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Finance Act 1989 (c. 26)(The document as of February, 2008) Page 14 Pages: P.1 | P.2 | P.3 | P.4 | P.5 | P.6 | P.7 | P.8 | P.9 | P.10 | P.11 | P.12 | P.13 | P.14 | P.15 | P.16 | P.17 | P.18 | P.19 | P.20 | P.21 | P.22 (iv) shall be chargeable as if the consideration were reduced by 20 per cent. if and to the extent that the rent relates to or to any part of the year beginning on 1st August 1992 and ending on 31st July 1993. Developers of certain non-residential buildings etc.5 (1) Paragraph 6 below shall apply on the first occasion during the period beginning with the day when the construction of a building or work within sub-paragraph (2) below is first planned and ending ten years after the completion of the building or work on which a person who is a developer in relation to the building or work-- (a) grants an interest in, right over or licence to occupy the building or work (or any part of it) which is an exempt supply; or (b) is in occupation of the building, or uses the work, (or any part of it) when not a fully taxable person (or, if a person treated under section 29 of this Act as a member of a group, when the representative member is not a fully taxable person). (2) Subject to sub-paragraph (3) below, the buildings and works within this sub-paragraph are-- (a) any building neither designed as a dwelling or number of dwellings nor intended for use solely for a relevant residential purpose or a relevant charitable purpose; and (b) any civil engineering work, other than a work necessary for the development of a permanent park for residential caravans. (3) A building or work is not within sub-paragraph (2) above if-- (a) construction of it was commenced before 1st August 1989; or (b) a grant of the fee simple in it which falls within paragraph (a) (ii) or (iv) of item 1 of Group 1 of Schedule 6 to this Act has been made before the occasion concerned. (4) For the purposes of this paragraph a taxable person is, in relation to any building or work, a fully taxable person throughout a prescribed accounting period if-- (a) at the end of that period he is entitled to credit for input tax on all supplies to, and importations by, him in the period (apart from any on which input tax is excluded from credit by virtue of section 14(10) of this Act); or (b) the building or work is not used by him at any time during the period in, or in connection with, making any exempt supplies of goods or services. (5) Subject to sub-paragraph (6) below, in this paragraph and paragraph 6 below "developer", in relation to a building or work, means any person who-- (a) constructs it; (b) orders it to be constructed; or (c) finances its construction, with a view to granting an interest in, right over or licence to occupy it (or any part of it) or to occupying or using it (or any part of it) for his own purposes. (6) Where-- (a) a body corporate treated under section 29 of this Act as a member of a group is a developer in relation to a building or work; and (b) it grants an interest in, right over or licence to occupy the building or work (or any part of it) to another body corporate which is treated under that section as a member of the group, then, for the purposes of this paragraph and paragraph 6 below, as from the time of the grant any body corporate such as is mentioned in sub-paragraph (7) below shall be treated as also being a developer in relation to the building or work. (7) The bodies corporate referred to in sub-paragraph (6) above are any which under section 29 of this Act-- (a) was treated as a member of the same group as the body corporate making the grant at the time of the grant; (b) has been so treated at any later time when the body corporate by which the grant was made had an interest in, right over or licence to occupy the building or work (or any part of it); or (c) has been treated as a member of the same group as a body corporate within paragraph (a) or (b) above or this paragraph at a time when that body corporate had an interest in, right over or licence to occupy the building or work (or any part of it). 6 (1) Where this paragraph applies the interest in, right over or licence to occupy the building or work (or any part of it) held by the developer shall be treated for the purposes of this Act as supplied to the developer for the purpose of a business carried on by him and supplied by him in the course or furtherance of the business on the last day of the prescribed accounting period during which it applies or, if later, of the prescribed accounting period during which the building or work becomes substantially ready for occupation or use. (2) The supply treated as made by sub-paragraph (1) above shall be taken to be a taxable supply and the value of the supply shall be the aggregate of-- (a) the value of grants relating to the land on which the building or work is constructed made or to be made to the developer, other than any grants to be made for consideration in the form of rent the value of which cannot be ascertained by the developer when the supply is treated as made; and (b) the value of all the taxable supplies of goods and services, other than any that are zero-rated, made or to be made for or in connection with the construction of the building or work. (3) Where the value of a supply which, apart from this sub-paragraph, would be treated as made by sub-paragraph (1) above would be less than £100,000, no supply shall be treated as made by that sub-paragraph. General7 Where the benefit of the consideration for the grant of an interest in, right over or licence to occupy land accrues to a person but that person is not the person making the grant-- (a) the person to whom the benefit accrues shall for the purposes of this Act be treated as the person making the grant; and (b) to the extent that any input tax of the person actually making the grant is attributable to the grant it shall be treated as input tax of the person to whom the benefit accrues. 