172 Exceptions from tax.U.K.
M1(1)Profit-related pay shall not be exempt from income tax by virtue of section 171 if—
(a)it is paid to an employee in respect of his employment in an employment unit during a time when he also has another employment; and
(b)he receives in respect of that other employment during that time profit-related pay which is exempt from income tax by virtue of that section.
(2)Subject to subsection (3) below, profit-related pay in respect of which no secondary Class 1 contributions under Part I of the M2Social Security Act 1975 or Part I of the M3Social Security (Northern Ireland) Act 1975 are payable shall not be exempt from income tax by virtue of section 171.
(3)Subsection (2) above shall not apply to profit-related pay in respect of which no Class 1 contributions are payable only because the employee’s earnings are below the lower earnings limit for such contributions.