Version Superseded: 06/04/2006
Point in time view as at 01/09/2003. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 388 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)If a sum within section 386 is paid for or in respect of two or more employees, part of it is treated as paid in respect of each of them.
(2)The amount treated as paid in respect of each employee is—
where—
A is the sum paid,
B is the amount which would have had to be paid to secure the benefits to be provided in respect of the employee in question, and
C is the total amount which would have had to be paid to secure the benefits to be provided in respect of all the employees if separate payments had been made in the case of each of them.
Modifications etc. (not altering text)
C1S. 388 applied by 1988 c. 1, s. 266A(5) (as inserted (6.4.2003 with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 36 (with Sch. 7))
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