8 The Notes to Group 8 of Schedule 5 to this Act and Group 1 of Schedule 6 to this Act apply in relation to this Schedule as they apply in relation to their respective Groups but subject to any appropriate modifications. " 7 In section 42 (adjustment of consideration on changes in tax) of the [1983 c. 55.] Value Added Tax Act 1983-- (a) the following subsection shall be inserted after subsection (1)-- " (1A) Subsection (1) above shall apply in relation to a tenancy or lease as it applies in relation to a contract except that a term of a tenancy or lease shall not be taken to provide that the rule contained in that subsection is not to apply in the case of the tenancy or lease if the term does not refer specifically to value added tax or this section. " , and (b) in subsection (2), the words "(including a change attributable to the making of an election under paragraph 2 of Schedule 6A to this Act)" shall be added at the end. 8 In section 45(4) (orders etc.) of the [1983 c. 55.] Value Added Tax Act 1983, there shall be added after paragraph (c)-- " (d) an order under section 35A above, except one making only such amendments as are necessary or expedient in consequence of provisions of an order under this Act which-- (i) vary Schedule 5 or Schedule 6 to this Act; but (ii) are not within paragraph (c) above. " 9 In section 48 (interpretation) of the Value Added Tax Act 1983, after the definition of "Commissioners" there shall be inserted--
10 In Schedule 1 (registration) to the Value Added Tax Act 1983-- (a) in paragraph 1 there shall be added at the end-- " (6) Where, apart from this sub-paragraph, an interest in, right over or licence to occupy any land would under sub-paragraph (5) above be disregarded for the purposes of sub-paragraph (1) above, it shall not be if it is supplied on a taxable supply which is not zero-rated. " , and (b) in paragraph 2 there shall be added at the end-- " (4) Where, apart from this sub-paragraph, an interest in, right over or licence to occupy any land would under sub-paragraph (3) above be disregarded for the purposes of sub-paragraph (1) above, it shall not be if it is supplied on a taxable supply which is not zero-rated. " 11 In Schedule 2 (supplies of goods and services) to the Value Added Tax Act 1983-- (a) in paragraph 4, for the word "granting" there shall be substituted the word "grant", (b) in paragraph 5(1), for the words "the goods" there shall be substituted the word "goods", and (c) there shall be added at the end-- " 8 (1) Subject to sub-paragraphs (2) and (3) below, paragraphs 5 to 7 above have effect in relation to land forming part of the assets of, or held or used for the purposes of, a business as if it were goods forming part of the assets of, or held or used for the purposes of, a business. (2) In the application of those paragraphs by virtue of sub-paragraph (1) above, references to transfer, disposition or sale shall have effect as references to the grant or assignment of any interest in, right over or licence to occupy the land concerned. (3) Except in relation to-- (a) the grant or assignment of a major interest; or (b) a grant or assignment otherwise than for a consideration, in the application of paragraph 5(1) above by virtue of sub-paragraph (1) above the reference to a supply of goods shall have effect as a reference to a supply of services. " Commencement12 (1) Subject to sub-paragraphs (2) and (3) and paragraph 13 below, the amendments made by paragraphs 1 to 4 of this Schedule shall have effect in relation to grants, assignments and other supplies made on or after 1st April 1989. (2) Note 4(b) to Group 8 of Schedule 5 to the [1983 c. 55.] Value Added Tax Act 1983 shall have effect in relation to grants, assignments and other supplies made on or after 1st August 1989. (3) In relation to grants and assignments made on or after 1st April 1989 but before 1st August 1989-- (a) that Group shall have effect as if the Notes to it included a Note in the same terms as Note (1) to that Group as it had effect before the substitution made by paragraph 1 above, and (b) Group 8A of that Schedule shall have effect as if the Notes to it included a Note in the same terms as Note (5) to that Group as it had effect before the amendments made by paragraph 2 above. (4) Paragraphs 5, 7, 8, 11 and 13(6) and (7) of this Schedule and paragraph 6, so far as relating to section 35A(2) of, and paragraphs 2 to 7 of Schedule 6A to, the Value Added Tax Act 1983, shall come into force on 1st August 1989. (5) Subject to the preceding provisions of this paragraph, this Schedule shall come into force on 1st April 1989. 