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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Paragraph 27 is up to date with all changes known to be in force on or before 14 February 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.
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Changes and effects yet to be applied to Schedule 7 Paragraph 27:
This section has no associated Explanatory Notes
27(1)Subject to paragraph 25(2), where a loan is made before 6th April 2003, section 188 (loan released or written off: amount treated as earnings) applies with the following modifications.U.K.
(2)References to the employment in relation to which a loan is an employment-related loan are to be read, in relation to times before 6th April 2003, as references to the employment referred to in section 174 (employment-related loans) as modified by paragraph 17.
(3)In relation to times before 6th April 2003—
(a)in subsection (2)(c), substitute “an employment to which Chapter 2 of Part 5 of ICTA applies” for [F1“not lower-paid employment as a minister of religion”], and
(b)in subsection (3)(a), substitute “ an employment to which Chapter 2 of Part 5 of ICTA does not apply ” for [F2“lower-paid employment as a minister of religion”].
Textual Amendments
F1Words in Sch. 7 para. 27(3)(a) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 22(3)(a)
F2Words in Sch. 7 para. 27(3)(b) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 22(3)(b)
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