Income Tax (Earnings and Pensions) Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 550 — Meaning of “employee benefit trust”
Meaning of “employee benefit trust” 550 1 In this Chapter “ employee benefit trust ”, in relation to a company, means a trust where conditions A and B are met. 2 Condition A is that all or most of…
Section 551 — “Qualifying disposals” for purposes of section 550
“Qualifying disposals” for purposes of section 550 551 1 For the purposes of section 550 (meaning of “employee benefit trust”) a “qualifying disposal” is a disposal of property consisting of— a any…
Section 552 — Attribution of interest in company to beneficiary or associate
Attribution of interest in company to beneficiary or associate 552 1 This section applies if— a after 13th March 1989 B, or an associate of B's, has received a payment (“the relevant payment”) from…
Section 553 — Meaning of “appropriate percentage” for purposes of section 552
Meaning of “appropriate percentage” for purposes of section 552 553 1 For the purposes of section 552 “the appropriate percentage” is— P × 100 D where P and D have the meaning given by the following…
Section 554 — Attribution of further interest in company
Attribution of further interest in company 554 1 This section applies if— a B or an associate of B’s is (apart from this section) to be treated by virtue of section 552(2) as having been the…
Section 554Z1 — Interpretation: persons linked with A
Interpretation: persons linked with A 554Z1 1 In this Part references to any person linked with A are references to— a any person who is or has been connected with A, b a close company in which A or…
Section 554Z10 — Remittance basis: A met section 26A requirement
Remittance basis: A met section 26A requirement 554Z10 1 Subsections (2) and (2A) apply if— a the value of the relevant step, or a part of it, is “for” a tax year (“the relevant tax year”) as…
Section 554Z11 — Remittance basis: supplementary
Remittance basis: supplementary 554Z11 1 Subsection (2) applies if section 554Z9(1)(a) or 554Z10(1)(a) applies to a part (“ the relevant part ”) of the value of the relevant step. 2 Any reduction to…
Section 554Z12 — Relevant step taken after A's death etc
Relevant step taken after A's death etc 554Z12 1 Subsection (3), (4) or (5) (as the case may be) applies if the relevant step is a step within section 554C , by virtue of subsection (1)(a) or (b) to…
Section 554Z13 — Subsequent income tax liability
Subsequent income tax liability 554Z13 1 This section applies if— a after the relevant step is taken, another event (“the later event”) occurs, b other than by virtue of— i this Chapter, ii Chapters…
Section 554Z14 — Relief where earmarking not followed by further relevant step
Relief where earmarking not followed by further relevant step 554Z14 1 An application for relief may be made by A (or, if A has died, A's personal representatives) to an officer of Revenue and…
Section 554Z15 — Location of employment duties
Location of employment duties 554Z15 The following provisions apply for the purposes of this Chapter— a section 38 (but as if references to general earnings were to the value of the relevant step or…
Section 554Z16 — Application etc
Application etc 554Z16 1 This Chapter applies if there is an undertaking (“the relevant undertaking”) that a contribution to which subsection (2) would apply will be paid. 2 This subsection applies…
Section 554Z17 — Employer etc to be treated as relevant third person etc
Employer etc to be treated as relevant third person etc 554Z17 1 If B takes a step within section 554Z18 or 554Z19, Chapters 1 and 2 have effect in relation to the step— a as if B were a relevant…
Section 554Z18 — Earmarking etc
Earmarking etc 554Z18 1 B takes a step within this section if— a a sum of money or asset held by or on behalf of B is earmarked (however informally) by B with a view to the relevant undertaking being…
Section 554Z19 — Provision of security
Provision of security 554Z19 1 B takes a step within this section if B provides security for the performance of the relevant undertaking. 2 For the purposes of this Part, the sum of money or asset…
Section 554Z2 — Value of relevant step to count as employment income
