: exemptions
- 681A Foreign benefits of consular employees
- CHAPTER 8 High income child benefit charge
- 681B High income child benefit charge
- 681C The amount of the charge
- 681D Extension of charge in cases where child not living with claimant
- 681E Special cases
- 681F Alteration of income limit etc by Treasury order
- 681G Meaning of “partner”
- 681H Other interpretation provisions
- Chapter 9 Winter fuel payment charge
- 681I Winter fuel payment charge
- 681J Alteration of income limit by Treasury order
- Part 11 Pay As You Earn
- Chapter 1 Introduction
- 682 Scope of this Part
- 683 PAYE income
- Chapter 2 PAYE: general
- 684 PAYE regulations
- 685 Tax tables
- 686 Meaning of “payment”
- Chapter 3 PAYE: special types of payer or payee
- 687 Payments by intermediary
- 687A Payment of employment income under Part 7A
- 688 Agency workers
- 688A Managed service companies: recovery from other persons
- 688AA Workers' services provided through intermediaries: recovery of PAYE
- 688AB Workers’ providing services through intermediaries etc: cases where taxes already paid
- 688B Travel expenses of workers providing services through intermediaries: recovery of unpaid tax
- 689 Employee of non-UK employer
- 689A Oil and gas workers on the continental shelf
- 690 Internationally mobile employees
- 690A Employer notification for internationally mobile employees
- 690B Direction by HMRC in relation to internationally mobile employees
- 690C Employees who were internationally mobile etc. before 2025-26
- 690D Employer notification for qualifying new residents or treaty non-residents
- 690E Direction by HMRC in relation to qualifying new residents or treaty non-residents
- 691 Mobile UK workforce
- 692 Organised arrangements for sharing tips
- Chapter 4 PAYE: special types of income
- Income provided by means of vouchers and tokens
- 693 Cash vouchers
- 694 Non-cash vouchers
- 695 Credit-tokens
- Income provided in other ways
- 695A Employment income under Part 7A
- 696 Readily convertible assets
- 697 Enhancing the value of an asset
- 698 PAYE: special charges on employment-related securities
- 699 PAYE: conversion of shares
- 700 PAYE: gains from securities options
- 700A Employment-related securities etc: internationally mobile employees
- Supplemental
- 701 Meaning of “asset”
- 702 Meaning of “readily convertible asset”
- Chapter 5 PAYE settlement agreements
- 703 Introduction
- 704 Sums payable by employers under agreements
- 705 Approximations allowed in calculations
- 706 Exclusion of general earnings from income etc.
- 707 Interpretation of this Chapter
- Chapter 6 Miscellaneous and supplemental
- 707A Provision of additional information to His Majesty’s Revenue and Customs
- 708 PAYE repayments
- 709 Additional provision for certain assessments
- 710 Notional payments: accounting for tax
- 711 Right to make a return
- 712 Interpretation of this Part
- Part 12 Payroll giving
- 713 Donations to charity: payroll deduction scheme
- 714 Meaning of “donations”
- 715 Approval of schemes: regulation by Treasury
- Part 13 Supplementary provisions
- Alteration of amounts
- 716 Alteration of amounts by Treasury order
- Priority rule for certain dividends etc
- 716A Priority rule for dividends etc. of UK resident companies etc.
- Employment intermediaries: information powers
- 716B Employment intermediaries to keep, preserve and provide information etc
- Orders and regulations
- 717 Orders and regulations made by Treasury or Commissioners
- Interpretation
- 718 Connected persons
- 719 Meaning of “control”
- 720 Meaning of “ an officer of Revenue and Customs ” etc.
- 721 Other definitions
- Amendments, repeals, citation etc.
- 722 Consequential amendments
- 723 Commencement and transitional provisions and savings
- 724 Repeals and revocations
- 725 Citation
- SCHEDULES
- SCHEDULE 1 Abbreviations and defined expressions
- Part 1 Abbreviations of Acts and instruments
- Part 2 Index of expressions defined in this Act or ICTA
- SCHEDULE 2 ... share incentive plans
- Part 1 Introduction
- Introduction to Schedule 2 share incentive plans (SIPs)
- SIPs: free shares and partnership shares
- Matching shares
- Group plans
- Meaning of “award of shares”, “participant” etc.
- Part 2 General requirements
- General requirements ...: introduction
- The purpose of the plan
- All-employee nature of plan
- Participation on same terms
- No preferential treatment for directors and senior employees
- No further conditions
- No loan arrangements
- Part 3 Eligibility of individuals
- Eligibility of individuals: introduction
- Time of eligibility to participate
- The employment requirement
- Qualifying periods
- Meaning of “qualifying company”
- Requirement not to participate in other SIPs
- Participation in more than one connected SIP in a tax year
- The “no material interest” requirement
- Meaning of “material interest”
- Material interest: options and interests in SIPs
- Meaning of “associate”
- Meaning of “associate”: trustees of employee benefit trust
- Meaning of “associate”: trustees of discretionary trust
- Part 4 Types of shares that may be awarded
- Types of share that may be awarded: introduction
- Shares must be part of ordinary share capital of certain companies
- Requirement as to listing etc.
