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Regulation 8 Adjustment to employee’s total net tax for the year

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In paragraph (3) of regulation 49 of the Principal Regulations—

(a)

after sub-paragraph (a) there shall be inserted—

“(aa)

Any shortfall in deductions made in accordance with these Regulations from the employee, where—

(i)

payments of profit-related pay have been made to the employee in accordance with a profit-related pay scheme registered under Chapter I of Part I of the Finance (No. 2) Act 1987,

(ii)

in consequence of the relief given by that Chapter less tax has been deducted from those payments than would have been deducted if the scheme had not been registered, and

(iii)

the registration of the scheme has subsequently been cancelled with effect from a time before that relevant for the purposes of the relief;”; and

(b)

for the words“an adjustment under sub-paragraph (a) of this paragraph” there shall be substituted—“an adjustment under sub-paragraph (a) or sub-paragraph (aa) of this paragraph”.