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Income Tax (Earnings and Pensions) Act 2003 | Consolidated to 2009

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We have incorporated changes made by all the Finance Acts up to and including the Finance Act 2009, as well as those made by Statutory Instruments (up to and including those taking effect on 1 January 2010. Each amendment is clearly cited, with the source identified.

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Table of Contents

Part 1 Overview
Section 1 Overview of contents of this Act
Section 2 Abbreviations and defined expressions
Part 2 Employment income: charge to tax
Chapter 1 Introduction
Section 3 Structure of employment income Parts
Section 4 “Employment” for the purposes of the employment income Parts
Section 5 Application to offices and office-holders
Chapter 2 Tax on employment income
Section 6 Nature of charge to tax on employment income
Section 7 Meaning of “employment income”, “general earnings” and “specific employment income”
Section 8 Meaning of “exempt income”
Chapter 3 Operation of tax charge
Section 9 Amount of employment income charged to tax
Section 10 Meaning of “taxable earnings” and “taxable specific income”
Section 11 Calculation of “net taxable earnings”
Section 12 Calculation of “net taxable specific income”
Section 13 Person liable for tax
Chapter 4 Taxable earnings: UK resident employees
Taxable earnings
Section 14 Taxable earnings under this Chapter: introduction
UK resident employees
Section 15 Earnings for year when employee [UK resident]
Year for which general earnings are earned
Section 16 Meaning of earnings “for” a tax year
Section 17 Treatment of earnings for year in which employment not held
When general earnings are received
Section 18 Receipt of money earnings
Section 19 Receipt of non-money earnings
Chapter 5 Taxable earnings: remittance basis rules and rules for non-UK resident employees
Taxable earnings
Section 20 Taxable earnings under this Chapter: introduction
Remittance basis rules for UK ordinarily resident employees
Section 21 Earnings for year when employee resident and ordinarily resident, but not domiciled, in UK, except chargeable overseas earnings
Section 22 Chargeable overseas earnings for year when [remittance basis applies and employee ordinarily UK resident]
Section 23 Calculation of “chargeable overseas earnings”
Section 24 Limit on chargeable overseas earnings where duties of associated employment performed in UK
Remittance basis rules: employees not UK ordinarily resident
Section 25 UK-based earnings for year when employee resident, but not ordinarily resident, in UK
Section 26 Foreign earnings for year when [remittance basis applies and employee not ordinarily UK resident]
Employees not resident in UK
Section 27 UK-based earnings for year when employee not resident in UK
Special class of earnings for purposes of sections 25 to 27
Section 28 Meaning of “general earnings from overseas Crown employment subject to UK tax”
Year for which general earnings are earned
Section 29 Meaning of earnings “for” a tax year
Section 30 Treatment of earnings for year in which employment not held
When general earnings are received or remitted
Section 31 Receipt of money earnings
Section 32 Receipt of non-money earnings
Section 33 Earnings remitted to UK
Section 34 Earnings remitted to UK: further provisions about UK-linked debts
Relief for delayed remittances
Section 35 Relief for delayed remittances
Section 36 Election in respect of delayed remittances
Section 37 Claims for relief on delayed remittances
Place of performance of duties of employment
Section 38 Earnings for period of absence from employment
Section 39 Duties in UK merely incidental to duties outside UK
Section 40 Duties on board vessel or aircraft
Section 41 Employment in UK sector of continental shelf
Chapter 5A Taxable specific income: effect of remittance basis
Introduction
Section 41A Taxable specific income from employment-related securities: effect of remittance basis
Section 41B Section 41A: the relevant period
Section 41C Section 41A: foreign securities income
Section 41D Limit on foreign securities income where duties of associated employment performed in UK
Section 41E Foreign securities income: just and reasonable apportionment
Chapter 6 Disputes as to domicile or ordinary residence
Section 42 Board to determine dispute as to domicile or ordinary residence
Section 43 Appeal against Board's decision on domicile or ordinary residence
Chapter 7 Application of provisions to agency workers
Agency workers
Section 44 Treatment of workers supplied by agencies
Section 45 Arrangements with agencies
Section 46 Cases involving unincorporated bodies etc.
Supplementary
Section 47 Interpretation of this Chapter
Chapter 8 Application of provisions to workers under arrangements made by intermediaries
Application of this Chapter
Section 48 Scope of this Chapter
Section 49 Engagements to which this Chapter applies
Section 50 Worker treated as receiving earnings from employment
Section 51 Conditions of liability where intermediary is a company
Section 52 Conditions of liability where intermediary is a partnership
Section 53 Conditions of liability where intermediary is an individual
The deemed employment payment
Section 54 Calculation of deemed employment payment
Section 55 Application of rules relating to earnings from employment
Section 56 Application of Income Tax Acts in relation to deemed employment
Supplementary provisions
Section 57 Earlier date of deemed employment payment in certain cases
Section 58 Relief in case of distributions by intermediary
Section 59 Provisions applicable to multiple intermediaries
Section 60 Meaning of “associate”
Section 61 Interpretation
Chapter 9 Managed service companies
Application of this Chapter
Section 61A Scope of this Chapter
Section 61B Meaning of “managed service company”
Section 61C Section 61B: supplementary
The deemed employment payment
Section 61D Worker treated as receiving earnings from employment
Section 61E Calculation of deemed employment payment
Section 61F Sections 61D and 61E: application of rules relating to earnings from employment
Section 61G Application of Income Tax Acts in relation to deemed employment
Supplementary provisions
Section 61H Relief in case of distributions by managed service company
Section 61I Meaning of “associate”
Section 61J Interpretation of Chapter
Part 3 Employment income: earnings and benefits etc. treated as earnings
Chapter 1 Earnings
Section 62 Earnings
Chapter 2 Taxable benefits: the benefits code
The benefits code
Section 63 The benefits code
Section 64 Relationship between earnings and benefits code
Section 65 Dispensations relating to benefits within provisions not applicable to lower-paid employment
General definitions for benefits code
Section 66 Meaning of “employment” and related expressions
Section 67 Meaning of “director” and “full-time working director”
Section 68 Meaning of “material interest” in a company
Section 69 Extended meaning of “control”
Chapter 3 Taxable benefits: expenses payments
Section 70 Sums in respect of expenses
Section 71 Meaning of paid or put at disposal by reason of the employment
Section 72 Sums in respect of expenses treated as earnings
Chapter 4 Taxable benefits: vouchers and credit-tokens
Cash vouchers: introduction
Section 73 Cash vouchers to which this Chapter applies
Section 74 Provision for, or receipt by, member of employee’s family
Meaning of “cash voucher”
Section 75 Meaning of “cash voucher”
Section 76 Sickness benefits-related voucher
Section 77 Apportionment of cost of provision of voucher
Cash vouchers: exceptions
Section 78 Voucher made available to public generally
Section 79 Voucher issued under approved scheme
Section 80 Vouchers where payment of sums exempt from tax
Benefit of cash voucher treated as earnings
Section 81 Benefit of cash voucher treated as earnings
Non-cash vouchers: introduction
Section 82 Non-cash vouchers to which this Chapter applies
Section 83 Provision for, or receipt by, member of employee’s family
Meaning of “non-cash voucher”
Section 84 Meaning of “non-cash voucher”
Non-cash voucher: exceptions
Section 85 Non-cash voucher made available to public generally
Section 86 Transport vouchers under pre-26th March 1982 arrangements
Benefit of non-cash voucher treated as earnings
Section 87 Benefit of non-cash voucher treated as earnings
Section 88 Year in which earnings treated as received
Section 89 Reduction for meal vouchers
Credit-tokens: introduction
Section 90 Credit-tokens to which this Chapter applies
Section 91 Provision for, or use by, member of employee’s family
Meaning of “credit-token”
Section 92 Meaning of “credit-token”
Credit-tokens: exception
Section 93 Credit-token made available to public generally
Benefit of credit-token treated as earnings
Section 94 Benefit of credit-token treated as earnings
General supplementary provisions
Section 95 Disregard for money, goods or services obtained
Section 96 Dispensations relating to vouchers or credit-tokens
Section 96A Power to exempt use of non-cash vouchers or credit-tokens to obtain exempt benefits
Chapter 5 Taxable benefits: living accommodation
Living accommodation
Section 97 Living accommodation to which this Chapter applies
Exceptions
Section 98 Accommodation provided by local authority
Section 99 Accommodation provided for performance of duties
Section 100 Accommodation provided as result of security threat
Section 100A Homes outside UK owned through company etc.
