Paragraph 4

A payment is to be disregarded for the purposes of paragraph 3(3)(b) if—

But a payment is not to be disregarded under sub-paragraph (1)(b) if, by the end of F25 April 2019, each relevant tax liability has been paid in full.

For the purposes of this paragraph, each of the following is a “relevant tax liability”—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sub-paragraph (6) applies if a payment is disregarded under sub-paragraph (1)(b).

The value of F4a relevant step treated as taken by paragraph 1 or 1A is not reduced under section 554Z5(3) of ITEPA 2003 (overlap with money or asset subject to earlier tax liability) by the amount of the sum, or the value of the asset, which is the subject of the relevant step mentioned in sub-paragraph (1)(b) unless the payment condition is met by reason of section 554Z5(4)(a) and (b)(ii) being met.