http://www.legislation.gov.uk/ukpga/2003/1/section/226
Income Tax (Earnings and Pensions) Act 2003
An Act to restate, with minor changes, certain enactments relating to income tax on employment income, pension income and social security income; and for connected purposes.
text
text/xml
en
Statute Law Database
2024-06-06
Expert Participation
2024-04-06
Income Tax (Earnings and Pensions) Act 2003
s. 452(2)(aa)
Finance Act 2013
Sch. 23
para. 11
Sch. 23
para. 38
art. 2
Income Tax (Earnings and Pensions) Act 2003
s. 707A
Finance Act 2024
s. 36(4)
s. 36(5)
Part 3Employment income: earnings and benefits etc. treated as earnings
Chapter 12F2Other amounts treated as earnings
Annotations:
Amendments (Textual)
F1Payments
Annotations:
Amendments (Textual)
F1
S. 221 cross-heading inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 4(b), 38; S.I. 2013/1755, art. 2
226Valuable consideration given for restrictive undertakings
1
In a case where—
a
an individual gives a restrictive undertaking in connection with the individual’s current, future or past employment, and
b
valuable consideration that is not in the form of money is provided in respect of—
i
the giving of the undertaking, or
ii
the total or partial fulfilment of the undertaking,
section 225 applies as it would if a payment of an amount equal to the value of the consideration had been made instead.
2
For this purpose—
a
merely assuming an obligation to make over or provide valuable property, rights or advantages is not valuable consideration, but
b
wholly or partially discharging such an obligation is.
Words in Pt. 3 Ch. 12 heading substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 4(a), 38; S.I. 2013/1755, art. 2