Section 262 Employments and offices
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If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is an employment or office, the allowance or charge is to be given effect, by treating—
(a) the allowance as [a deduction from the taxable earnings from]1 the employment or office, and
(b) the charge as [earnings]2 of the employment or office.
Amendments
1 Substituted by Income Tax (Earnings and Pensions) Act 2003 Schedule 6 para 253(a) for 2003-04 and later tax years for income tax purposes, and for accounting periods ending after 5 April 2003 for corporation tax purposes.
2 Substituted for the words “an emolument” by Income Tax (Earnings and Pensions) Act 2003 Schedule 6 para 253(b) for 2003-04 and later tax years for income tax purposes, and for accounting periods ending after 5 April 2003 for corporation tax purposes.
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