Amendment of the principal Regulations2
1
Amend paragraph 7 of Schedule 4 as follows.
2
In sub-paragraph (3)4 for “the same year” substitute “the same year and, where the case falls within paragraph (b), during the following year”.
3
At the end of sub-paragraph (5)5 add—
This is subject to the following qualification.
4
After sub-paragraph (5) insert—
5A
Where a payment—
a
falls within sub-paragraph (4)(e)6,
b
comprises a beneficial interest in shares, or
c
is treated as earnings within the meaning of Part 7 of the Income Tax (Earnings and Pensions) Act 20037,
sub-paragraph (5B) applies.
5B
If this sub-paragraph applies—
a
sub-paragraph (5)(a) shall have effect as if “, but not in excess of,” were omitted; and
b
sub-paragraph (8)8 shall have effect as if at the end there were added “or the following year”