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Income Tax (Earnings and Pensions) Act 2003

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Income Tax (Earnings and Pensions) Act 2003, Section 404 is up to date with all changes known to be in force on or before 12 December 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. Help about Changes to Legislation

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404How the £30,000 threshold appliesU.K.
This section has no associated Explanatory Notes

(1)For the purpose of the £30,000 threshold in section 403(4) and (5), the payments and other benefits provided in respect of an employee or former employee which are to be aggregated are those provided—

(a)in respect of the same employment,

(b)in respect of different employments with the same employer, and

(c)in respect of employments with employers who are associated.

(2)For this purpose employers are “associated” if on a termination or change date—

(a)one of them is under the control of the other, or

(b)one of them is under the control of a third person who on that termination or change date or another such date controls or is under the control of the other.

(3)In subsection (2)—

(a)references to an employer, or to a person controlling or controlled by an employer, include the successors of the employer or person, and

(b)termination or change date” means a date on which a termination or change occurs in connection with which a payment or other benefit to which [F1section 403] applies is received in respect of the employee or former employee.

(4)If payments and other benefits are received in different tax years, the £30,000 is set against the amount of payments and other benefits received in earlier years before those received in later years.

(5)If more than one payment or other benefit is received in a tax year in which the threshold is exceeded—

(a)the £30,000 (or the balance of it) is set against the amounts of cash benefits as they are received, and

(b)any balance at the end of the year is set against the aggregate amount of non-cash benefits received in the year.

[F2(6)In subsection (3)(b), the reference to a payment or other benefit to which section 403 applies includes a reference to a payment or other benefit—

(a)received in the tax year 2017-18 or an earlier tax year, and

(b)to which this Chapter applied in the tax year of receipt.]

Textual Amendments

F1Words in s. 404(3)(b) substituted (with effect in accordance with s. 5(10) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 5(5)(a)

F2S. 404(6) inserted (with effect in accordance with s. 5(10) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 5(5)(b)

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