- Shares must be fully paid up and not redeemable
- Prohibited shares
- Only certain kinds of restriction allowed
- Permitted restrictions: voting rights
- Permitted restrictions: provision for forfeiture
- Permitted restrictions: pre-emption conditions
- Part 5 Free shares
- Free shares: introduction
- Maximum annual award
- The holding period
- Holding period: power of participant to direct trustees to accept general offers etc.
- Performance allowances: general application
- Performance allowances: targets and measures
- Performance allowances: information to be given to employees
- Performance allowances: method one
- Performance allowances: method two
- Part 6 Partnership shares
- Partnership shares: introduction
- Partnership share agreements
- Deductions from salary
- Maximum amount of deductions
- Minimum amount of deductions
- Notice of possible effect of deductions on benefit entitlement
- Partnership share money held for employee
- Application of money deducted where no accumulation periods
- Accumulation periods
- Application of money deducted in accumulation period
- Restriction on number of shares awarded
- Stopping and re-starting deductions
- Withdrawal from partnership share agreement
- Repayment of partnership share money on plan ceasing to be a Schedule 2 SIP or termination
- Access to partnership shares
- Part 7 Matching shares
- Matching shares: introduction
- General requirements for matching shares
- Ratio of matching shares to partnership shares
- Holding period for matching shares
- Part 8 Cash dividends and dividend shares
- Reinvestment of cash dividends
- Requirements to be met as regards cash dividends
- Limit on amount reinvested
- General requirements as to dividend shares
- Acquisition of dividend shares
- Holding period for dividend shares
- Reinvestment: amounts to be carried forward
- Cash dividends where no requirement to reinvest
- Part 9 Trustees
- Requirements etc. relating to trustees: introduction
- Establishment of trustees
- Duty to monitor participants in connected schemes
- Duty to act in accordance with participant’s directions
- Duty not to dispose of plan shares
- Duty to make payments to participants
- Duty to give notice of award of shares etc.
- Power of trustees to borrow
- Power of trustees to raise funds to subscribe for rights issue
- Acquisition by trustees of shares from employee share ownership trust
- Meeting by trustees of PAYE obligations
- Other duties of trustees in relation to tax liabilities
- PART 10 Notification of plans, annual returns and enquiries
- Notice of SIP to be given to HMRC
- Annual returns
- Notices and returns to be given electronically etc
- Enquiries
- Assessment of penalties
- Appeals
- PART 10A Disqualifying events
- Part 11 Supplementary provisions
- Company reconstructions
- Consequences of company reconstructions
- Treatment of shares acquired under rights issue
- Termination of plan
- Effect of plan termination notice
- Jointly owned companies
- Determination of market value
- Power to require information
- Meaning of “associated company”
- Meaning of participant ceasing to be in relevant employment
- Meaning of shares being withdrawn from plan
- Meaning of shares ceasing to be subject to plan
- Meaning of “the specified retirement age”
- Minor definitions
- Index of defined expressions
- SCHEDULE 3 ... SAYE option schemes
- Part 1 Introduction
- Introduction to Schedule 3 SAYE option schemes
- SAYE option schemes
- Group schemes
- Part 2 General requirements ...
