Amendment to the Intermediaries Regulations and the Northern Ireland Intermediaries Regulations35

1

The Intermediaries Regulations M1 and the Northern Ireland Intermediaries Regulations M2 are amended as follows.

2

In regulation 2(4) (interpretation), for “section 168(4) of the Taxes Act”, substitute “ sections 721(4) and (5) of ITEPA 2003 ”.

3

In regulation 3(4) (meaning of “associate”), for “paragraph 7 of Schedule 8 to the Taxes Act”, substitute “ sections 550 and 551 of ITEPA 2003 ”.

4

In regulation 4 (meaning of benefit)—

a

for paragraph (1), substitute—

1

For the purposes of these Regulations a “benefit” means anything that, if received by an employee for performing the duties of an employment, would be general earnings of the employment.

b

In paragraph (3), for sub-paragraphs (a) and (b), substitute—

a

the amount that would, for income tax purposes, be general earnings if the benefit were general earnings from an employment, and

b

the cash equivalent determined in accordance with section 398(2)(b) of ITEPA 2003.

5

In regulation 5(1)(b)(i) (meaning of intermediary), for “under Schedule E”, substitute “ as employment income under ITEPA 2003 ”.

6

In regulation 7(1) (worker’s attributable earnings) for “emoluments”, where it appears in sub-paragraph (b) of Step Seven, substitute “ general earnings ”.