Point in time view as at 03/08/2005.
Income Tax (Earnings and Pensions) Act 2003, Section 482 is up to date with all changes known to be in force on or before 09 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)[F3Relief is available under this section against an amount counting as employment income under section 476 if] conditions A to D are met.
(2)Condition A is that a notice in respect the employment-related securities option was given to [F4the Commissioners for Her Majesty’s Revenue and Customs] in accordance with section 1 of the Social Security Contributions (Share Options) Act 2001 before 11th August 2001.
(3)Condition B is that the person, or one of the persons, who gave that notice is a person who (apart from that Act) was liable, or would have become liable, by virtue of an election under paragraph 3B of Schedule 1 to the Contributions and Benefits Act, to pay secondary Class 1 contributions in respect of an event which is a chargeable event for the purposes of section 476.
(4)Condition C is that that person became liable to pay a special contribution under section 2 of the Social Security Contributions (Share Options) Act 2001 in respect of the employment-related securities option.
(5)Condition D is that that person met that liability before 11th August 2001 or before the end of such further period as [F4the Commissioners for Her Majesty’s Revenue and Customs] directed under section 2(5) of that Act.
[F5(6)The amount of the relief is the amount of the liability referred to in subsection (4).
(7)Relief under this section is given by way of deduction from the amount otherwise counting as employment income.]]
Textual Amendments
F1Pt. 7 Ch. 5 substituted (16.4.2003 for specified purposes and otherwise 1.9.2003 with effect in accordance with Sch. 22 para. 10(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 10(1); S.I. 2003/1997, art. 2
F2Words in s. 482 heading substituted (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 3(5)(a); S.I. 2004/1945, art. 2
F3Words in s. 482(1) substituted (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 3(5)(b); S.I. 2004/1945, art. 2
F4Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(2); S.I. 2005/1126, art. 2(2)(h)
F5S. 482(6)(7) added (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 3(5)(c); S.I. 2004/1945, art. 2
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