PART V PROVISIONS RELATING TO THE SCHEDULE E CHARGE
CHAPTER III PROFIT-RELATED PAY
The relief
172 Exceptions from tax.
M11
Profit-related pay shall not be exempt from income tax by virtue of section 171 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 that other employment during that time profit-related pay which is exempt from income tax by virtue of that section.
2
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.