Value of relevant step to count as employment income 554Z2 1 If this Chapter applies by reason of a relevant step, the value of the relevant step (see section 554Z3) counts as employment income of A…
Section 554Z20 — Valuation of step within section 554Z19
Valuation of step within section 554Z19 554Z20 1 This section applies if, by virtue of section 554Z17, Chapter 2 applies by reason of a step taken by B within section 554Z19. 2 Section 554Z3 has…
Section 554Z21 — 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…
Section 554Z3 — Value of relevant step
Value of relevant step 554Z3 1 If the relevant step involves a sum of money, its value is the amount of the sum. 2 In any other case, the value of the relevant step is— a the market value when the…
Section 554Z4 — Residence issues
Residence issues 554Z4 1 After the value of the relevant step is determined under section 554Z3, the particular tax year or years which the value of the relevant step is “for” are to be determined. 2…
Section 554Z5 — Overlap with money or asset subject to earlier tax liability
Overlap with money or asset subject to earlier tax liability 554Z5 1 This section applies if there is overlap between— a the sum of money or asset (“sum or asset P”) which is the subject of the…
Section 554Z6 — Overlap with certain earnings
Overlap with certain earnings 554Z6 1 This section applies if the relevant step gives rise to relevant earnings of A from A's employment with B— a which are, in accordance with section 16 and (if…
Section 554Z7 — Exercise price of share options
Exercise price of share options 554Z7 1 Subsection (3) applies if— a the relevant step is a step within section 554B (other than one treated as being taken by section 554L(5), (7) or (9) or 554M(4),…
Section 554Z8 — Cases where consideration given for relevant step
Cases where consideration given for relevant step 554Z8 1 Subsection (2) applies if— a the relevant step is a step within section 554C(1)(a) to (c), b the relevant step is for consideration given by…
Section 554Z9 — Remittance basis: A did not meet section 26A requirement
Remittance basis: A did not meet section 26A requirement 554Z9 1 Subsections (2) and (2A) apply if— a the value of the relevant step, or a part of it, is “for” a tax year (“the relevant tax year”) as…
Section 554A — Application of Chapter 2 : main case
Application of Chapter 2 : main case 554A 1 Chapter 2 applies if— a a person (“A”) is an employee, or a former or prospective employee, of another person (“B”), b there is an arrangement (“the…
Section 554AA — Application of Chapter 2: close companies
Application of Chapter 2: close companies 554AA 1 Chapter 2 applies if— a there is an arrangement (“the relevant arrangement”) to which an individual (“A”) is a party or which otherwise (wholly or…
Section 554OA — Exclusions: transfer of employment-related loans
Exclusions: transfer of employment-related loans 554OA 1 Chapter 2 does not apply by reason of a relevant step taken by a person (“P”) if— a the step is acquiring a right to payment of an amount…
Section 554RA — Exclusions: relevant repayments
Exclusions: relevant repayments 554RA 1 This section applies (subject to subsection (5)) if— a a right to repayment of principal under a relevant loan (the “repayment right”) is held by or on behalf…
Section 554XA — Exclusions: payments in respect of a tax liability
Exclusions: payments in respect of a tax liability 554XA 1 Chapter 2 does not apply by reason of a relevant step which is the payment of a sum of money if— a the payment is a relevant tax payment, or…
Section 554Z11A — Temporary non-residents
Temporary non-residents 554Z11A 1 This section applies if A is temporarily non-resident. 2 Any amount within subsection (3) is to be treated for the purposes of section 554Z9(2) or (2A) or (as the…
Section 554Z2A — Exception to section 554Z2(1): close companies
Exception to section 554Z2(1): close companies 554Z2A 1 Section 554Z2(1) does not apply in the case of a relevant step if— a this Chapter applies in the case of the relevant step only by reason of…
Section 554Z4A — Temporary non-residents
Temporary non-residents 554Z4A 1 This section applies if A is temporarily non-resident. 2 Any relevant step within subsection (3) is to be treated for the purposes of section 554Z2 as if it were…