13 (1) Subject to sub-paragraph (3) below, the amendments made by paragraphs 1 and 2 of this Schedule shall not have effect in relation to a grant, assignment or other supply where-- (a) it is made in pursuance of a legally binding obligation to make it which was incurred before 21st June 1988, and (b) if the Commissioners so require (whether before or after it is made), it is proved to their satisfaction by the production of documents made before that date that it is so made. (2) Subject to sub-paragraph (3) below, the amendments made by paragraphs 1 and 2 of this Schedule shall not have effect in relation to a grant or assignment of an interest in, or in any part of, a building or its site where-- (a) the grant or assignment takes place before 21st June 1993, (b) the person making the grant or assignment was under a legally binding obligation incurred before 21st June 1988 to construct (or reconstruct) the building or to construct any development of which it forms part (other than an obligation to receive services or goods in the course of the construction or reconstruction), (c) if the Commissioners so require (whether before or after the grant or assignment is made), it is proved to their satisfaction by the production of documents made before that date that he was under that obligation, and (d) planning permission for the construction (or reconstruction) of the building was granted before 21st June 1988. (3) Where the grant or assignment is of a tenancy or lease-- (a) if a premium is payable, sub-paragraph (1) or (2) above shall apply only to the extent that it is made for consideration in the form of the premium; and (b) if a premium is not payable, sub-paragraph (1) or (2) above shall apply only to the extent that it is made for consideration in the form of the first payment of rent due under the tenancy or lease. (4) The amendments made by paragraphs 1 and 2 of this Schedule shall not have effect in relation to a supply relating to a building or civil engineering work where-- (a) the supply takes place before 21st June 1993, (b) the supply is made to the person constructing the building or work (or reconstructing the building), (c) that person was under a legally binding obligation incurred before 21st June 1988 to construct the building or work (or to reconstruct the building) or to construct any development of which it forms part (other than an obligation to receive services or goods in the course of the construction or reconstruction), (d) if the Commissioners so require (whether before or after the supply is made), it is proved to their satisfaction by the production of documents made before that date that he was under that obligation, (e) planning permission for the construction of the building or work (or the reconstruction of the building) was granted before 21st June 1988, and (f) before the supply takes place the person constructing the building or work (or reconstructing the building) has given to the person making the supply a certificate in such form as may be specified in a notice published by the Commissioners stating that the supply is zero-rated (in whole or to the extent specified in the certificate) by virtue of this sub-paragraph. (5) Where a grant, assignment or other supply is zero-rated by virtue of this paragraph, it is not a relevant zero-rated supply for the purposes of paragraph 1 of Schedule 6A to the [1983 c. 55.] Value Added Tax Act 1983. (6) Nothing in paragraphs 5 and 6 of that Schedule shall apply-- (a) in relation to a person who has constructed a building if he incurred before 21st June 1988 a legally binding obligation to make a grant or assignment of a major interest in, or in any part of, the building or its site; (b) in relation to a building or work if there was incurred before that date a legally binding obligation to make in relation to the building or work a supply within item 2 of Group 8 of Schedule 5 to the Value Added Tax Act 1983; (c) in relation to a person who has constructed a building if-- (i) he incurred before that date a legally binding obligation to construct the building or any development of which it forms part, and (ii) planning permission for the construction of the building was granted before that date, except where that person does not make a grant or assignment of a major interest in, or in any part of, the building or its site before 21st June 1993. (7) If the Commissioners so require, proof of any of the matters specified in sub-paragraph (6)(a), (b) or (c)(i) above shall be given to their satisfaction by the production of documents made before 21st June 1988. Section 61. SCHEDULE 4 Profit-Related Pay1 The Taxes Act 1988 shall be amended in accordance with the following provisions of this Schedule. 2 (1) In section 171(4) (limit on pay of which half may be exempt from tax) for "ВЈ3,000" there shall be substituted "ВЈ4,000". (2) This paragraph shall have effect in relation to profit-related pay paid by reference to profit periods beginning on or after 1st April 1989. 3 After section 177 there shall be inserted-- " 177A Death of scheme employer(1) Where a scheme employer has died, his personal representatives may make a written application to the Board under this section for the amendment of the registration of the scheme. (2) If on receiving an application under this section the Board are satisfied that, apart from the death of the scheme employer, there would be no grounds for cancelling the registration of the scheme, the Board shall amend the registration of the scheme by substituting the personal representatives for the deceased scheme employer. (3) An application under this section shall be made before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors. (4) Where the Board amend the registration of a scheme under this section, this Chapter shall (subject to any necessary modifications) have effect as if the personal representatives had been the scheme employer throughout. (5) The Board shall give notice to the personal representatives if they refuse an application under this section. 