Income Tax (Earnings and Pensions) Act 2003(c. 1) - Explanatory Notes

Explanatory Notes

Income Tax (Earnings and Pensions) Act 2003

2003 CHAPTER 1

6th March 2003

Commentary on Sections

Example 3

£150(Pe) – £50(E) = £100

Chapter 12: Payments treated as earnings

Overview

Section 226: Valuable consideration given for restrictive undertakings

909. This section brings together the provisions that apply when the payment for the restrictive undertaking is in a non-monetary form. That is more logical and convenient than their present separation. It derives from section 313(4) and (6)(b) of ICTA.

910. The use of two sections emphasises the way the section relating to a non-monetary consideration operates through the preceding one.