Employments and officesU.K.
262 Employments and officesU.K.
If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is an employment or office, the allowance or charge is to be given effect, by treating—
(a)the allowance as [F1a deduction from the taxable earnings from] the employment or office, and
(b)the charge as [F2earnings] of the employment or office.
Textual Amendments
F1 Words in s. 262(a) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1) , s. 723 , Sch. 6 para. 253(a) (with Sch. 7 )
F2 Word in s. 262(b) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1) , s. 723 , Sch. 6 para. 253(b) (with Sch. 7 )