- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
35.—(1) The Intermediaries Regulations (1) and the Northern Ireland Intermediaries Regulations (2) 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”.
Regulation 7 of the Intermediaries Regulations was amended by regulations 4 of S.I. 2002/703 and regulation 6 of S.I. 2003/2079., and regulation 7 of the Northern Ireland Intermediaries Regulations was amended by regulation 4 of S.I. 2002/705 and regulation 6 of 2003/2080.
S.I. 2000/728. Regulations 2(4) and 7 were amended by regulations 4 and 6 of S.I. 2003/2080.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: