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Finance (No.2) Act 1987

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4Exceptions from relief.

(1)Profit-related pay shall not be exempt from income tax by virtue of section 3 above 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 his 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 [1975 c. 14.] Social Security Act 1975 or Part I of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 are payable shall not be exempt from income tax by virtue of section 3 above.

(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.

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