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The Income Tax (Pay As You Earn) (Amendment) (No.2) Regulations 2011

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Amendment of the Income Tax (Pay As You Earn) Regulations 2003

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3.  Regulation 37 (PAYE income paid after employment ceased) of the Income Tax (Pay As You Earn) Regulations 2003(1) is amended by the substitution for paragraph (2) of the following—

“(2) Subject to paragraph (2A), the person making the payment must deduct tax on the non-cumulative basis using the 0T Code.

(2A) If the payment is in the form of securities, an interest in securities or securities options which gives rise to earnings within Chapter 1 of Part 3 of ITEPA or which counts as employment income by virtue of Part 7 of ITEPA, the person making the payment must deduct tax at the basic rate in force for the tax year in which the payment is made.

(2B) In paragraph (2A)—

“interest”,

“securities”, and

“securities options”

have the meaning indicated in section 420 of ITEPA(2)”.

(2)

2003 c.1. Section 420 was inserted by way of substitution, along with the rest of Chapter 1 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003, by Schedule 22 to the Finance Act 2003 (c.14). It was subsequently amended by Schedule 2 to the Finance Act (No.2) 2005 (c.22); section 92 of the Finance Act 2006 (c.25); Part 2 of Schedule 1 to the Corporation Tax Act 2009 (c.4); section 126(5) of the Finance Act 2009; paragraphs 203 and 204 of Part 7 of Schedule 8 to the Taxation (International and Other Provisions) Act 2010 (c.8); and article 2 of S.I. 2007/2130.

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