Point in time view as at 18/11/2024.
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Consequential amendments: PAYE.
4(1)Part 11 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (Pay As You Earn) is amended as follows.U.K.
(2)In section 698 (PAYE: special charges on employment-related securities), after subsection (2) insert—
“(2A)For the purposes of this section the amount likely to count as employment income under section 426 or 438 means the amount after deducting the amount of any relief likely to be available under section 428A or 442A (relief for secondary Class 1 contributions met by employee).”.
(3)In section 700 (PAYE: gains from securities options), after subsection (4) insert—
“(4A)For the purposes of this section the amount likely to count as employment income under section 476 means the amount after deducting the amount of any relief likely to be available under section 481 or 482 (relief for secondary Class 1 contributions or special contribution met by employee).”.
Commencement Information
I1Sch. 16 para. 4 in force at 1.9.2004 by S.I. 2004/1945, art. 2
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