Section 482 — Income Tax (Earnings and Pensions) Act 2003: Relief for special contribution met by employee

Relief for special contribution met by employee 482 1 Relief is available under this section against an amount counting as employment income under section 476 if conditions A to D are met.

2 Condition A is that a notice in respect the employment-related securities option was given to the Commissioners for Her Majesty’s Revenue and Customs in accordance with section 1 of the Social Security Contributions (Share Options) Act 2001 before 11th August 2001.

3 Condition B is that the person, or one of the persons, who gave that notice is a person who (apart from that Act) was liable, or would have become liable, by virtue of an election under paragraph 3B of Schedule 1 to the Contributions and Benefits Act, to pay secondary Class 1 contributions in respect of an event which is a chargeable event for the purposes of section 476.

4 Condition C is that that person became liable to pay a special contribution under section 2 of the Social Security Contributions (Share Options) Act 2001 in respect of the employment-related securities option.

5 Condition D is that that person met that liability before 11th August 2001 or before the end of such further period as the Commissioners for Her Majesty’s Revenue and Customs directed under section 2(5) of that Act.

6 The amount of the relief is the amount of the liability referred to in subsection (4).

7 Relief under this section is given by way of deduction from the amount otherwise counting as employment income.