177B Alteration of scheme's terms(1) The alteration of the terms of a registered scheme shall not of itself invalidate the registration of the scheme. (2) Subsection (1) above is without prejudice to the power of cancellation conferred on the Board by section 178(3A); but the power conferred by section 178(3A) shall not be exercisable by virtue of an alteration registered in accordance with this section. (3) Where the terms of a registered scheme have been altered, the scheme employer may apply to the Board for the registration of the alteration. (4) An application under subsection (3) above-- (a) shall be in such form as the Board may prescribe; (b) shall be made within the period of one month beginning with the day on which the alteration is made; (c) shall contain a declaration by the applicant that the alteration is within subsection (8) below and that the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the declaration); (d) shall be accompanied by a report by an independent accountant, in a form prescribed by the Board, to the effect that in his opinion the alteration is within subsection (8) below and the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the report). (5) The Board shall not more than three months after the day on which they receive an application under subsection (3) above either register the alteration or refuse the application; and in either case they shall give notice of their decision to the applicant. (6) Subject to subsection (7) below, the Board shall register an alteration on an application under subsection (3) above. (7) The Board may refuse an application under subsection (3) above if they are not satisfied-- (a) that the application complies with the requirements of subsection (4) above, or (b) that the declaration referred to in subsection (4)(c) above is true. (8) An alteration is within this subsection if-- (a) it relates to a term which is not relevant to the question whether the scheme complies with the requirements of Schedule 8; or (b) it relates to a term identifying any person (other than the scheme employer) who pays the emoluments of employees to whom the scheme relates; or (c) it consists of the addition of a term making provision for an abbreviated profit period of the kind referred to in paragraph 10(3) of Schedule 8; or (d) it amends the provisions by reference to which the employees to whom the scheme relates may be identified, and does so only for the purposes of profit periods which begin after the date on which the alteration is made; or (e) it relates to a provision of a kind referred to in paragraph 13(4) or (5) or 14(3), (4) or (5) of Schedule 8 (as those provisions have effect at the time of the application for registration of the alteration), and has effect only for the purposes of profit periods beginning after the date on which the alteration is made; or (f) it amends the provisions as to when payments will be made to employees, and does so only for the purposes of profit periods beginning after the date on which the alteration is made; or (g) the scheme did not comply with the requirements of Schedule 8 when it was registered, and the alteration-- (i) is made in order to bring the scheme into compliance with the requirements of that Schedule (either as it had effect when the scheme was registered or as it has effect at the time of the application for registration of the alteration), and (ii) is made for the purposes of the first and any subsequent profit period to which the scheme relates, and (iii) is made within two years of the beginning of the first profit period, and (iv) does not invalidate (in whole or in part) any payment of profit-related pay already made under the scheme. " 4 (1) Section 178 (cancellation of registration) shall be amended as follows. (2) In subsection (1) for the words "subsection (5)" there shall be substituted the words "subsections (5) and (5A)". (3) After subsection (3) there shall be inserted-- " (3A) Where the terms of a registered scheme have been altered, then, subject to section 177B(2), the Board may cancel the registration of the scheme with effect from the beginning of the profit period during which the alteration took effect or with effect from the beginning of any later profit period. (3B) If after an alteration of the terms of a scheme has been registered under section 177B it appears to the Board-- (a) that the application for registration of the alteration did not comply with the requirements of subsection (4) of that section, or (b) that the declaration referred to in subsection (4)(c) of that section was false, the Board may cancel the registration of the scheme with effect from the beginning of the profit period during which the alteration took effect or with effect from the beginning of any later profit period. " (4) After subsection (5) there shall be inserted-- " (5A) Where-- (a) the scheme employer has died, and (b) his personal