Section 100B Section 100A(1): exceptions
Section 101 Chevening House
Benefit of living accommodation treated as earnings
Section 102 Benefit of living accommodation treated as earnings
Calculation of cash equivalent
Section 103 Method of calculating cash equivalent
Section 104 General rule for calculating cost of providing accommodation
Accommodation costing £75,000 or less
Section 105 Cash equivalent: cost of accommodation not over £75,000
Section 105A Lease premiums
Section 105B Lease premiums in the case of leases with break clauses
Accommodation costing more than £75,000
Section 106 Cash equivalent: cost of accommodation over £75,000
Section 107 Special rule for calculating cost of providing accommodation
Apportionment of cash equivalent
Section 108 Cash equivalent: accommodation provided for more than one employee
Other tax implications
Section 109 Priority of this Chapter over Chapter 1 of this Part
Supplementary
Section 110 Meaning of “annual value”
Section 111 Disputes as to annual value
Section 112 Meaning of “person involved in providing the accommodation”
Section 113 Meaning of “the property”
Chapter 6 Taxable benefits: cars, vans and related benefits
General
Section 114 Cars, vans and related benefits
Section 115 Meaning of “car” and “van”
Section 116 Meaning of when car or van is available to employee
Section 117 Meaning of car or van made available by reason of employment
Section 118 Availability for private use
Section 119 Where alternative to benefit of car [or van] offered
Cars: benefit treated as earnings
Section 120 Benefit of car treated as earnings
Section 121 Method of calculating the cash equivalent of the benefit of a car
Cars: the price of a car
Section 122 The price of the car
Section 123 The list price of a car
Section 124 The notional price of a car with no list price
Section 124A Automatic car for a disabled employee
Cars: treatment of accessories
Section 125 Meaning of “accessory” and related terms
Section 126 Amounts taken into account in respect of accessories
Section 127 The list price of an accessory
Section 128 Accessory: published price of the car manufacturer etc.
Section 129 Accessory: published price of the accessory manufacturer etc.
Section 130 The notional price of an accessory
Section 131 Replacement accessories
Cars: capital contributions by employee
Section 132 Capital contributions by employee
Cars: the appropriate percentage
Section 133 How to determine the “appropriate percentage”
Section 134 Meaning of car with or without a CO2 emissions figure
Cars: appropriate percentage: first registered on or after 1st January 1998
Section 135 Car with a CO2 emissions figure: pre-October 1999 registration
Section 136 Car with a CO2 emissions figure: post-September 1999 registration
Section 137 Car with a CO2 emissions figure: bi-fuel cars
Section 138 Car with a CO2 emissions figure: automatic car for a disabled employee
Section 139 Car with a CO2 emissions figure: the appropriate percentage
Section 140 Car without a CO2 emissions figure: the appropriate percentage
Section 141 Diesel cars: the appropriate percentage
Cars: appropriate percentage: first registered before 1st January 1998
Section 142 Car first registered before 1st January 1998: the appropriate percentage
Cars: unavailability or payments for private use
Section 143 Deduction for periods when car unavailable
Section 144 Deduction for payments for private use
Section 145 Modification of provisions where car temporarily replaced
Cars: special cases
Section 146 Cars that run on road fuel gas
Section 147 Classic cars: 15 years of age or more
Cars: reduction where shared car
Section 148 Reduction of cash equivalent where car is shared
Car fuel: benefit treated as earnings
Section 149 Benefit of car fuel treated as earnings
Section 150 Car fuel: calculating the cash equivalent
Section 151 Car fuel: nil cash equivalent
Section 152 Car fuel: proportionate reduction of cash equivalent
Section 153 Car fuel: reduction of cash equivalent
Vans: benefit treated as earnings
Section 154 Benefit of van treated as earnings
Section 155 [Cash equivalent of the benefit of a van]
Vans: reductions of cash equivalent
Section 156 [Reduction for periods when van unavailable]
Section 157 [Reduction of cash equivalent where van is shared]
Section 158 [Reduction for payments for private use]
Section 159 [Modification of provisions where van temporarily replaced]
Van fuel: benefit treated as earnings
Section 160 [Benefit of van fuel treated as earnings]
Section 161 [Van fuel: the cash equivalent]
Section 162 [Van fuel: nil cash equivalent]
Section 163 [Van fuel: proportionate reduction of cash equivalent]
Section 164 [Van fuel: reduction of cash equivalent]
Section 165 Deduction for payments for private use
Vans: limit of cash equivalent
Section 166 Vans: limit of cash equivalent
Cars and vans: exceptions
Section 167 Pooled cars
Section 168 Pooled vans
Section 169 Car available to more than one member of family or household employed by same employer
Section 169A Van available to more than one member of family or household employed by same employer
Orders
Section 170 Orders etc. relating to this Chapter
Supplementary
Section 171 Minor definitions: general
Section 172 Minor definitions: equipment to enable a disabled person to use a car
Chapter 7 Taxable benefits: loans
Introduction
Section 173 Loans to which this Chapter applies
Section 174 Employment-related loans
Benefit of taxable cheap loan treated as earnings
Section 175 Benefit of taxable cheap loan treated as earnings
Section 176 Exception for loans on ordinary commercial terms
Section 177 Exceptions for loans at fixed rate of interest
Section 178 Exception for loans where interest qualifies for tax relief
Section 179 Exception for certain advances for necessary expenses
Section 180 Threshold for benefit of loan to be treated as earnings
Calculation of amount of interest at official rate
Section 181 The official rate of interest
Section 182 Normal method of calculation: averaging
Section 183 Alternative method of calculation
Supplementary provisions relating to taxable cheap loans
Section 184 Interest treated as paid
Section 185 Apportionment of cash equivalent in case of joint loan etc.
