SCHEDULE 16 Relief Where National Insurance Contributions Met by Employee
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 16 Relief Where National Insurance Contributions Met by Employee

Section 85

Income tax relief: restricted securities

1

(1)     Chapter 2 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c 1) (employment income: restricted securities) is amended as follows.

(2)     In section 426 (charge on occurrence of chargeable event), for subsections (1) to (4) substitute—

“(1)     If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year.

(2)     For this purpose—

(a)     “chargeable event†has the meaning given by section 427,

(b)     “the taxable amount†is the amount determined under section 428, and

(c)     “the relevant tax year†is the tax year in which the chargeable event occurs.

(3)     Relief may be available under section 428A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.â€.

(3)     After section 428 insert—

“428A Relief for secondary Class 1 contributions met by employee

(1)     Relief is available under this section against an amount counting as employment income under section 426 (“the employment income amountâ€) if—

(a)     an agreement having effect under

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