Regulation 61K Modification of the general rule: making goodF1

(1)

This regulation applies instead of regulation 61D(2) where immediately before the authorised employer makes the final main relevant payment of the tax year the specified employee has not made any or all of the making good payment.

(2)

The authorised employer must—

(a)

ascertain the difference between:

(i)

the amount of the making good payment that has been taken into account when determining the cash equivalent F2, relevant amount or amount foregone in respect of the specified benefit at the start of the tax year; and

(ii)

the amount the specified employee has actually paid at that time;

(b)

add the amount obtained under sub-paragraph (a) to the final main relevant payment, and

(c)

apply step 5 of regulation 61D(1) to that amount.

(3)

Where this regulation applies the authorised employer may not take into account making good payments for the purposes of calculating the cash equivalent F3, relevant amount or amount foregone in respect of the same specified benefit provided to the same specified employee in the following tax year.

Annotations

Textual amendments

F1: Pt. 3 Ch. 3A inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Income Tax (Pay As You Earn) (Amendment No. 4) Regulations 2015 (S.I. 2015/1927), regs. 1(1), 6
F2: Words in reg. 61K(2) inserted (6.4.2018) by The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations 2017 (S.I. 2017/1263), regs. 1, 11(a)
F3: Words in reg. 61K(3) inserted (6.4.2018) by The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations 2017 (S.I. 2017/1263), regs. 1, 11(b)