Section 186 Replacement loans
Section 187 Aggregation of loans by close company to director
Loan released or written off
Section 188 Loan released or written off: amount treated as earnings
Section 189 Exception where double charge
General supplementary provisions
Section 190 Exclusion of charge after death of employee
Section 191 Claim for relief to take account of event after assessment
Chapter 8 Taxable benefits: notional loans in respect of acquisitions of shares
Introduction
Section 192 Application of this Chapter
Acquisition of shares for less than market value
Section 193 Notional loan where acquisition for less than market value
Section 194 The amount of the notional loan
Section 195 Discharge of notional loan: amount treated as earnings
Supplementary provisions
Section 196 Effects on other income tax charges
Section 197 Minor definitions
Chapter 9 Taxable benefits: disposals of shares for more than market value
Section 198 Shares to which this Chapter applies
Section 199 Disposal for more than market value: amount treated as earnings
Section 200 Minor definitions
Chapter 10 Taxable benefits: residual liability to charge
Introduction
Section 201 Employment-related benefits
Section 202 Excluded benefits
Cash equivalent of benefit treated as earnings
Section 203 Cash equivalent of benefit treated as earnings
Determination of the cost of the benefit
Section 204 Cost of the benefit: basic rule
Section 205 Cost of the benefit: asset made available without transfer
Section 206 Cost of the benefit: transfer of used or depreciated asset
Supplementary provisions
Section 207 Meaning of “annual rental value”
Section 208 Meaning of “market value”
Section 209 Meaning of “persons providing benefit”
Section 210 Power to exempt minor benefits
Special rules for scholarships
Section 211 Special rules for scholarships: introduction
Section 212 Scholarships provided under arrangements entered into by employer or connected person
Section 213 Exception for certain scholarships under trusts or schemes
Section 214 Scholarships: cost of the benefit
Section 215 Limitation of exemption for scholarship income in section 331 of ICTA
Chapter 11 Taxable benefits: exclusion of lower-paid employments from parts of benefits code
Introduction
Section 216 Provisions not applicable to lower-paid employments
What is lower-paid employment
Section 217 Meaning of “lower-paid employment”
Section 218 Calculation of earnings rate for a tax year
Section 219 Extra amounts to be added in connection with a car
Treatment of related employments
Section 220 Related employments
Chapter 12 Payments treated as earnings
Section 221 Payments where employee absent because of sickness or disability
Section 222 Payments by employer on account of tax where deduction not possible
Section 223 Payments on account of director’s tax other than by the director
Section 224 Payments to non-approved personal pension arrangements
Section 225 Payments for restrictive undertakings
Section 226 Valuable consideration given for restrictive undertakings
Part 4 Employment income: exemptions
Chapter 1 Exemptions: general
Section 227 Scope of Part 4
Section 228 Effect of exemptions on liability under provisions outside Part 2
Chapter 2 Exemptions: mileage allowances and passenger payments
Mileage allowances
Section 229 Mileage allowance payments
Section 230 The approved amount for mileage allowance payments
Section 231 Mileage allowance relief
Section 232 Giving effect to mileage allowance relief
Passenger payments
Section 233 Passenger payments
Section 234 The approved amount for passenger payments
Supplementary
Section 235 Vehicles to which this Chapter applies
Section 236 Interpretation of this Chapter
Chapter 3 Exemptions: other transport, travel and subsistence
Section 237 Parking provision and expenses
Section 238 Modest private use of heavy goods vehicles
Section 239 Payments and benefits connected with taxable cars and vans and exempt heavy goods vehicles
Section 240 Incidental overnight expenses and benefits
Section 241 Incidental overnight expenses and benefits: overall exemption limit
Section 242 Works transport services
Section 243 Support for public bus services
Section 244 Cycles and cyclist’s safety equipment
Section 245 Travelling and subsistence during public transport strikes
Section 246 Transport between work and home for disabled employees: general
Section 247 Provision of cars for disabled employees
Section 248 Transport home: late night working and failure of car-sharing arrangements
Section 248A Emergency vehicles
Section 249 Interpretation of this Chapter
Chapter 4 Exemptions: education and training
Work-related training
Section 250 Exemption of work-related training provision
Section 251 Meaning of “work-related training”
Section 252 Exception for non-deductible travel expenses
Section 253 Exception where provision for excluded purposes
Section 254 Exception where unrelated assets are provided
Individual learning account training
Section 255 Exemption for contributions to individual learning account training
Section 256 Meaning of “individual learning account training”
Section 257 Exception for non-deductible travel expenses
Section 258 Exception where provision for excluded purposes
Section 259 Exception where unrelated assets are provided
Section 260 Exception where training not generally available to staff
Chapter 5 Exemptions: recreational benefits
Recreational facilities
Section 261 Exemption of recreational benefits
Section 262 Benefits not exempted by section 261
Section 263 Power to alter benefits to which section 261 applies
Annual parties and functions
Section 264 Annual parties and functions
Entertainment
Section 265 Third party entertainment
Chapter 6 Exemptions: non-cash vouchers and credit-tokens
General exemptions: use for exempt benefits
Section 266 Exemption of non-cash vouchers for exempt benefits
Section 267 Exemption of credit-tokens used for exempt benefits
Exemptions for particular non-cash vouchers and credit-tokens
Section 268 Exemption of vouchers and tokens for incidental overnight expenses
Section 269 Exemption where benefits or money obtained in connection with taxable car or van or exempt heavy goods vehicle
Section 270 Exemption for small gifts of vouchers and tokens from third parties
Section 270A Limited exemption for qualifying childcare vouchers
Chapter 7 Exemptions: removal benefits and expenses
Exemption of removal benefits and expenses: general
Section 271 Limited exemption of removal benefits and expenses: general
Section 272 Removal benefits and expenses to which section 271 applies
Section 273 Conditions applicable to change of residence
Section 274 Meaning of “the limitation day”
Section 275 Meaning of “the employment change”
Section 276 Meaning of “residence”, “former residence” and “new residence” etc.