- General requirements ...: introduction
- General restriction on contents of scheme
- All-employee nature of scheme
- Participation on similar terms
- No preferential treatment for directors and senior employees
- Part 3 Eligibility of individuals to participate in scheme
- Requirements relating to the eligibility of individuals: introduction
- The employment requirement
- The “no material interest” requirement
- Meaning of “material interest”
- Material interest: options and interests in SIPs
- Meaning of “associate”
- Meaning of “associate”: trustees of employee benefit trust
- Meaning of “associate”: trustees of discretionary trust
- Part 4 Shares to which schemes can apply
- Requirements relating to shares that may be subject to share options: introduction
- Shares must be ordinary shares of certain companies
- Requirements as to listing
- Shares must be fully paid up and not redeemable
- Only certain kinds of restriction allowed
- Requirements as to other shareholdings
- Part 5 Requirement for linked savings arrangement
- Requirements as to linked savings arrangement : introduction
- Payments for shares to be linked to approved savings arrangements
- Requirements as to contributions to savings arrangements
- Repayments under a savings arrangement : whether bonuses included
- Part 6 Requirements etc. relating to share options
- Requirements etc. relating to share options: introduction
- Requirements as to price for acquisition of shares
- Share options must not be transferable
- Time for exercising options: general
- Requirement to have a “specified age”
- Exercise of options: death
- Exercise of options: reaching specified age without retiring
- Exercise of options: scheme-related employment ends
- Time when scheme-related employment ends
- Exercise of options: employment in associated company at bonus date
- Exercise of options: company events
- Part 7 Exchange of share options
- Exchange of options on company reorganisation
- Requirements about share options granted in exchange
- PART 8 Notification of schemes, annual returns and enquiries
- Notice of scheme to be given to HMRC
- Annual returns
- Notices and returns to be given electronically etc
- Enquiries
- Assessment of penalties
- Appeals
- Part 9 Supplementary provisions
- Power to require information
- Jointly owned companies
- Meaning of “associated company”
- Non-UK company reorganisation arrangements
- Minor definitions
- Index of defined expressions
- SCHEDULE 4 ... CSOP schemes
- Part 1 Introduction
- Introduction to Schedule 4 CSOP schemes
- CSOP schemes
- Group schemes
- Part 2 General requirements ...
- General requirements ...: introduction
- General restriction on contents of scheme
- Limit on value of shares subject to options
- Part 3 Eligibility of individuals to participate in scheme
- Requirements relating to the eligibility of individuals: introduction
- The employment requirement
- The “no material interest” requirement
- Meaning of “material interest”
- Material interest: options and interests in SIPs
- Meaning of “associate”
- Meaning of “associate”: trustees of employee benefit trust
- Meaning of “associate”: trustees of discretionary trust
- Part 4 Shares to which schemes can apply
- Requirements relating to shares that may be subject to share options: introduction
- Shares must be ordinary shares of certain companies
- Requirements as to listing
- Shares must be fully paid up and not redeemable
- Only certain kinds of restriction allowed
- Requirements as to other shareholdings
- Part 5 Requirements etc. relating to share options
- Requirements etc. relating to share options: introduction
- General requirements as to terms of option
- Requirements as to price for acquisition of shares
- Share options must not be transferable
- Exercise of options: ceasing to be director or employee
- Exercise of options: death
- Exercise of options: company events
- Part 6 Exchange of share options
- Exchange of options on company reorganisation
- Requirements about share options granted in exchange
- PART 7 Notification of schemes, annual returns and enquiries
- Notice of scheme to be given to HMRC
- Annual returns
- Notices and returns to be given electronically etc
- Enquiries
- Assessment of penalties
- Appeals
- Part 8 Supplementary provisions
- Power to require information
- Jointly owned companies
- Meaning of “associated company”
- Non-UK company reorganisation arrangements
- Retirement age
- Minor definitions
- Index of defined expressions
- SCHEDULE 5 Enterprise management incentives
- Part 1 Introduction
- Enterprise management incentives: qualifying options
- Meaning of “the relevant company” and “the employer company”
- Part 2 General requirements
- General requirements: introduction
- Purpose of granting the option
- Maximum entitlement of employee: financial limit on unexercised options
- Maximum entitlement of employee: further limit of 3 years
- Maximum value of options in respect of relevant company’s shares
- Part 3 Qualifying companies
- Qualifying companies: introduction
- The independence requirement
- The qualifying subsidiaries requirement
- Meaning of “qualifying subsidiary”
- The property managing subsidiaries requirement
- Meaning of “qualifying 90% subsidiary”
- The gross assets requirement
- The number of employees requirement
- The trading activities requirement: single company
- The trading activities requirement: parent company
- The UK permanent establishment requirement
- Meaning of “qualifying trade”
- Excluded activities
- Excluded activities: wholesale and retail distribution
- Excluded activities: leasing of certain ships
- Excluded activities: receipt of royalties or licence fees
- Excluded activities: property development
