Section 1241 — Corporation Tax Act 2009: Payments in respect of employment in more than one capacity

Payments in respect of employment in more than one capacity 1241 1 This section applies if the payment is in respect of the employee's employment with the employer—

a partly in the employer's investment business, and b partly in one or more other capacities.

2 The amount of the redundancy payment, or the amount which would have been due if a redundancy payment had been payable, is to be apportioned on a just and reasonable basis between—

a the employment in the investment business, and b the employment in the other capacities.

3 The part of the payment apportioned to the employment in the investment business is treated as a payment in respect of the employee's employment wholly in the investment business for the purposes of section 1240.