Section 554Z21 — Income Tax (Earnings and Pensions) Act 2003: Relief for earmarking or security not followed by contribution or relevant benefit

Relief for earmarking or security not followed by contribution or relevant benefit 554Z21 1 This section applies if, by virtue of section 554Z17, Chapter 2 applies by reason of a step taken by B within section 554Z18 or 554Z19.

2 Section 554Z14 has effect in relation to the step with the following modifications.

3 Subsection (1)(b) has effect as if for “not a relevant step in relation to a relevant sum or asset” there were substituted “ neither the payment of the relevant contribution (or any part of it) nor the provision of any relevant benefit ” .

4 Subsection (1)(c) has effect as if for the words from “no further relevant step” to “any relevant sum or asset” there were substituted “ the relevant contribution (or any part of it) will not be paid or a relevant benefit will not be provided ” .

5 Subsection (1) has effect as if subsection (6) below were substituted for subsection (3).

6 In subsection (1)—

a “ the relevant contribution ” means the contribution to be paid under the relevant undertaking (within the meaning of Chapter 3),

and b “ relevant benefit ” means a relevant benefit to be provided out of the relevant contribution as mentioned in section 554Z16(2)(b) and (c).