(1)For the purposes of section 203 and regulations under it a payment of, or on account of, any income assessable to income tax under Schedule E shall be treated as made at the time found in accordance with the following rules (taking the earlier or earliest time in a case where more than one rule applies)—
(a)the time when the payment is actually made;
(b)the time when a person becomes entitled to the payment;
(c)in a case where the income is income from an office or employment with a company, the holder of the office or employment is a director of the company and sums on account of the income are credited in the company’s accounts or records, the time when sums on account of the income are so credited;
(d)in a case where the income is income from an office or employment with a company, the holder of the office or employment is a director of the company and the amount of the income for a period is determined before the period ends, the time when the period ends;
(e)in a case where the income is income from an office or employment with a company, the holder of the office or employment is a director of the company and the amount of the income for a period is not known until the amount is determined after the period has ended, the time when the amount is determined.
(2)Subsection (1)(c), (d) or (e) above applies whether or not the office or employment concerned is that of director.
(3)Paragraph (c), (d) or (e) of subsection (1) above applies if the holder of the office or employment is a director of the company at any time in the year of assessment in which the time mentioned in the paragraph concerned falls.
(4)For the purposes of the rule in subsection (1)(c) above, any fetter on the right to draw the sums is to be disregarded.
(5)Subsections (5) and (6) of section 202B shall apply for the purposes of subsection (1) above as they apply for the purposes of section 202B(1).]
Textual Amendments
F1S. 203A inserted by Finance Act 1989 (c. 26), s. 37(2)(4)(5)