Income Tax (Earnings and Pensions) Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 404 — How the £30,000 threshold applies
How the £30,000 threshold applies 404 1 For the purpose of the £30,000 threshold in section 403(4) and (5), the payments and other benefits provided in respect of an employee or former employee which…
Section 404A — Amounts charged to be treated as highest part of total income
Amounts charged to be treated as highest part of total income 404A 1 A payment or other benefit which counts as a person's employment income as a result of section 403 is treated as the highest part…
Section 404B — Power to vary threshold
Power to vary threshold 404B 1 The Treasury may by regulations amend the listed provisions by substituting, for the amount for the time being mentioned in those provisions, a different amount. 2 The…
Section 405 — Exception for certain payments exempted when received as earnings
Exception for certain payments exempted when received as earnings 405 1 This Chapter does not apply to any payment received in connection with the termination of a person’s employment which, were it…
Section 406 — Exception for death or disability payments and benefits
Exception for death or disability payments and benefits 406 1 This Chapter does not apply to a payment or other benefit provided— a in connection with the termination of employment by the death of an…
Section 407 — Exception for payments and benefits under tax-exempt pension schemes
Exception for payments and benefits under tax-exempt pension schemes 407 1 This Chapter does not apply to a payment or other benefit provided under a tax-exempt pension scheme if— a the payment or…
Section 408 — Exception for contributions to registered pension schemes
Exception for contributions to registered pension schemes 408 1 This Chapter does not apply to a contribution to a registered pension scheme or an employer-financed retirement benefit scheme if the…
Section 409 — Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance
Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance 409 1 This Chapter does not apply to a payment or other benefit received by an individual if or to…
Section 410 — Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance: individual deceased
Exception for payments and benefits in respect of certain legal expenses etc and indemnity insurance: individual deceased 410 1 This Chapter does not apply to a payment or other benefit received by…
Section 411 — Exception for payments and benefits for forces
Exception for payments and benefits for forces 411 1 This Chapter does not apply to a payment or other benefit provided— a under a Royal Warrant, Queen’s Order or Order in Council relating to members…
Section 412 — Exception for payments and benefits provided by foreign governments etc.
Exception for payments and benefits provided by foreign governments etc. 412 1 This Chapter does not apply to— a a benefit provided under a pension scheme administered by the government of an…
Section 413 — Exception in certain cases of foreign service
Exception in certain cases of foreign service 413 A1 This section applies to a payment or other benefit if— a the payment or other benefit is within section 401(1)(a), and the employee or former…
Section 413A — Exception for payment of certain legal costs
Exception for payment of certain legal costs 413A 1 This Chapter does not apply to a payment which meets conditions A and B. 2 Condition A is that the payment meets the whole or part of legal costs…
Section 414 — Reduction in other cases of foreign service
Reduction in other cases of foreign service 414 1 This section applies if— za either— i the payment or other benefit is within section 401(1)(a), and the employee or former employee is non-UK…
Section 414A — Exception for payments and benefits under section 615(3) schemes
Exception for payments and benefits under section 615(3) schemes 414A 1 This Chapter does not apply to a payment or other benefit provided in the form of a lump sum under a section 615(3) scheme. 2…
Section 414B — Exception in certain cases of foreign service as seafarer
Exception in certain cases of foreign service as seafarer 414B 1 This section applies to a payment or other benefit if— a the payment or other benefit is within section 401(1)(a), and b the employee…
Section 414C — Reduction in other cases of foreign service as seafarer
Reduction in other cases of foreign service as seafarer 414C 1 This section applies if— a the payment or other benefit is within section 401(1)(a), b the employee or former employee is UK resident…
Section 415 — Valuation of benefits
Valuation of benefits 415 1 In the case of a cash benefit, for the purposes of this Chapter the amount of a payment or other benefit is taken to be the amount received. 2 In the case of a non-cash…
Section 416 — Notional interest treated as paid if amount charged for beneficial loan
Notional interest treated as paid if amount charged for beneficial loan 416 1 This section applies if an amount (“the taxable amount”) consisting of, or including, an amount representing the benefit…
Section 417 — Scope of Part 7
Scope of Part 7 417 1 This Part contains special rules about cases where securities, interests in securities or securities options are acquired in connection with an employment. 2 The rules are…
Section 418 — Other related provisions
Other related provisions 418 A1 This Part needs to be read with Chapter 5B of Part 2 (taxable specific income from employment-related securities etc : internationally mobile employees). 1 In Part 3—…
Section 419 — Negative amounts treated as nil
Negative amounts treated as nil 419 If the result given by any formula under any provision of this Part would otherwise be a negative amount, the result is to be taken to be nil instead.