Benefits and expenses within this Chapter
Section 277 Acquisition benefits and expenses
Section 278 Abortive acquisition benefits and expenses
Section 279 Disposal benefits and expenses
Section 280 Transporting belongings
Section 281 Travelling and subsistence
Section 282 Exclusion from section 281 of benefits and expenses where deduction allowed
Section 283 Exclusion from section 281 of taxable car and van facilities
Section 284 Bridging loan expenses
Section 285 Replacement of domestic goods
Section 286 Power to amend sections [277] to 285
Limit on exemption
Section 287 Limit on exemption
Special exemption and relief for bridging loans
Section 288 Limited exemption of certain bridging loans connected with employment moves
Section 289 Relief for certain bridging loans not qualifying for exemption under section 288
Chapter 8 Exemptions: special kinds of employees
Ministers of religion
Section 290 Accommodation benefits of ministers of religion
MPs, government ministers etc.
Section 291 Termination payments to MPs and others ceasing to hold office
Section 292 Overnight expenses allowances of MPs
Section 293 Overnight expenses of other elected representatives
Section 294 [European] travel expenses of MPs and other representatives
Section 295 Transport and subsistence for Government ministers etc.
Armed forces
Section 296 Armed forces’ leave travel facilities
Section 297 Armed forces’ food, drink and mess allowances
Section 297A Armed forces: the Operational Allowance
Section 297B Armed forces: the Council Tax Relief
Section 298 Reserve and auxiliary forces’ training allowances
Crown employees
Section 299 Crown employees’ foreign service allowances
Consuls, foreign agents etc.
Section 300 Consuls
Section 301 Official agents
Section 302 Consular employees
Visiting forces and staff of designated allied headquarters
Section 303 Visiting forces and staff of designated allied headquarters
Detached national experts
Section 304 Experts seconded to European Commission
Offshore oil and gas workers
Section 305 Offshore oil and gas workers: mainland transfers
Miners etc.
Section 306 Miners etc: coal and allowances in lieu of coal
Chapter 9 Exemptions: pension provision
Section 307 Death or retirement benefit provision
Section 308 Exemption of contributions to approved personal pension arrangements
Section 308A Exemption of contributions to overseas pension scheme
Chapter 10 Exemptions: termination of employment
Redundancy payments
Section 309 Limited exemptions for statutory redundancy payments
Outplacement benefits
Section 310 Counselling and other outplacement services
Section 311 Retraining courses
Section 312 Recovery of tax
Chapter 11 Miscellaneous exemptions
Living accommodation
Section 313 Repairs and alterations to living accommodation
Section 314 Council tax etc. paid for certain living accommodation
Section 315 Limited exemption for expenses connected with certain living accommodation
Work accommodation, supplies etc.
Section 316 Accommodation, supplies and services used in employment duties
Section 316A Homeworker’s additional household expenses
Workplace meals
Section 317 Subsidised meals
Childcare
Section 318 [Childcare: exemption for employer-provided care]
Section 318A Childcare: limited exemption for other care
Section 318B Childcare: meaning of “care”, “child” and “parental responsibility”
Section 318C Childcare: meaning of “qualifying child care”
Section 318D Childcare: power to vary exempt amount and qualifying conditions
Telephones and computer equipment
Section 319 Mobile telephones
Section 320 Limited exemption for computer equipment
Eye tests and special corrective appliances
Section 320A Eye tests and special corrective appliances
Health-screening and medical check-ups
Section 320B Health-screening and medical check-ups
Awards and gifts
Section 321 Suggestion awards
Section 322 Suggestion awards: “the permitted maximum”
Section 323 Long service awards
Section 324 Small gifts from third parties
Overseas medical treatment
Section 325 Overseas medical treatment
Section 325A Health and employment insurance payments
Expenses incidental to sale etc. of asset
Section 326 Expenses incidental to transfer of a kind not normally met by transferor
Part 5 Employment income: deductions allowed from earnings
Chapter 1 Deductions allowed from earnings: general rules
Introduction
Section 327 Deductions from earnings: general
General rules
Section 328 The income from which deductions may be made
Section 329 Deductions from earnings not to exceed earnings
Section 330 Prevention of double deductions
Section 331 Order for making deductions
Section 332 Meaning of “the deductibility provisions”
Chapter 2 Deductions for employee’s expenses
Introduction
Section 333 Scope of this Chapter: expenses paid by the employee
Section 334 Effect of reimbursement etc.
Section 335 Application of deductions provisions: “earnings charged on receipt” and “earnings charged on remittance”
General rule for deduction of employee’s expenses
Section 336 Deductions for expenses: the general rule
Travel expenses
Section 337 Travel in performance of duties
Section 338 Travel for necessary attendance
Section 339 Meaning of “workplace” and “permanent workplace”
Section 340 Travel between group employments
Section 341 Travel at start or finish of overseas employment
Section 342 Travel between employments where duties performed abroad
Fees and subscriptions
Section 343 Deduction for professional membership fees
Section 344 Deduction for annual subscriptions
Section 345 Decisions of [an officer of Revenue and Customs] under section 344
Employee liabilities and indemnity insurance
Section 346 Deduction for employee liabilities
Section 347 Payments made after leaving the employment
Section 348 Liabilities related to the employment
Section 349 Meaning of “qualifying insurance contract”
Section 350 Connected contracts
Expenses of ministers of religion
Section 351 Expenses of ministers of religion
Agency fees paid by entertainers
Section 352 Limited deduction for agency fees paid by entertainers
Special rules for earnings with a foreign element
Section 353 Deductions from earnings charged on remittance
Section 354 Disallowance of expenses relating to earnings taxed on different basis or untaxed
Section 355 Deductions for corresponding payments by non-domiciled employees with foreign employers
Disallowance of business entertainment and gifts expenses
Section 356 Disallowance of business entertainment and gifts expenses
Section 357 Business entertainment and gifts: exception where employer’s expenses disallowed
Section 358 Business entertainment and gifts: other exceptions
Other rules preventing deductions of particular kinds
Section 359 Disallowance of travel expenses: mileage allowances and reliefs
Section 360 Disallowance of certain accommodation expenses of MPs and other representatives
Section 360A Social security contributions
Chapter 3 Deductions from benefits code earnings
Introduction
Section 361 Scope of this Chapter: cost of benefits deductible as if paid by employee
Deductions where amounts treated as earnings under the benefits code
Section 362 Deductions where non-cash voucher provided
Section 363 Deductions where credit-token provided
Section 364 Deductions where living accommodation provided
Section 365 Deductions where employment-related benefit provided
Chapter 4 Fixed allowances for employee’s expenses
Introduction
Section 366 Scope of this Chapter: amounts fixed by Treasury
Fixed sum deductions
Section 367 Fixed sum deductions for repairing and maintaining work equipment
Section 368 Fixed sum deductions from earnings payable out of public revenue
Chapter 5 Deductions for earnings representing benefits or reimbursed expenses
Introduction
Section 369 Scope of this Chapter: earnings representing benefits or reimbursed expenses
Travel costs and expenses where duties performed abroad
Section 370 Travel costs and expenses where duties performed abroad: employee’s travel
Section 371 Travel costs and expenses where duties performed abroad: visiting spouse’s[, civil partner’s] or child’s travel
Section 372 Where seafarers’ duties are performed
Travel costs and expenses of non-domiciled employees where duties performed in UK
Section 373 Non-domiciled employee’s travel costs and expenses where duties performed in UK
Section 374 Non-domiciled employee’s spouse’s[, civil partner’s] or child’s travel costs and expenses where duties performed in UK
Section 375 Meaning of “qualifying arrival date”
