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Income Tax (Earnings and Pensions) Act 2003, Section 510 is up to date with all changes known to be in force on or before 26 August 2024. 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.
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(1)This section applies if, as a result of any shares (“the relevant shares”) ceasing to be subject to [F1a Schedule 2] SIP—
(a)there is an amount that counts as employment income of a participant by virtue of the SIP code, and
(b)an obligation to make a PAYE deduction arises in respect of that amount.
(2)The trustees must pay to the employer company a sum which is sufficient to enable the employer company to discharge that obligation.
(3)Subsection (2) is subject to—
(a)subsection (4), and
(b)section 511 (PAYE deductions to be made by trustees on shares ceasing to be subject to plan).
(4)Subsection (2) only applies if, or to the extent that, the plan does not require the participant to pay the employer company a sum which is sufficient to discharge the obligation mentioned in subsection (1)(b).
(5)Section 710(1) (notional payments: accounting for tax) has effect as if it required the deduction of income tax to be made from any sum or sums received by the employer company—
(a)from the trustees under subsection (2), or
(b)from the participant in accordance with a requirement of the plan, as mentioned in subsection (4).
(6)After making the necessary PAYE deduction from the sum or sums received as mentioned in subsection (5), the employer company must pay any remaining amount to the participant.
(7)In this section “the employer company” means—
(a)the company which employs the participant in relevant employment at the time when the relevant shares cease to be subject to the plan, or
(b)if the participant is not then employed in relevant employment, the company which last employed the participant in relevant employment before that time,
so long as that company is one to which PAYE regulations apply at that time.
Textual Amendments
F1Words in s. 510(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 10, 89 (with Sch. 8 paras. 90-96)
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