Paragraph 17 F1
United Kingdom
Paragraph 15 above shall not prevent paragraph 7, 8 or 9 applying in the case of the employee in any year if, apart from paragraph 15—
he would not have been charged for that year to income tax at any rate higher than basic rate in respect of any of his total income or to tax in respect of excess liability; and
the aggregate of the following amounts, that is to say—
the amount of income in respect of which, apart from any home loans, he would have been charged to income tax for that year at the basic rate,
any income which is treated by virtue of section 683(1) or 684(1) as his income for that year for the purposes of excess liability, notwithstanding that he would not have been charged to tax otherwise than at the basic rate,
the cash equivalents, apart from paragraphs 7, 8 and 9 above, of the benefit of any home loans in that year, and
his nominal element (if any) for that year, reduced by an amount equal to the cash equivalents, apart from paragraph 15 above, of the benefit of any home loans in that year,
does not exceed the basic rate limit by more than the amount specified in section 161(1) for that year.
Annotations
Textual amendments
- F1
Sch. 7 paras. 13-19 added (for the year 1991-92 and subsequent years of assessment) by Finance Act 1991 c. 31, SIF 63:1), s. 27(6), Sch. 6 para.5
Notes on Schedule 7
Textual amendments
- F1
Schs. 6, 6A, 7, 7A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 paras. 110, 111, Sch 8 Pt. 1 (with Sch. 7)
Notes on Part IV
Textual amendments
- F1
Sch. 7 Pts. 3-5 repealed (with effect in accordance with s. 88(5)(6) of the repealing Act) by Finance Act 1994 (c. 9), s. 88(4)(b), Sch. 26 Pt. 5(5), Note