SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
333Taxation of Chargeable Gains Act 1992 (c. 12)
1
Amend section 263ZA (former employees: employment-related liabilities) as follows.
2
In subsection (1)(a)—
a
for “from total income” substitute “in calculating net income”, and
b
for “when computing a former employee’s total income” substitute “in calculating a former employee’s net income”.
3
In subsection (1)(b) for “the total income” substitute “the remaining total income”.
4
In subsection (2)(b) for “the total income” substitute “the remaining total income”.
5
After subsection (2) insert—
2A
In this section “the remaining total income”, in relation to a tax year, means the former employee’s total income for the tax year less reliefs already deducted for the tax year at Step 2 of the calculation in section 23 of ITA 2007 for the purpose of calculating the former employee’s income tax liability.
6
In subsection (5)—
a
in paragraph (d) for “against capital gains tax under section 72 of the Finance Act 1991” substitute “under section 261B”, and
b
in paragraph (e) for “against capital gains tax under section 90(4) of the Finance Act 1995” substitute “under section 261D”.