Amendment to the Intermediaries Regulations and the Northern Ireland Intermediaries Regulations35
1
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
”
.