Section 554AB — Meaning of “relevant transaction”
Meaning of “relevant transaction” 554AB 1 For the purposes of section 554AA(1), B enters into a relevant transaction if— a B enters into a transaction within subsection (2), and b the transaction is…
Section 554B — Relevant steps: earmarking etc of sum of money or asset
Relevant steps: earmarking etc of sum of money or asset 554B 1 A person (“P”) takes a step within this section if— a a sum of money or asset held by or on behalf of P is earmarked (however…
Section 554Z11B — Earlier income tax liability: application of section 554Z11C
Earlier income tax liability: application of section 554Z11C 554Z11B 1 Section 554Z11C applies if the conditions in subsections (2) and (3) are met. 2 The first condition is that there is overlap…
Section 554AC — Meaning of “excluded transaction”
Meaning of “excluded transaction” 554AC 1 In section 554AB “ excluded transaction ” means— a a distribution made by B, b a transaction that— i is entered into by B in the ordinary course of B's…
Section 554C — Relevant steps: payment of sum, transfer of asset etc
Relevant steps: payment of sum, transfer of asset etc 554C 1 A person (“P”) takes a step within this section if P— a pays a sum of money to a relevant person, aa acquires a right to a payment of a…
Section 554Z11C — Earlier income tax liability: treatment of payments
Earlier income tax liability: treatment of payments 554Z11C 1 In this section— a “ the earlier charge ” means so much of the earlier tax liability as relates to the overlap between sum or asset P and…
Section 554AD — Section 554AA: meaning of “director”
Section 554AA: meaning of “director” 554AD 1 For the purposes of section 554AA(1)(e) “ director ” means— a in relation to a company whose affairs are managed by a board of directors or similar body,…
Section 554D — Relevant steps: making asset available
Relevant steps: making asset available 554D 1 A person (“P”) takes a step within this section if, without transferring the asset to the relevant person, P— a at any time, makes an asset available for…
Section 554Z11D — Earlier income tax liability: provisional payments of tax
Earlier income tax liability: provisional payments of tax 554Z11D 1 Subsection (2) applies for the purposes of— a section 554Z11B(3)(a), and b section 554Z11C(3), (4)(b), (7)(b) and (10)(b). 2 A…
Section 554AE — Section 554AA: meaning of “material interest”
Section 554AA: meaning of “material interest” 554AE 1 Section 68 (meaning of “material interest” in a company) applies for the purposes of section 554AA and, subject to subsection (2), does so as it…
Section 554E — Exclusions: steps under certain schemes etc
Exclusions: steps under certain schemes etc 554E 1 Chapter 2 does not apply by reason of a relevant step if the step is taken under any of the following— a a Schedule 2 SIP (within the meaning of…
Section 554Z11E — Application for provisional payments to be treated as payment of tax
Application for provisional payments to be treated as payment of tax 554Z11E 1 A person may make an application to Her Majesty's Revenue and Customs for a provisional payment of tax to be treated for…
Section 554AF — Section 554AA: supplementary
Section 554AA: supplementary 554AF 1 Section 554AA(1) is subject to subsection (2) and sections 554E to 554Y. 2 Chapter 2 does not apply by reason of section 554AA(1) in relation to a relevant step…
Section 554F — Exclusions: commercial transactions
Exclusions: commercial transactions 554F 1 Chapter 2 does not apply by reason of a relevant step which is the payment of a sum of money by way of a loan if— a the loan is a loan on ordinary…
Section 554Z11F — Provisional payments of tax: further provision
Provisional payments of tax: further provision 554Z11F 1 This section applies in a case to which section 554Z11C applies (see section 554Z11B(1)). 2 If a provisional payment of tax is made in respect…
Section 554G — Exclusions: transactions under employee benefit packages
Exclusions: transactions under employee benefit packages 554G 1 Chapter 2 does not apply by reason of a relevant step taken by a person (“P”) if— a the step is not taken under a pension scheme, b the…