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Legislation
Income Tax (Earnings and Pensions) Act 2003

Crossheading Payments and benefits treated as employment income

  • Section 402A Split of payments and other benefits between sections 402B and 403
  • Section 402B Termination awards not benefiting from threshold to be treated as earnings
  • Section 402C The termination awards to which section 402B applies
  • Section 402D “Post-employment notice pay”
  • Section 402E Meaning of “trigger date” and “post-employment notice period” in section 402D
  • Section 403 Charge on payment or other benefit where threshold applies
  • Section 404 How the £30,000 threshold applies
  • Section 404A Amounts charged to be treated as highest part of total income
  • Section 404B Power to vary threshold
  1. Payments and benefits treated as employment income
  2. Power to vary threshold

Section 404B | Power to vary threshold F1

From legislation.gov.uk

(1)The Treasury may by regulations amend the listed provisions by substituting, for the amount for the time being mentioned in those provisions, a different amount.F1

(2)The listed provisions are—F1

subsections (1), (4) and (5) of section 403, and

subsections (1), (4) and (5) of section 404 and its heading.

(3)Regulations under this section may include transitional provision.F1

(4)A statutory instrument containing regulations under this section which reduce the mentioned amount may not be made unless a draft of it has been laid before, and approved by a resolution of, the House of Commons.F1

Notes

  1. F1

    S. 404B inserted (with effect in accordance with s. 5(10) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 5(6)

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