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Income Tax (Earnings and Pensions) Act 2003
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Changes over time for: Section 394
Version Superseded: 19/07/2011
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Income Tax (Earnings and Pensions) Act 2003, Section 394 is up to date with all changes known to be in force on or before 04 November 2024. 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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394Charge on benefit to which this Chapter appliesU.K.
This section has no associated Explanatory Notes
(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.
[F1(1A)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 [F2person who is (or persons who are) the responsible person in relation to] the scheme under which the benefit is provided is chargeable [F3to 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 [F550%] 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.
Textual Amendments
F1S. 394(1A) inserted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(5), 284(1) (with Sch. 36)
F2Words in s. 394(2) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(6), 284(1) (with Sch. 36)
F3Words in s. 394(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 595 (with Sch. 2)
F4Words in s. 394(3) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(7), 284(1) (with Sch. 36)
F5Word in s. 394(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pensions Schemes (Rates, etc) Order 2010 (S.I. 2010/536), arts. 1(1), 2
Modifications etc. (not altering text)
C1S. 394 restricted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 36 paras. 54(2)(3)(a), 55(2) (with s. 283(5), Sch. 36)
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