Section 62 — Income Tax (Earnings and Pensions) Act 2003: Earnings

Earnings 62 1 This section explains what is meant by “earnings” in the employment income Parts.

2 In those Parts “ earnings ”, in relation to an employment, means—

a any salary, wages or fee, b any gratuity or other profit or incidental benefit of any kind obtained by the employee if it is money or money’s worth, or c anything else that constitutes an emolument of the employment.

3 For the purposes of subsection (2) “ money’s worth ” means something that is—

a of direct monetary value to the employee, or b capable of being converted into money or something of direct monetary value to the employee.

4 Subsection (1) does not affect the operation of statutory provisions that provide for amounts to be treated as earnings (and see section 721(7)).