Section 1241 | Payments in respect of employment in more than one capacity

(1)This section applies if the payment is in respect of the employee's employment with the employer—

(a)partly in the employer's investment business, and

(b)partly in one or more other capacities.

(2)The amount of the redundancy payment, or the amount which would have been due if a redundancy payment had been payable, is to be apportioned on a just and reasonable basis between—

(a)the employment in the investment business, and

(b)the employment in the other capacities.

(3)The part of the payment apportioned to the employment in the investment business is treated as a payment in respect of the employee's employment wholly in the investment business for the purposes of section 1240.