Search Legislation

Income Tax (Earnings and Pensions) Act 2003

Section 62: Earnings

251.This section sets out what constitutes the primary ingredient of employment income: earnings. It derives from section 131 of ICTA. The “money’s worth” principle incorporated in subsection (2) derives from long-established case law. See Note 13 in Annex 2.

252.The definition of earnings incorporates several suggestions received during the consultation process leading up to this Act to bring the language more up to date. In particular “emolument” does not now appear until subsection (2)(c).

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources