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Legislation
Income Tax (Earnings and Pensions) Act 2003

Crossheading Exclusions

  • Section 554E Exclusions: steps under certain schemes etc
  • Section 554F Exclusions: commercial transactions
  • Section 554G Exclusions: transactions under employee benefit packages
  • Section 554H Exclusions: earmarking of deferred remuneration
  • Section 554I Exclusions: introduction to sections 554J to 554M
  • Section 554J Exclusions: earmarking for employee share schemes (1)
  • Section 554K Exclusions: earmarking for employee share schemes (2)
  • Section 554L Exclusions: earmarking for employee share schemes (3)
  • Section 554M Exclusions: earmarking for employee share schemes (4)
  • Section 554N Exclusions: other cases involving employment-related securities etc
  • Section 554O Exclusions: employee car ownership schemes
  • Section 554OA Exclusions: transfer of employment-related loans
  • Section 554P Exclusions: employment income exemptions under Part 4
  • Section 554Q Exclusions: income arising from earmarked sum or asset
  • Section 554R Exclusions: acquisitions out of sums or assets
  • Section 554RA Exclusions: relevant repayments
  • Section 554S Exclusions: pension income chargeable under Part 9 etc
  • Section 554T Exclusions: employee pension contributions
  • Section 554U Exclusions: pre-6 April 2006 contributions to employer-financed retirement benefit schemes
  • Section 554V Exclusions: purchases of annuities out of pension scheme rights
  • Section 554W Exclusions: certain retirement benefits etc
  • Section 554X Exclusions: transfers between certain foreign pension schemes
  • Section 554XA Exclusions: payments in respect of a tax liability
  • Section 554Y Power to exclude other relevant steps
  1. Exclusions
  2. Exclusions: relevant repayments

Section 554RA | Exclusions: relevant repayments F1F2

From legislation.gov.uk

(1)This section applies (subject to subsection (5)) if—

(a)a right to repayment of principal under a relevant loan (the “repayment right”) is held by or on behalf of a person (“P”), and

(b)on or after 9 December 2010, a sum of money (the “repayment sum”) is acquired by or on behalf of P by way of repayment of principal under the relevant loan.

(2)In this section “relevant loan” means a loan made on or after 6 April 1999.

(3)Subsection (4) applies if—

(a)on its acquisition, the repayment sum is the subject of a relevant step within section 554B taken by P, or

(b)for the sole purpose of the acquisition, the making of the payment of the repayment sum is a relevant step within section 554C(1)(a).

(4)Chapter 2 does not apply by reason of the relevant step if, on its acquisition, the repayment sum is held by or on behalf of P on the same basis as that on which the repayment right was held by or on behalf of P immediately before the acquisition.

(5)This section does not apply where there is any connection (direct or indirect) between the acquisition by or on behalf of P of the repayment sum and a tax avoidance arrangement (other than the arrangement under which the relevant loan was made).

Notes

  1. F1

    Pt. 7A inserted (with effect in accordance with Sch. 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 1

  2. F2

    S. 554RA inserted (with effect in accordance with Sch. 6 para. 14 of the amending Act) by Finance Act 2017 (c. 10), Sch. 6 para. 8

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