Income Tax (Earnings and Pensions) Act 2003

[F1 421L Persons to whom section 421J applies U.K.

(1) This section applies for the purposes of [F2 sections 421J and 421JA (duties to provide information and annual returns)] .

(2) Each of the following persons is a responsible person in relation to a reportable event.

(3) The persons are—

(a) the employer in question,

(b) any host employer of the employee in question,

[F3 (ba) if the employee in question is a continental shelf worker and PAYE regulations do not apply to the employer in question, any person who is a relevant person in relation to the employee in question,]

(c) the person from whom the securities in question were, or interest or option in question was, acquired, and

(d) in relation to a reportable event concerning securities or an interest in securities which are not excluded securities, the person by whom the securities were issued.

(4) In subsection (3)(b) “host employer” means a person other than the employer in question—

(a) for whom the employee in question works at the time of the reportable event, and

(b) who would, by virtue of subsection (2) of section 689 (employees of non-UK employers working for a person other than the employer), be treated for the purposes of PAYE regulations as making a payment of PAYE income of the employee in question if a payment to which subsection (5) would apply were made by the employer in question in respect of the period during which the employee works for the other person.

(5) For the purposes of subsection (4)(b) this subsection would apply to a payment if—

(a) it were a payment of PAYE income of the employee, and

(b) the conditions in subsection (1)(c) and (d) of section 689 were satisfied in relation to the payment.

[F4 (5A) In subsection (3)(ba) “continental shelf worker” and “relevant person” have the meaning given by section 689A(11) (PAYE: oil and gas workers on the continental shelf).]

(6) For the purposes of subsection (3)(d) securities are excluded securities in relation to a reportable event if they are—

(a) loan stock, bonds or other instruments creating or acknowledging indebtedness issued by or on behalf of any national or regional government or local authority (in the United Kingdom or elsewhere) or any body whose members consists of states, national or regional governments or local authorities, or

(b) securities which are issued by a person who, at the time of the reportable event, is not connected with the employer in question and which are listed [F5 on a recognised stock exchange or dealt in on any designated market in the United Kingdom].

[F6 (7) In subsection (6)(b) “designated” means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision.

(8) An order under subsection (7) may—

(a) designate a market by name or by reference to any class or description of market, and

(b) vary or revoke a previous order under that subsection.]]

Textual Amendments

F1 Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

F2 Words in s. 421L(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 230, 232

F3 S. 421L(3)(ba) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 21(3)(a)

F4 S. 421L(5A) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 21(3)(b)

F5 Words in s. 421L(6)(b) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 10(2)(a)

F6 S. 421L(7)(8) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 10(2)(b)