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”