Version Superseded: 19/07/2011
Point in time view as at 03/08/2005. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 227 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 Part contains—
(a)earnings-only exemptions, and
(b)employment income exemptions.
(2)In this Act “earnings-only exemption” means an exemption from income tax which—
(a)prevents liability to tax arising in respect of earnings, either by virtue of one or more particular provisions (such as a Chapter of the benefits code) or at all, and
(b)does not prevent liability to tax arising in respect of other employment income.
(3)In this Act “employment income exemption” means an exemption from income tax which prevents liability to tax arising in respect of employment income of any kind at all.
(4)The following provisions in Part 7 also confer exemption from liability to income tax in respect of earnings—
[F1(a)section 425 (restricted securities: no charge in respect of acquisition in certain circumstances),
(b)section 475 (no charge in respect of acquisition of securities option),]
(c)sections 489 to 493 and sections 496 to 499 (approved share incentive plans),
F2(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e)section 519 (approved SAYE option schemes: no charge in respect of exercise of option),
F3(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g)section 524 (approved CSOP schemes: no charge in respect of exercise of option),
F4(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)section 542 (priority share allocations: exemption where offer made to public and employees), and
(j)section 544 (priority share allocations: exemption where different offers made to public and employees).
Textual Amendments
F1S. 227(4)(a)(b) substituted (with effect in accordance with Sch. 22 para. 25(4) of the amending Act, and otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 25(2); S.I. 2003/1997, art. 2
F2S. 227(4)(d) repealed (with effect in accordance with Sch. 22 para. 25(4) of the amending Act, and otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 25(3), Sch. 43 Pt. 3(4); S.I. 2003/1997, art. 2
F3S. 227(4)(f) repealed (with effect in accordance with Sch. 22 para. 25(4) of the amending Act, and otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 25(3), Sch. 43 Pt. 3(4); S.I. 2003/1997, art. 2
F4S. 227(4)(h) repealed (with effect in accordance with Sch. 22 para. 25(4) of the amending Act, and otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 25(3), Sch. 43 Pt. 3(4); S.I. 2003/1997, art. 2
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