Foreign accommodation and subsistence costs and expenses
Section 376 Foreign accommodation and subsistence costs and expenses (overseas employments)
Personal security assets and services
Section 377 Costs and expenses in respect of personal security assets and services
Chapter 6 Deductions from seafarers' earnings
Section 378 Deduction from seafarers’ earnings: eligibility
Section 379 Calculating the deduction
Section 380 Limit on deduction where UK duties etc. make amount unreasonable
Section 381 Taking account of other deductions
Section 382 Duties on board ship
Section 383 Place of performance of incidental duties
Section 384 Meaning of employment “as a seafarer”
Section 385 Meaning of “ship”
Part 6 Employment income: income which is not earnings or share-related
Chapter 1 Payments to non-approved pension schemes
Section 386 Charge on payments to non-approved retirement benefits schemes
Section 387 Meaning of “non-approved retirement benefits scheme”
Section 388 Apportionment of payments in respect of more than one employee
Section 389 Exception: employment where earnings not within main charging provisions
Section 390 Exception: non-domiciled employees with foreign employers
Section 391 Exception: seafarers with overseas earnings
Section 392 Relief where no benefits are paid or payable
Chapter 2 Benefits from employer-financed retirement benefits schemes
Benefits treated as employment income
Section 393 Application of this Chapter
Section 393A Employer-financed retirement benefits scheme
Section 393B Relevant benefits
Section 394 Charge on benefit to which this Chapter applies
Section 395 [Reduction where employee has contributed]
Seciton 395A Benefits under old section 222 schemes not taxed by virtue of section 394
Section 396 Certain lump sums not taxed by virtue of section 394
Section 397 Certain lump sums: calculation of amount taxed by virtue of section 394
Valuation of benefits etc.
Section 398 Valuation of benefits
Section 399 Employment-related loans: interest treated as paid
Section 399A Responsible person
Interpretation
Section 400 Interpretation
Chapter 3 Payments and benefits on termination of employment etc.
Preliminary
Section 401 Application of this Chapter
Section 402 Meaning of “benefit”
Payments and benefits treated as employment income
Section 403 Charge on payment or other benefit
Section 404 How the £30,000 threshold applies
Section 404A Amounts charged to be treated as highest part of total income
Exceptions and reductions
Section 405 Exception for certain payments exempted when received as earnings
Section 406 Exception for death or disability payments and benefits
Section 407 Exception for payments and benefits under tax-exempt pension schemes
Section 408 Exception for contributions to [registered pension schemes]
Section 409 Exception for payments and benefits in respect of employee liabilities and indemnity insurance
Section 410 Exception for payments and benefits in respect of employee liabilities and indemnity insurance: individual deceased
Section 411 Exception for payments and benefits for forces
Section 412 Exception for payments and benefits provided by foreign governments etc.
Section 413 Exception in certain cases of foreign service
Section 414 Reduction in other cases of foreign service
General and supplementary provisions
Section 415 Valuation of benefits
Section 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
Section 417 Scope of Part 7
Section 418 [Other related provisions]
Section 419 [Negative amounts treated as nil]
Interpretation of Chapters 1 to 5
Section 420 [Meaning of “securities” etc.]
Section 421 [Meaning of “market value” etc.]
Section 421A Meaning of “consideration”
Application of Chapters 2 to 4A
Section 421B Application of Chapters 2 to [4A]
Section 421C Associated persons
Section 421D Replacement and additional securities and changes in interests
Section 421E Exclusions: residence etc.
Section 421F Exclusions: public offers
Section 421G Exclusions: approved plan or scheme securities
Section 421H Meaning of “employee-controlled” etc.
Section 421I Consideration for acquisition of employment-related securities
Information
Section 421J Duty to provide information
Section 421K Reportable events
Section 421L Persons to whom section 421J applies
Chapter 2 Conditional interests in shares
Introduction
Section 422 Application of this Chapter
Section 423 [“Restricted securities” and “restricted interest in securities”]
Section 424 [Exceptions]
Tax exemption on acquisition
Section 425 [No charge in respect of acquisition in certain cases]
Tax charge on post-acquisition chargebale events
Section 426 [Charge on occurrence of chargeable event]
Section 427 [Chargeable events]
Section 428 Amount of charge
Section 428A Relief for secondary Class 1 contributions met by employee
Section 429 [Case outside charge under section 426]
Section 430 [Election for outstanding restrictions to be ignored]
Supplementary
Section 431 [Election for full or partial disapplication of this Chapter]
Section 431A Shares under approved plan or scheme
Section 431B Securities acquired for purpose of avoidance
Section 432 Definitions
Section 433 Duty to notify events resulting in charges under section 427
Section 434 Minor definitions
Chapter 3 Convertible securities
Introduction
Section 435 Application of this Chapter
Section 436 [“Convertible securities”]
Tax relief on acquisition
Section 437 [Adjustment of charge]
Tax charge on post-acquisition chargeable events
Section 438 [Charge on occurrence of chargeable event]
Section 439 [Chargeable events]
Section 440 [Amount of charge]
Section 441 [Amount of gain realised on occurrence of chargeable event]
Section 442 [Amount of consideration given for entitlement to convert]
Section 442A Relief for secondary Class 1 contributions met by employee
Section 443 [Case outside charge under section 438]
Supplementary
Section 444 [Definitions]
Section 445 Duty to notify conversions of shares
Section 446 Minor definitions
Chapter 3A Securities with artificially depressed market value
Introduction
Section 446A Application of this Chapter
Tax charge on acquisition
Section 446B Charge on acquisition
Section 446C Amount of charge
Section 446D Restricted securities and convertible securities
Other tax charges
Section 446E Charge on restricted securities
Section 446F Adjustment of market value: conditional interests
Section 446G Adjustment of market value: consideration for entitlement to convert
Section 446H Adjustment of market value: charge on conversion
Section 446I Adjustment of consideration or benefit received
Section 446IA Disapplication of exceptions from charges
Supplementary
Section 446J Definitions
Chapter 3B Securities with artificially enhanced market value
Introduction
Section 446K Application of this Chapter
Charge on non-commercial increases
Section 446L Charge on non-commercial increases
Section 446M Securities subject to restriction on valuation date
Section 446N Securities subject to restriction during relevant period
Section 446NA Disapplication of exceptions from charges
Supplementary
Section 446O “Relevant period” and “valuation date”
Section 446P Definitions
Chapter 3C Securities acquired for less than market value
Section 446Q Application of this Chapter
Section 446R Case outside this Chapter
Section 446S Notional loan
Section 446T Amount of notional loan
Section 446U Discharge of notional loan
Section 446UA Pre-acquisition avoidance cases
Section 446V Chapter to be additional to other income tax charges
Section 446W Definitions
Chapter 3D Sucurities disposed of for more than market value
Section 446X Application of this Chapter
Section 446Y Amount treated as income
Section 446Z Definitions
Chapter 4 Post-acquisition benefits from securities
Section 447 [Charge on other chargeable benefits from securities]
Section 448 [Amount of charge]
Section 449 [Case outside this Chapter]
Section 450 [Definitions]
Section 451 (former) Amount of charge
Section 452 (former) Cases outside charge under section 449
Section 453 (former) Charge on increase in value of shares dependent subsidiary
Section 454 (former) Chargeable increases
Section 455 (former) Amount of charge
Section 456 (former) Cases outside charge under section 453
Section 457 (former) Charge on other chargeable benefits from shares
Section 458 (former) Chargeable benefits
Section 459 (former) Amount of charge
Section 460 (former) Cases outside charge under section 457
Section 461 Related acquisitions of additional shares
Section 462 Company reorganisations etc.
