Section 554Q Exclusions: income arising from earmarked sum or assetF1

a sum of money or asset (“sum or asset R”) is held by or on behalf of a person (“P”),

income arises from sum or asset R, and

when the income arises, it—

before the income arises, sum or asset R was the subject of a relevant step within section 554B taken by P,

Chapter 2 applied by reason of the relevant step mentioned in paragraph (a) in respect of A's employment with B or would have so applied apart from this section or section 554R or any of sections 554H to 554M or section 554T,

immediately before the income arises, sum or asset R is still earmarked or otherwise held on the basis mentioned in section 554B(1)(a) or (b), and

subsection (3) does not apply.