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

Ne = £5,000; Da = 183; De = 183; Smg = 0

Part 7: Employment income: share-related income and exemptions

Arrangement of material for share schemes

Chapter 4 – Post-acquisition benefits from shares

Overview

Section 448: Cases where this Chapter does not apply

1898. Subsection (1) derives from section 77(2) of FA 1988. It limits the scope of the Chapter to cases where the earnings from the employment are within section 15 or 21 reproducing the restriction in the source legislation to Case I employments. See Note 47 in Annex 2.

1899. Subsection (2) derives from section 77(3) of FA 1988 and is an exemption for public offers.

1900. Subsections (3) and (4) derive from section 77(4) of FA 1988 and extend the public offer exemption to certain other offers which are made to employees separate from a public offer.