Section 695A Employment income under Part 7AF1

(1)

This section applies if—

(a)

the value of a relevant step counts as employment income under Chapter 2 of Part 7A, and

(b)

the relevant step is not the payment of a sum of money,

and references to A and B are to be read accordingly.

(2)

For the purposes of PAYE regulations B is treated as making a payment of PAYE income of A of an amount which, on the basis of the best estimate which can reasonably be made, is—

(a)

the amount of the employment income, less

(b)

so much of that amount (if any) to which section 554Z9(2) or 554Z10(2) applies.

(3)

The payment is treated as made on the latest of the following days—

(a)

the day on which the relevant step is taken,

(b)

the day on which A's employment with B starts, and

(c)

the day which is 30 days after the day on which FA 2011 is passed.

(4)

Subsection (2) does not apply if the person who takes the relevant step (whether or not a person to whom PAYE regulations apply) accounts for income tax on the relevant step in accordance with PAYE regulations.

Annotations

Textual amendments

F1: S. 695A inserted (with effect in accordance with Sch. 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 31

Notes on Part 11

Modifications

C1: Pt. 11 power to amend or repeal conferred (21.7.2009) by Finance Act 2009 (c. 10), Sch. 58 para. 10