Section 503 Charge on partnership share money paid over to employee
United Kingdom
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.
The provisions are—
paragraph 46(5) (deductions in excess of permitted maximum amount),
paragraph 50(5)(b) or paragraph 52(6)(b) (surplus partnership share money remaining after acquisition of shares),
paragraph 52(7) (partnership share money paid over on individual ceasing to be in relevant employment),
paragraph 52(8) (partnership share money paid over where accumulation period brought to an end by event specified in plan),
paragraph 55(3) (partnership share money paid over on withdrawal from partnership share agreement), or
paragraph 56 (partnership share money paid over on F1plan ceasing to be a Schedule 2 SIP or termination of plan).
The “relevant tax year” is the tax year in which the amount is paid over.
Annotations
Textual amendments
- F1
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)
Notes on Part 7
Textual amendments
- F1
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Modifications
- C1
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Notes on Chapter 6
Textual amendments
- F1
Word in Pt. 7 Ch. 6 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 2, 89 (with Sch. 8 paras. 90-96)