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

Part 4 U.K. Employment income: exemptions

Modifications etc. (not altering text)

C1 Pt. 4 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 26(3)

[F1 CHAPTER 10A U.K. Exemptions: bonus payments by certain employers

Textual Amendments

F1 Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5

312H Excluded payments U.K.

(1) For the purposes of section 312B, a payment is “excluded” if the employee is a party to arrangements (whether made before or after the beginning of the employee's employment) under which—

(a) the employee gives up the right to receive an amount of general earnings or specific employment income in return for the provision of the payment, or

(b) the employee and employer agree that the employee is to receive the payment rather than receive some other description of employment income.

(2) In this section references to an employee include a former employee.]