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).