- Excluded activities: shipbuilding
- Excluded activities: producing coal
- Excluded activities: producing steel
- Excluded activities: hotels and comparable establishments
- Excluded activities: nursing homes and residential care homes
- Excluded activities: provision of facilities for another business
- Part 4 Eligible employees
- Eligible employees: introduction
- The employment requirement
- The requirement as to commitment of working time
- Meaning of “working time”
- The “no material interest” requirement
- Meaning of “material interest”
- Material interest: options and interests in SIPs
- Meaning of “associate”
- Meaning of “associate”: trustees of employee benefit trust
- Meaning of “associate”: trustees of discretionary trust
- Part 5 Requirements relating to options
- Requirements relating to options: introduction
- Type of shares that may be acquired
- Option to be capable of exercise the specified period
- Terms of option to be agreed in writing
- Non-assignability of rights
- Part 6 Company reorganisations
- Company reorganisations: introduction
- Meaning of “qualifying exchange of shares”
- Grant of replacement option
- Period within which replacement option must be granted
- Further requirements to be met as to replacement option
- Part 7 Notification of option to inland revenue
- Notice of option to be given to Inland Revenue
- Correction of notice by Inland Revenue
- Notice of enquiry
- Completion of enquiry: closure notices
- Completion of enquiry: application for closure notice to be given
- Effect of enquiry
- Appeals
- Part 8 Supplementary provisions
- Power to require information
- Annual returns
- Compliance with time limits
- Power to amend by Treasury order
- Meaning of “market value” of shares
- Determination of market value of shares
- Appeal against determination of market value of shares
- Penalties
- Meaning of “specified Northern Ireland company”
- Minor definitions
- Index of defined expressions
- SCHEDULE 6 Consequential Amendments
- Part 1 Income and Corporation Taxes Act 1988
- Part 2 Other enactments
- Finance Act 1969 (c. 32)
- Taxes Management Act 1970 (c. 9)
- Finance Act 1973 (c. 51)
- Finance Act 1974 (c. 30)
- Interpretation Act 1978 (c. 30)
- Education (Scotland) Act 1980 (c. 44)
- Inheritance Tax Act 1984 (c. 51)
- Bankruptcy (Scotland) Act 1985 (c. 66)
- Insolvency Act 1986 (c. 45)
- Finance Act 1988 (c. 39)
- Finance Act 1989 (c. 26)
- Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19))
- Finance Act 1990 (c. 29)
- Finance Act 1991 (c. 31)
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Administration Act 1992 (c. 5)
- Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)
- Social Security Administration (Northern Ireland) Act 1992 (c. 8)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Pension Schemes Act 1993 (c. 48)
- Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- Finance Act 1994 (c. 9)
- Finance Act 1995 (c. 4)
- Jobseekers Act 1995 (c. 18)
- Child Support Act 1995 (c. 34)
- Child Support (Northern Ireland) Order 1995 (S.I. 1995/2702 (N.I. 13))
- Jobseekers (Northern Ireland) Order 1995 (S.I. 1995/2705 (N.I. 15))
- Teaching and Higher Education Act 1998 (c. 30)
- Scotland Act 1998 (c. 46)
- Education (Student Support) (Northern Ireland) Order 1998 (S.I. 1998/1760 (N.I. 14))
- Tax Credits Act 1999 (c. 10)
- Finance Act 2000 (c. 17)
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2001 (c. 9)
- Social Security Contributions (Share Options) Act 2001 (c. 20)
- State Pension Credit Act 2002 (c. 16)
- Tax Credits Act 2002 (c. 21)
- State Pension Credit Act (Northern Ireland) 2002 (c. 14 (N.I.))
- Certain corresponding Northern Ireland provision
- SCHEDULE 7 Transitionals and savings
- Part 1 Continuity of the law
- Part 2 Employment income: charge to tax
- Taxable earnings
- Relief for delayed remittances
- Disputes as to domicile or ordinary residence
- Application of provisions to agency workers
- Part 3 Employment income: earnings and benefits etc. treated as earning
- ...
- Taxable benefits: the benefits code
- ...
- Taxable benefits: living accommodation
- Taxable benefits: cars, vans and related benefits
- Taxable benefits: loans
- Taxable benefits: notional loans in respect of acquisitions of shares
- Taxable benefits: disposals of shares for more than market value
- Taxable benefits: residual liability to charge
- Part 4 Employment income: exemptions
- Incidental overnight expenses and benefits
- Removal benefits and expenses
- Retraining courses
- Suggestion awards
- Part 5 Employment income: deductions
- Earnings charged on remittance
- Non-domiciled employee’s travel costs and expenses: “qualifying arrival date”
- Part 6 Employment income: income which is not earnings or related to securities
- Benefits from non-approved pension schemes
- Payments and benefits on termination of employment etc.
- Part 7 Employment income: income related to securities
- Pre-6th April 2003 acquisitions
- Conditional interests in shares
- Convertible shares
- Post-acquisition benefits from shares
- Securities disposed of for more than market value
- Share options
- Approved share incentive plans
- Approved SAYE option schemes
- Approved CSOP schemes
- Enterprise management incentives
- Employee benefit trusts
- Part 8 Approved profit sharing schemes
- Trustees' duty to provide information
- Share incentive plans
- Other share schemes: eligibility of individuals and material interests
- Part 9 Social security income
- Disabled person’s and working families' tax credits
- Part 10 PAYE
- PAYE regulations
- Part 11 Consequences for corporation tax
- SCHEDULE 8 Repeals and revocations
- Part 1 Acts of Parliament
- Part 2 Subordinate legislation
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