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 8: Former employees: deductions for liabilities
Overview
Section 556: Deductible payments made outside the time limits allowed

2241.This section gives the start and finish dates of the run-off period referred to in the overview above. It derives from section 92(2)(a) of FA 1995.

2242.Subsection (1) is more precise than the source legislation about when the payment must be made. See Change 134 in Annex 1.