Section 504 — Income Tax (Earnings and Pensions) Act 2003: Charge on cancellation payments in respect of partnership share agreement

Charge on cancellation payments in respect of partnership share agreement 504 1 This section applies if an individual who has entered into a partnership share agreement receives any money or money’s worth in respect of the cancellation of the agreement.

2 The amount of the money or the value of the money’s worth counts as employment income of the individual for the relevant tax year.

3 The “ relevant tax year ” is the tax year in which the individual receives the money or money’s worth.