5 Termination payments etc: amounts chargeable on employment income
Finance (No 2) Act 2017 (2017 c 32) | Legislation

5  Termination payments etc: amounts chargeable on employment income

(1)     ITEPA 2003 is amended in accordance with subsections (2) to (9).

(2)     In section 7(5) (list of provisions under which amounts are treated as earnings), before the “or” at the end of paragraph (c) insert—

“(ca)     section 402B (termination payments, and other benefits, that cannot benefit from section 403 threshold),”.

(3)     Before section 403 (charge on payments and benefits in excess of £30,000 threshold) insert—

“402A Split of payments and other benefits between sections 402B and 403

(1)     In this Chapter “termination award” means a payment or other benefit to which this Chapter applies because of section 401(1)(a).

(2)     Section 402B (termination awards not benefiting from threshold treated as earnings) applies to termination awards to the extent determined under section 402C.

(3)     Section 403 (charge on payment or benefit where threshold applies) applies to termination awards so far as they are not ones to which section 402B applies.

(4)     Section 403 also applies to payments and other benefits to which this Chapter applies because of section 401(1)(b) or (c) (change in duties or earnings).

402B Termination awards not benefiting from threshold to be treated as earnings

(1)     The amount

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