SCHEDULES
F2F1Schedule 11
Sch. 11 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 114, Sch 8 Pt. 1 (with Sch. 7)
Application of £30,000 threshold
7
1
This pargraph specifies how the £30,000 threshold in section 148(1) applies.
2
Tax is charged only on the excess over £30,000, but the threshold applies to the aggregate amount of payments and other benefits provided in respect of the same person—
a
in respect of the same employment, or
b
in respect of different employments with the same employer or associated employers (see paragraph 8).
3
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 of later years.
4
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.
Sch. 11 substituted (with effect in accordance with s. 58(4) of the amending Act) by Finance Act 1998 (c. 36), s. 58(2), Sch. 9 Pt. 1