Part 6Employment income: income which is not earnings or share-related
Chapter 2Benefits from F5employer-financed retirement benefits
Benefits treated as employment income
C1394Charge on benefit to which this Chapter applies
1
If a benefit to which this Chapter applies is received by an individual, the amount of the benefit counts as employment income of the individual for the relevant tax year.
F21A
Subsection (1) does not apply in relation to the benefit if the total amount of the benefits to which this Chapter applies received by the individual in the relevant tax year does not exceed £100.
2
If a benefit to which this Chapter applies is received by a person who is not an individual, the F3person who is (or persons who are) the responsible person in relation to the scheme under which the benefit is provided is chargeable F1to income tax on the amount of the benefit for the relevant tax year.
3
In F4this section the “relevant tax year” is the tax year in which the benefit is received.
4
For the purposes of subsection (2), the rate of tax is 40% or such other rate as may for the time being be specified by the Treasury by order.
5
No liability to income tax arises by virtue of any other provision of this Act in respect of a benefit to which this Chapter applies.
Words in Pt. 6 Ch. 2 heading substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(2), 284(1) (with Sch. 36)