SCHEDULES

SCHEDULE 2Transitionals and savings

Part 21Other provisions

Unpaid remuneration

140

1

This paragraph applies for the purposes of—

a

section 1288 of this Act (unpaid remuneration), and

b

section 76ZL of ICTA (corresponding provision for companies carrying on life assurance business).

2

In relation to a period of account ending before 27 November 2002, an amount charged in the accounts in respect of employees' remuneration includes an amount which is held by an intermediary with a view to its becoming employees' remuneration.

3

In relation to a period of account ending on or after 27 November 2002, an amount charged in the accounts in respect of employees' remuneration includes an amount—

a

in respect of employee benefit contributions (within the meaning of sections 1290 to 1296) made before that date, and

b

which is held by an intermediary,

with a view to its becoming employees' remuneration.