representatives by notice request the Board to cancel the registration of the scheme with effect from the date of death, then, if the notice is given before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors, the Board shall comply with the request. " 5 At the end of section 179 (recovery of tax) there shall be added-- " (3) Where-- (a) the scheme employer has died, but (b) his personal representatives have not been substituted for him as the scheme employer by virtue of section 177A, the reference in subsection (2) above to the scheme employer shall be construed as a reference to the personal representatives. (4) Where-- (a) a payment to which this section applies was made by a person other than the scheme employer, and (b) the scheme employer is not resident in the United Kingdom, then in relation to that payment the reference in subsection (2) above to the scheme employer shall include a reference to the person by whom the payment was made. " 6 At the end of section 180 (annual returns) there shall be added-- " (5) Where-- (a) the scheme employer has died, but (b) his personal representatives have not been substituted for him as the scheme employer by virtue of section 177A, the reference in subsection (1) above to the scheme employer shall be construed as a reference to the personal representatives. " 7 At the end of section 181 (information) there shall be added-- " (4) Where the scheme employer has died, his personal representatives shall inform the Board of his death by notice given before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors. " 8 (1) Section 182 (appeals) shall be amended as follows. (2) In subsection (1) after paragraph (b) there shall be inserted-- " (bb) against a refusal by the Board of an application under section 177B(3); " . (3) After subsection (1) there shall be inserted-- " (1A) An appeal to the Special Commissioners may be made by the personal representatives of a scheme employer against a refusal by the Board of an application under section 177A. " (4) In subsection (2) for the words "scheme employer" there shall be substituted the word "appellant". 9 (1) Paragraph 7 of Schedule 8 (no payments for employees with material interest in company) shall be amended as follows. (2) In sub-paragraph (1), the words ", or is an associate of a person who has," shall be omitted. (3) In sub-paragraph (3), after the words "section 417(3) and (4)" there shall be inserted the words ", but subject to sub-paragraph (4) below". (4) The following sub-paragraphs shall be added at the end-- " (4) For the purposes of this paragraph, where an employee of a company has an interest in shares or obligations of the company as a beneficiary of an employee benefit trust, the trustees shall not be regarded as associates of his by reason only of that interest unless sub-paragraph (8) below applies in relation to him. (5) A trust is an employee benefit trust for the purposes of this paragraph if-- (a) all or most of the employees of the company are eligible to benefit under it, and (b) none of the property subject to it has been disposed of on or after 14th March 1989 (whether by sale, loan or otherwise) except in the ordinary course of management of the trust or in accordance with sub-paragraph (6) below. (6) Property is disposed of in accordance with this sub-paragraph if-- (a) it is applied for the benefit of-- (i) individual employees or former employees of the company, (ii) spouses, former spouses, widows or widowers of employees or former employees of the company, (iii) relatives, or spouses of relatives, of persons within sub-paragraph (i) or (ii) above, or (iv) dependants of persons within sub-paragraph (i) above, (b) it is applied for charitable purposes, or (c) it is transferred to the trustees of an approved profit sharing scheme (within the meaning of section 187), of another employee benefit trust, or of a qualifying employee share ownership trust (within the meaning of Schedule 5 to the Finance Act 1989), and the property applied or transferred consists of any of the ordinary share capital of the company or of money paid outright. (7) In sub-paragraph (6)(a)(iii) above "relative" means parent or remoter forebear, child or remoter issue, brother, sister, uncle, aunt, nephew or niece. (8) This sub-paragraph applies in relation to an employee if at any time on or after 14th March 1989-- (a) the employee, either on his own or with any one or more of his associates, or (b) any associate of his, with or without other such associates, has been the beneficial owner of, or able (directly or through the medium of other companies or by any other indirect means) to control, more than 25 per cent. of the ordinary share capital of the company. (9) Where-- (a) on or after 14th March 1989 an employee of a company, or an associate of his, receives a payment ("the relevant payment") from the trustees of an employee benefit trust, and (b) at any time during the period of three years ending with the day on which the relevant payment is received, the property subject to the trust consists of or includes any part of the ordinary share capital of the company, the employee or associate shall be treated for the purposes of sub-paragraph (8) above as if he were the beneficial owner of the appropriate percentage of the ordinary share capital of the company on the day on which the relevant payment is received (in addition to any percentage of that share capital of which he is actually the beneficial owner on that day). (10) For the purposes of sub-paragraph (9) above, the appropriate percentage is-- ---where--
