This section has no associated Explanatory Notes
4(1)“Relevant remuneration”, in relation to a relevant banking employee of a taxable company, means anything that—U.K.
(a)constitutes earnings (within the meaning of section 62 of ITEPA 2003) in relation to the employee's employment by the taxable company as a relevant banking employee, or
(b)while not constituting earnings, constitutes a benefit provided by reason of that employment.
(2)Whether or not the relevant banking employee is chargeable to income tax in respect of anything is irrelevant in determining whether or not it is relevant remuneration.
(3)Excluded remuneration is not relevant remuneration.