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Income Tax (Earnings and Pensions) Act 2003

Section 500: Operation of tax charges in connection with approved SIP

2045.As in the case of section 489, this section is introductory, being concerned with the general scope of the tax charges applying to an approved SIP. Those charges do not apply to an individual who is not chargeable to tax under Part 2 in respect of the eligible employment (as defined) (see subsection (2)).

2046.This section is the second of two that derive from paragraph 77 of Schedule 8 to FA 2000 (the other being section 489).

2047.As in the case of section 489, subsections (2) and (3) are derived from paragraph 77(2) of Schedule 8 to FA 2000. Once again the material in that sub-paragraph has been divided to make it easier to understand; and the definition of “the eligible employment” is new.

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