(11) Where-- (a) an employee or associate is treated by sub-paragraph (9) above as if he were the beneficial owner of a percentage of the ordinary share capital of a company by reason of receiving the relevant payment from the trustees of a trust, and (b) that employee, or an associate of his, has, during the period of 12 months ending with the day on which the relevant payment is received, received one or more payments from trustees of another employee benefit trust or trusts satisfying the requirement in paragraph (b) of sub-paragraph (9) above, that sub-paragraph shall have effect in relation to the employee or associate mentioned in paragraph (a) above as if he had received the payment from the trustees of the trust or of each of the trusts mentioned in paragraph (b) above (or where more than one payment has been received from the trustees of a trust, the last of the payments) on the day on which the relevant payment is received. (12) In sub-paragraphs (8) to (11) above "associate", in relation to an employee, does not include the trustees of an employee benefit trust by reason only that the employee has an interest in shares or obligations of the trust. " 10 (1) Paragraphs 13(2) and 14(2) of Schedule 8 (which provide for a scheme's distributable pool to be at least 5 per cent. of the pay of all the employees to whom the scheme relates if profits remain unchanged) shall be omitted. (2) In consequence of sub-paragraph (1) above-- (a) the following provisions shall be omitted--
(b) in paragraph 13 of Schedule 8-- (i) after sub-paragraph (1) there shall be inserted-- " (1A) That percentage must be a fixed percentage specified in the scheme and, if the scheme relates to more than one period, must be the same for each period. " ; (ii) in sub-paragraph (4)(a), for the words "the base year referred to in sub-paragraph (3) above" there shall be substituted the words "a base year specified in the scheme"; (iii) in sub-paragraph (5), for the words "must be" onwards there shall be substituted the words "must not exceed the profits for a base year specified in the scheme"; (iv) for sub-paragraph (6), there shall be substituted-- " (6) The base year referred to in sub-paragraph (4)(a) and sub-paragraph (5) above must be a period of 12 months ending at a time within the period of two years immediately preceding the profit period, or the first of the profit periods, to which the scheme relates " ; (c) in paragraph 14(5) of that Schedule, for the words "must be" onwards there shall be substituted the words "must not exceed the profits in the period of 12 months immediately preceding the first or only profit period to which the scheme relates". 11 At the end of paragraph 13 of Schedule 8 (calculation of distributable pool by method A) there shall be added-- " (7) Any provision included in a scheme by virtue of sub-paragraph (4) or (5) above may take effect either from the scheme's first profit period or from any later profit period determined in accordance with the scheme. " 12 In paragraph 14 of Schedule 8 (calculation of distributable pool by method B), in sub-paragraph (5) the words "specified in, or" shall be omitted. 13 At the end of paragraph 14 of Schedule 8 there shall be added-- " (8) Any provision included in a scheme by virtue of sub-paragraph (3)(b), (4) or (5) above may take effect either from the scheme's first profit period or from any later profit period determined in accordance with the scheme. " 14 (1) Paragraph 19 of Schedule 8 (profit and loss account for purposes of profit-related pay scheme) shall be amended as follows. (2) After sub-paragraph (4) (account to make no allowance for remuneration of persons excluded from scheme) there shall be inserted-- " (4A) In sub-paragraph (4) above "remuneration", in relation to a person, includes fees and percentages, any sums paid by way of expenses allowance (insofar as those sums are charged to income tax), any contributions paid in respect of him under any pension scheme and the estimated value of any other benefits received by him otherwise than in cash. " (3) In sub-paragraph (6) (items which may be left out of account in arriving at profits or losses) for paragraph (f) there shall be substituted-- " (f) profit-related pay payable under the scheme, and profit-related pay payable under any other registered scheme if it is one to which paragraph 21 below applies; (ff) secondary Class 1 contributions under Part I of the [1975 c. 14.] Social Security Act 1975 or Part I of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 in respect of profit-related pay payable under the scheme; " . 15 After paragraph 20 of Schedule 8 there shall be inserted-- " Parts of undertakings21 (1) This paragraph shall apply to a scheme if the employment unit is a part of an undertaking, and the scheme states that the profits or losses of the unit are for the purposes of the scheme to be taken to be equivalent to those of the whole undertaking (which must be identified by the scheme). Pages: P.1 | P.2 | P.3 | P.4 | P.5 | P.6 | P.7 | P.8 | P.9 | P.10 | P.11 | P.12 | P.13 | P.14 | P.15 | P.16 | P.17 | P.18 | P.19 | P.20 | P.21 | P.22 -- Back --
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