Income Tax (Earnings and Pensions) Act 2003 section 487

Minor definitions

Section 487 provides a collection of minor definitions used throughout the chapter dealing with payments and benefits on termination of employment or change of duties.

• This section gathers together various defined terms needed to interpret the rules on termination payments and benefits
• Key definitions include terms such as "shares," which is broadly defined to include stock
• The section also clarifies how National Insurance contribution deductions interact with the defined terms used in this chapter
• These definitions apply consistently across the whole chapter and should be referred to when interpreting any of its provisions