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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Section 504 is up to date with all changes known to be in force on or before 04 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.
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504Charge on cancellation payments in respect of partnership share agreementU.K.
This section has no associated Explanatory Notes
(1)This section applies if an individual who has entered into a partnership share agreement receives any money or money’s worth in respect of the cancellation of the agreement.
(2)The amount of the money or the value of the money’s worth counts as employment income of the individual for the relevant tax year.
(3)The “relevant tax year” is the tax year in which the individual receives the money or money’s worth.
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