Section 463 Disposals of shares to connected persons etc. ignored
Section 464 Application to interests in shares
Section 465 Duty to notify acquisitions of shares or interests in shares
Section 466 Duty to notify chargeable events and chargeable benefits
Section 467 Meaning of “dependent subsidiary”
Section 468 Meaning of “employee-controlled”
Section 469 Shares “held by outside shareholders”
Section 470 Minor definitions
Chapter 4A Shares in research institution spin-out companies
Introduction
Section 451 Application of this Chapter
Tax relief on acquisition
Section 452 Market value on acquisition
Tax relief following acquisition
Section 453 Taxable amount under Chapter 4
Disapplication of Chapters 2 and 3B
Section 454 Deemed election for disapplication of Chapter 2
Section 455 Disapplication of Chapter 3B
Supplementary
Section 456 Meaning of “intellectual property” and “transfer”
Section 457 Meaning of “research institution”
Section 458 Meaning of “involved in research”
Section 459 Transfer of intellectual property by controlled company
Section 460 Definitions
Chapter 5 Securities options
Introduction
Section 471 [Options to which this Chapter applies]
Section 472 [Associated persons]
Section 473 [Introduction to taxation of securities options]
Section 474 [Cases where this Chapter does not apply]
Tax relief on acquisition of option
Section 475 [No charge in respect of acquisition of option]
Tax charge on post-acquisition chargeable events
Section 476 [Charge on occurrence of chargeable event]
Section 477 [Chargeable events]
Section 478 [Amount of charge]
Section 479 [Amount of gain realised on occurrence of chargeable event]
Section 480 [Deductible amounts]
Section 481 [[Relief for] secondary Class 1 contributions met by employee]
Section 482 [[Relief for] special contribution met by employee]
Supplementary provisions
Section 483 [Application of this Chapter where option exchanged for another]
Section 484 [Definitions]
Section 485 Application of this Chapter where share option exchanged for another
Section 486 Duty to notify matters relating to share options
Section 487 Minor definitions
Chapter 6 Approved share incentive plans
Introduction
Section 488 Approved share incentive plans (SIPs)
Scope of tax advantages
Section 489 Operation of tax advantages in connection with approved SIP
Tax advantages connected with award of shares
Section 490 No charge on award or acquisition of shares: general
Section 491 No charge on award of shares as taxable benefit
Section 492 No charge on partnership share money deducted from salary
Section 493 No charge on acquisition of dividend shares
Tax advantages connected with holding of shares
Section 494 No charge on removal of restrictions applying to shares
Section 495 No charge on increase in value of shares in dependent subsidiary
Section 496 No charge on cash dividend retained for reinvestment
Tax advantages connected with shares ceasing to be subject to plan
Section 497 Limitations on charges on shares ceasing to be subject to plan
Section 498 No charge on shares ceasing to be subject to plan in certain circumstances
Tax advantages: supplementary
Section 499 No charge in respect of incidental expenditure
Scope of tax charges
Section 500 Operation of tax charges in connection with approved SIP
Charges connected with holding of shares
Section 501 Charge on capital receipts in respect of plan shares
Section 502 Meaning of “capital receipt” in section 501
Section 503 Charge on partnership share money paid over to employee
Section 504 Charge on cancellation payments in respect of partnership share agreement
Charges connected with shares ceasing to be subject to plan
Section 505 Charge on free or matching shares ceasing to be subject to plan
Section 506 Charge on partnership shares ceasing to be subject to plan
Section 507 Charge on disposal of beneficial interest during holding period
Section 508 Identification of shares ceasing to be subject to plan
PAYE
Section 509 Modification of section 696 where charge on shares ceasing to be subject to plan
Section 510 Payments by trustees to employer company on shares ceasing to be subject to plan
Section 511 PAYE deductions to be made by trustees on shares ceasing to be subject to plan
Section 512 Disposal of beneficial interest by participant
Section 513 Capital receipts: payments by trustees to employer company
Section 514 Capital receipts: PAYE deductions to be made by trustees
Other tax consequences
Section 515 Tax advantages and charges under other Acts
Chapter 7 Approved SAYE option schemes
Introduction
Section 516 Approved SAYE option schemes
Section 517 Share options to which this Chapter applies
Tax advantages
Section 518 No charge in respect of receipt of option
Section 519 No charge in respect of exercise of option
Section 520 No charge in respect of post-acquisition benefits
Chapter 8 Approved CSOP schemes
Introduction
Section 521 Approved CSOP schemes
Section 522 Share options to which this Chapter applies
Tax advantages
Section 523 No charge in respect of receipt of option
Section 524 No charge in respect of exercise of option
Section 525 No charge in respect of post-acquisition benefits
Tax charge
Section 526 Charge where option granted at a discount
Chapter 9 Enterprise management incentives
Introduction
Section 527 Enterprise management incentives: qualifying options
Tax advantages: receipt of option
Section 528 No charge on receipt of qualifying option
Tax advantages: exercise of option
Section 529 Scope of tax advantages: option must be exercised within 10 years
Section 530 No charge on exercise of option to acquire shares at market value
Section 531 Limitation of charge on exercise of option to acquire shares below market value
Tax advantages where disqualifying events
Section 532 Modified tax consequences following disqualifying events
Section 533 Disqualifying events
Section 534 Disqualifying events relating to relevant company
Section 535 Disqualifying events relating to employee
Section 536 Other disqualifying events
Section 537 Alterations of share capital for purposes of section 536
Section 538 Share conversions excluded for purposes of section 536
Section 539 CSOP and other options relevant for purposes of section 536
Tax advantages: taxable benefits
Section 540 No charge on acquisition of shares as taxable benefit
Other income tax consequences
Section 541 Effects on other income tax charges
Chapter 10 Priority share allocations
Exemption where offer made to both public and employees
Section 542 Exemption: offer made to public and employees
Section 543 Discount not covered by exemption in section 542
Exemption where different offers made to public and employees
Section 544 Exemption: different offers made to public and employees
Section 545 Discount not covered by exemption in section 544
Supplementary provisions
Section 546 Meaning of being entitled “on similar terms”
Section 547 Meaning and amount or value of “registrant discount”
Section 548 Minor definitions
Chapter 11 Supplementary provisions about employee benefit trusts
Introduction
Section 549 Application of this Chapter
Employee benefit trusts
Section 550 Meaning of “employee benefit trust”
Section 551 “Qualifying disposals” for purposes of section 550
Attribution of interests in company
Section 552 Attribution of interest in company to beneficiary or associate
Section 553 Meaning of “appropriate percentage” for purposes of section 552
Section 554 Attribution of further interest in company
Part 8 Former employees: deductions for liabilities
Deductions in calculating net income
Section 555 Former employee entitled to deduction [in calculating net income]
Section 556 Deductible payments made outside the time limits allowed
Section 556A Deductible payments made pursuant to tax avoidance arrangements
Section 557 Deductible payments wholly or partly borne by the former employer etc.
