Income Tax (Earnings and Pensions) Act 2003 section 85

Trustees' duty to provide information

Section 85 sets out the obligation on trustees of approved profit sharing schemes to inform participants of facts relevant to their tax liability when an event triggers an employment income charge.

• Trustees of approved profit sharing schemes have a continuing duty to provide information to scheme participants.
• The duty arises whenever an event occurs that causes an amount to count as the participant's employment income.
• Trustees must inform the participant of any facts relevant to determining the resulting tax liability.
• This obligation derives from the original requirements under Schedule 9 to ICTA and is preserved under this provision.