Section 420 — Meaning of “securities” etc
Meaning of “securities” etc 420 1 Subject to subsections (5) and (6), for the purposes of this Chapter and Chapters 2 to 5 the following are “ securities ”— a shares in any body corporate (wherever…
Section 421 — Meaning of “market value” etc
Meaning of “market value” etc 421 1 In this Chapter and Chapters 2 to 5 “ market value ” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act. 2 Where…
Section 421A — Meaning of “ consideration ”
Meaning of “ consideration ” 421A 1 This section applies for determining for the purposes of Chapters 2 to 5 the amount of the consideration given for anything. 2 If any consideration is given partly…
Section 421JA — Annual returns
Annual returns 421JA 1 This section applies in relation to a person who is (or has been) a responsible person (see section 421L) in relation to reportable events (see section 421K). 2 The person must…
Section 421B — Application of Chapters 2 to 4A
Application of Chapters 2 to 4A 421B 1 Subject as follows (and to any provision contained in Chapters 2 to 4A ) those Chapters apply to securities, or an interest in securities, acquired by a person…
Section 421JB — Returns to be given electronically
Returns to be given electronically 421JB 1 A return under section 421JA, and any information accompanying the return, must be given electronically. 2 But, if HMRC consider it appropriate to do so,…
Section 421C — Associated persons
Associated persons 421C 1 For the purposes of this Chapter and Chapters 2 to 4 the following are “ associated persons ” in relation to employment-related securities— a the person who acquired the…
Section 421JC — Penalties for late returns
Penalties for late returns 421JC 1 This section applies if a person fails to give a return under section 421JA for a tax year (containing, or accompanied by, all required information) on or before…
Section 421D — Replacement and additional securities and changes in interests
Replacement and additional securities and changes in interests 421D 1 Subsections (2) and (3) apply where an associated person is entitled to employment-related securities (the “ original securities…
Section 421JD — Penalty if information not given correctly
Penalty if information not given correctly 421JD 1 This section applies if a return under section 421JA, or any information accompanying such a return— a is given otherwise than in accordance with…
Section 421E — Exclusions: residence etc
Exclusions: residence etc 421E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 421JE — Assessment of penalties
Assessment of penalties 421JE 1 This section applies if a person is liable for a penalty under section 421JC or 421JD. 2 HMRC must assess the penalty and notify the person of the assessment. 3…
Section 421F — Exclusions: public offers
Exclusions: public offers 421F 1 Chapters 2, 3 and 3C do not apply in relation to employment-related securities that are shares acquired under the terms of an offer to the public or an interest in…
Section 421JF — Appeals
Appeals 421JF 1 A person may appeal against a decision of HMRC that the person is liable for a penalty under section 421JC or 421JD. 2 A person may appeal against a decision of HMRC as to the amount…
Section 421G — Exclusions: approved plan or scheme securities
Exclusions: approved plan or scheme securities 421G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 421H — Meaning of “employee-controlled” etc
Meaning of “employee-controlled” etc 421H 1 For the purposes of Chapters 2 to 4 a company is “ employee-controlled ” by virtue of shares of a class if— a the majority of the company’s shares of that…
Section 421I — Consideration for acquisition of employment-related securities
Consideration for acquisition of employment-related securities 421I 1 This section applies for determining for the purposes of Chapters 2 to 3A the amount of the consideration given for the…
Section 421J — Duty to provide information
Duty to provide information 421J 1 This section applies in relation to reportable events. 2 Section 421K explains what are reportable events for the purposes of this section. 3 . . . . . . . . . . .…
Section 421K — Reportable events
Reportable events 421K 1 This section applies for the purposes of sections 421J and 421JA (duties to provide information and annual returns) . 2 Each of the events mentioned in subsection (3) is a…
Section 421L — Persons to whom section 421J applies
Persons to whom section 421J applies 421L 1 This section applies for the purposes of sections 421J and 421JA (duties to provide information and annual returns) . 2 Each of the following persons is a…
Section 422 — Application of this Chapter
Application of this Chapter 422 This Chapter applies to employment-related securities if they are— a restricted securities, or b a restricted interest in securities, at the time of the acquisition.
Section 423 — “ Restricted securities ” and “ restricted interest in securities ”
“ Restricted securities ” and “ restricted interest in securities ” 423 1 For the purposes of this Chapter employment-related securities are restricted securities or a restricted interest in…
Section 424 — Exceptions
Exceptions 424 1 Employment-related securities are not restricted securities or a restricted interest in securities by reason only that any one or more of the following is the case— a the…
Section 425 — No charge in respect of acquisition in certain cases
No charge in respect of acquisition in certain cases 425 1 Subsection (2) applies if the employment-related securities— a are restricted securities, or a restricted interest in securities, by virtue…
Section 426 — Charge on occurrence of chargeable event
Charge on occurrence of chargeable event 426 1 If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the…
Section 427 — Chargeable events
Chargeable events 427 1 This section applies for the purposes of section 426 (charge on occurrence of chargeable event). 2 Any of the events mentioned in subsection (3) is a “ chargeable event ” in…
Section 428 — Amount of charge
Amount of charge 428 1 The taxable amount for the purposes of section 426 (charge on occurrence of chargeable event) is— UMV × ( IUP - PCP - OP ) - CE 2 UMV is what would be the market value of the…
Section 428A — Relief for secondary Class 1 contributions met by employee
Relief for secondary Class 1 contributions met by employee 428A 1 Relief is available under this section against an amount counting as employment income under section 426 (“the employment income…