Interpretation
Section 558 Meaning of “deductible payment”
Section 559 Liabilities related to the former employment
Section 560 Meaning of “qualifying insurance contract”
Section 561 Connected contracts
Section 562 Meaning of “former employee” and “employment”
Section 563 Other interpretation
Section 564 Application of this Part to office-holders
Part 9 Pension income
Chapter 1 Introduction
Section 565 Structure of Part 9
Chapter 2 Tax on pension income
Section 566 Nature of charge to tax on pension income and relevant definitions
Section 567 Amount charged to tax
Section 568 Person liable for tax
Chapter 3 United Kingdom pensions: general rules
Section 569 United Kingdom pensions
Section 570 “Pension”: interpretation
Section 571 Taxable pension income
Section 572 Person liable for tax
Chapter 4 Foreign pensions: general rules
Section 573 Foreign pensions
Section 574 “Pension”: interpretation
Section 575 Taxable pension income
Section 576 Person liable for tax
Chapter 5 United Kingdom social security pensions
Section 577 United Kingdom social security pensions
Section 578 Taxable pension income
Section 579 Person liable for tax
Chapter 5A Pensions under registered pension schemes
Section 579A Pensions
Section 579B Taxable pension income
Section 579C Person liable for tax
Section 579D Interpretation
Chapter 6 Approved retirement benefits schemes
Pensions and annuities
Section 580 Pensions and annuities
Section 581 Taxable pension income
Section 582 Person liable for tax
Unauthorised payments
Section 583 Unauthorised payments
Section 584 Taxable pension income
Section 585 Person liable for tax
Interpretation etc.
Section 586 Meaning of “retirement benefits scheme” etc.
Section 587 Application to marine pilots’ benefit fund
Section 588 Meaning of “employee”, “former civil partner” and “ex-spouse”
Section 589 Regulations
Chapter 7 Former approved superannuation funds
Annuities
Section 590 Annuities
Section 591 Taxable pension income
Section 592 Person liable for tax
Unauthorised payments
Section 593 Unauthorised payments: application of section 583
Interpretation
Section 594 Meaning of “former approved superannuation fund”
Chapter 8 Approved personal pension schemes
Annuities
Section 595 Annuities
Section 596 Taxable pension income
Section 597 Person liable for tax
Income withdrawals
Section 598 Income withdrawals
Section 599 Taxable pension income
Section 600 Person liable for tax
Unauthorised personal pension payments
Section 601 Unauthorised personal pension payments
Section 602 Taxable pension income
Section 603 Person liable for tax
Interpretation
Section 604 Meaning of “personal pension scheme” and related expressions
Chapter 9 Retirement annuity contracts
Section 605 Annuities
Section 606 Meaning of “retirement annuity contract”
Section 607 Taxable pension income
Section 608 Person liable for tax
Chapter 10 Other employment-related annuities
Section 609 Annuities for the benefit of dependants
Section 610 Annuities under [non-registered occupational pension] schemes
Section 611 Annuities in recognition of another’s services
Section 612 Taxable pension income: UK annuities
Section 613 Taxable pension income: foreign annuities
Section 614 Person liable for tax
Chapter 11 Certain overseas government pensions paid in the UK
Section 615 Certain overseas government pensions paid in the United Kingdom
Section 616 Taxable pension income
Section 617 Deduction allowed from taxable pension income
Section 618 Person liable for tax
Chapter 12 House of Commons Members' Fund
Section 619 The House of Commons Members’ Fund
Section 620 Meaning of “House of Commons Members’ Fund”
Section 621 Taxable pension income
Section 622 Person liable for tax
Chapter 13 Return of surplus employee additional voluntary contributions
Section 623 Return of surplus employee additional voluntary contributions
Section 624 Taxable pension income
Section 625 Person liable for tax
Section 626 Income tax treated as paid
Section 627 Meaning of “grossing up”
Section 628 Interpretation
Chapter 14 Pre-1973 pensions paid under the Overseas Pensions Act 1973
Section 629 Pre-1973 pensions paid under the Overseas Pensions Act 1973
Section 630 Interpretation
Section 631 Taxable pension income
Section 632 Person liable for tax
Chapter 15 Voluntary annual payments
Section 633 Voluntary annual payments
Section 634 Taxable pension income: UK voluntary annual payments
Section 635 Taxable pension income: foreign voluntary annual payments
Section 636 Person liable for tax
Chapter 15A Lump sums under registered pension schemes
Section 636A Exemption for certain lump sums under registered pension schemes
Section 636B Trivial commutation and winding-up lump sums
Section 636C Trivial commutation and winding-up lump sum death benefits
Chapter 16 Exemption for certain lump sums
Section 637 Exemption for lump sums provided under certain pension schemes etc.
Chapter 17 Exemptions: any taxpayer
Section 638 Awards for bravery
Section 639 Pensions in respect of death due to military or war service
Section 640 Exemption under section 639 where income withheld
Section 640A Lump sums provided under armed forces early departure scheme
Section 641 Wounds and disability pensions
Section 642 Compensation for National-Socialist persecution
Section 643 Malawi, Trinidad and Tobago and Zambia government pensions
Section 644 Pensions payable where employment ceased due to disablement
Section 644A Health and employment insurance payments
Section 645 Social security pensions: increases in respect of children
Section 646 Former miners etc: coal and allowances in lieu of coal
Section 646A Foreign pensions of consular employees
Chapter 18 Exemptions: Non-UK resident taxpayers
Section 647 Introduction and meaning of “foreign residence condition” etc.
