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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 511

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Point in time view as at 02/12/2019.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 511 is up to date with all changes known to be in force on or before 06 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. Help about Changes to Legislation

511PAYE deductions to be made by trustees on shares ceasing to be subject to planU.K.
This section has no associated Explanatory Notes

(1)This section applies if, as a result of any shares ceasing to be subject to [F1a Schedule 2] SIP—

(a)there is an amount that counts as employment income of a participant by virtue of the SIP code, and

(b)condition A or B is met.

(2)Condition A is that [F2an officer of Revenue and Customs]

(a)[F3is] of the opinion that it is impracticable for the employer company (within the meaning of section 510) to make a PAYE deduction, and

(b)accordingly [F4directs] that this section is to apply.

(3)Condition B is that there is no company that qualifies as the employer company (within the meaning of that section).

(4)If this section applies—

(a)section 510(2) does not apply, and

(b)the trustees must make a PAYE deduction in respect of the taxable equivalent as if the participant were a former employee of the trustees.

(5)The “taxable equivalent” means an amount equal to that mentioned in subsection (1).

(6)If this section applies, section 689 (employee of non-UK employer) does not apply.

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