{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-503",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-503.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/503",
  "kind": "section",
  "number": "503",
  "heading": "Charge on partnership share money paid over to employee",
  "text": "(1) Any amount paid over to an individual under any of the provisions of Schedule 2 mentioned in subsection (2) counts as employment income of the individual for the relevant tax year.\n(2) The provisions are—\nparagraph 46(5) (deductions in excess of permitted maximum amount),\nparagraph 50(5)(b) or paragraph 52(6)(b) (surplus partnership share money remaining after acquisition of shares),\nparagraph 52(7) (partnership share money paid over on individual ceasing to be in relevant employment),\nparagraph 52(8) (partnership share money paid over where accumulation period brought to an end by event specified in plan),\nparagraph 55(3) (partnership share money paid over on withdrawal from partnership share agreement), or\nparagraph 56 (partnership share money paid over on plan ceasing to be a Schedule 2 SIP or termination of plan).\n(3) The “relevant tax year” is the tax year in which the amount is paid over.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 503(2) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 7, 89 (with Sch. 8 paras. 90-96)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/503",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}