Point in time view as at 17/07/2013.
Income Tax (Earnings and Pensions) Act 2003, Chapter 1 is up to date with all changes known to be in force on or before 06 March 2025. 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.
(1)This section explains what is meant by “earnings” in the employment income Parts.
(2)In those Parts “earnings”, in relation to an employment, means—
(a)any salary, wages or fee,
(b)any gratuity or other profit or incidental benefit of any kind obtained by the employee if it is money or money’s worth, or
(c)anything else that constitutes an emolument of the employment.
(3)For the purposes of subsection (2) “money’s worth” means something that is—
(a)of direct monetary value to the employee, or
(b)capable of being converted into money or something of direct monetary value to the employee.
(4)Subsection (1) does not affect the operation of statutory provisions that provide for amounts to be treated as earnings (and see section 721(7)).
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