Paragraph 48
United Kingdom
References in this Part of this Schedule to an employee’s “salary" are to such of the emoluments of the employment by reference to which he is eligible to participate in the plan as are liable to be paid under deduction of tax pursuant to section 203 of the Taxes Act 1988 (PAYE)[F1or which would be if that individual were within the scope of Schedule E], after deducting amounts included by virtue of Chapter II of Part V of that Act (expenses and benefits in kind) F2or which would have been had the individual been within the scope of Schedule E, or would be so liable apart from this Schedule.
Annotations
Textual amendments
- F1
Words in Sch. 8 para. 48 inserted (11.5.2001 with effect as mentioned in Sch. 13 para. 3(2)(3) of the amending Act) by 2001 c. 9, s. 61, Sch. 13 paras. 1, 3(1)(a)(2)(3)
- F2
Words in Sch. 8 para. 48 added (11.5.2001 with effect as mentioned in Sch. 13 para. 2(2)(3) of the amending Act) by 2001 c. 9, s. 61, Sch. 13 paras. 1, 3(1)(b)(2)(3)
Notes on Schedule 8
Textual amendments
- F1
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)