Section 648 The Central African Pension Fund
Section 649 Commonwealth government pensions
Section 650 Oversea Superannuation Scheme
Section 651 Overseas Pensions Act 1973
Section 652 Overseas Service Act 1958
Section 653 Overseas Service Pensions Fund
Section 654 The Pensions (India, Pakistan and Burma) Act 1955
Part 10 Social security income
Chapter 1 Introduction
Section 655 Structure of Part 10
Chapter 2 Tax on social security income
Section 656 Nature of charge to tax on social security income
Section 657 Meaning of “social security income”, “taxable benefits” etc.
Section 658 Amount charged to tax
Section 659 Person liable for tax
Chapter 3 Taxable UK social security benefits
Section 660 Taxable benefits: UK benefits - Table A
Section 661 Taxable social security income
Section 662 Person liable for tax
Chapter 4 Taxable UK social security benefits: exemptions
Incapacity benefit
Section 663 Long-term incapacity benefit: previous entitlement to invalidity benefit
Section 664 Short-term incapacity benefit not payable at the higher rate
Income support
Section 665 Exempt unless payable to member of couple involved in trade dispute
Section 666 Child maintenance bonus
Section 667 Amounts in excess of taxable maximum
Section 668 Taxable maximum
Section 669 Interpretation
Jobseeker’s allowance
Section 670 Child maintenance bonus
Section 671 Amounts in excess of taxable maximum
Section 672 Taxable maximum: general
Section 673 Taxable maximum: income-based jobseeker’s allowance
Section 674 Taxable maximum: contribution-based jobseeker’s allowance
Section 675 Interpretation
Increases in respect of children
Section 676 Increases in respect of children
Chapter 5 UK social security benefits wholly exempt from income tax
Section 677 UK social security benefits wholly exempt from tax: Table B
Chapter 6 Taxable foreign benefits
Section 678 Taxable benefits: foreign benefits
Section 679 Taxable social security income
Section 680 Person liable for tax
Chapter 7 Taxable and other foreign benefits: exemptions
Section 681 Taxable and other foreign benefits: exemptions
Section 681A Foreign benefits of consular employees
Part 11 Pay As You Earn
Chapter 1 Introduction
Section 682 Scope of this Part
Section 683 PAYE income
Chapter 2 PAYE: general
Section 684 PAYE regulations
Section 685 Tax tables
Section 686 Meaning of “payment”
Chapter 3 PAYE: special types of payer or payee
Section 687 Payments by intermediary
Section 688 Agency workers
Section 688A Managed service companies: recovery from other persons
Section 689 Employee of non-UK employer
Section 690 Employee non-resident etc.
Section 691 Mobile UK workforce
Section 692 Organised arrangements for sharing tips
Chapter 4 PAYE: special types of income
Income provided by means of vouchers and tokens
Section 693 Cash vouchers
Section 694 Non-cash vouchers
Section 695 Credit-tokens
Income provided in other ways
Section 696 Readily convertible assets
Section 697 Enhancing the value of an asset
Section 698 [PAYE: special charges on employment-related securities]
Section 699 PAYE: conversion of shares
Section 700 [PAYE: gains from securities options]
Section 700A Employment-related securities etc: remittance basis
Supplemental
Section 701 Meaning of “asset”
Section 702 Meaning of “readily convertible asset”
Chapter 5 PAYE settlement agreements
Section 703 Introduction
Section 704 Sums payable by employers under agreements
Section 705 Approximations allowed in calculations
Section 706 Exclusion of general earnings from income etc.
Section 707 Interpretation of this Chapter
Chapter 6 Miscellaneous and supplemental
Section 708 PAYE repayments
Section 709 Additional provision for certain assessments
Section 710 Notional payments: accounting for tax
Section 711 Right to make a return
Section 712 Interpretation of this Part
Part 12 Payroll giving
Section 713 Donations to charity: payroll deduction scheme
Section 714 Meaning of “donations”
Section 715 Approval of schemes: regulation by Treasury
Part 13 Supplementary provisions
Alteration of amounts
Section 716 Alteration of amounts by Treasury order
Priority rule for dividends etc.
Section 716A Priority rule for dividends etc. of UK resident companies etc.
Orders and regulations
Section 717 Orders and regulations made by Treasury or [Commissioners]
Interpretation
Section 718 Connected persons
Section 719 [Meaning of “control”]
Section 720 Meaning of “the Inland Revenue” etc.
Section 721 Other definitions
Amendments, repeals, citation etc.
Section 722 Consequential amendments
Section 723 Commencement and transitional provisions and savings
Section 724 Repeals and revocations
Section 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 Approved share incentive plans
Part 1 - Introduction
Part 2 General requirements
Part 3 Eligibility of individuals
Part 4 Types of shares that may be awarded
Part 5 Free shares
Part 6 Partnership shares
Part 7 Matching shares
Part 8 Cash dividends and dividend shares
Part 9 Trustees
Part 10 Approval of plans
Part 11 Supplementary provisions
Schedule 3 Approved SAYE option schemes
Part 1 Introduction
Part 2 General requirements for approval
Part 3 Eligibility of individuals to participate in scheme
Part 4 Shares to which schemes can apply
Part 5 Requirements for linked savings [arrangement]
Part 6 Requirements etc. relating to share options
Part 7 Exchange of share options
Part 8 Approval of schemes
Part 9 Supplementary provisions
Schedule 4 Approved CSOP schemes
Part 1 Introduction
Part 2 General requirements for approval
Part 3 Eligibility of individuals to participate in scheme
Part 4 Shares to which schemes can apply
Part 5 Requirements etc. relating to share options
Part 6 Exchange of share options
Part 7 Approval of schemes
Part 8 Supplementary provisions
Schedule 5 Enterprise management incentives
Part 1 Introduction
Part 2 General requirements
Part 3 Qualifying companies
Part 4 Eligible employees
Part 5 Requirements relating to options
Part 6 Company reorganisations
Part 7 Notification of option to Inland Revenue
Part 8 Supplementary provisions
Schedule 6 Consequential amendments
Part 1 Income and Corporation Taxes Act 1988
Part 2 Other enactments
Schedule 7 Transitionals and savings
Part 1 Continuity of the law
Part 2 Employment income: charge to tax
Part 3 Employment income: earnings and benefits etc. treated as earnings
Part 4 Employment income: exemptions
Part 5 Employment income: deductions
Part 6 Employment income: income which is not earnings or [related to securities]
Part 7 Employment income: [income related to securities]
Part 8 Approved profit sharing schemes
Part 9 Social security income
Part 10 PAYE
Part 11 Consequences for corporation tax
Schedule 8 Repeals and revocations
Part 1 Acts of Parliament
Part 2 Subordinate legislation