PART V INCOME AND CAPITAL

CHAPTER VI CAPITAL

48 Income treated as capital
1 Any annual bounty derived from employment to which paragraph 7 of Schedule 8 (sums to be disregarded in the calculation of earnings) applies shall be treated as capital.
2 Except in the case of an amount to which Article 24(5)(a)(ii) of the Order (refund of tax in trade disputes cases) applies, any amount by way of a refund of income tax deducted from profits or emoluments chargeable to—
(a) income tax under Schedule D or E;
(b) income tax under the legislation of the Republic of Ireland which is analogous to income tax under Schedule D or E,
shall be treated as capital.
3 Any holiday pay which is not earnings under regulation 35(1)(d) (earnings of employed earners) shall be treated as capital.
4 Except any income derived from capital disregarded under paragraph 1, 2, 4, 6 or 12 of Schedule 10, any income derived from capital shall be treated as capital but only from the date it is normally due to be credited to the claimant's account.
5 Subject to paragraph (6), in the case of employment as an employed earner, any advance of earnings or any loan made by the claimant's employer shall be treated as capital.
6 For so long as Article 24 of the Order (trade disputes) applies to a person, paragraph (5) shall not apply to him and, if he is a person to whom Article 24(8) of the Order applies, paragraph-(5) shall not apply until the end of the period specified in the said Article 24(8).
7 Any payment under section 41 of the Prison Act (Northern Ireland) 1953 (payments for discharged prisoners) shall be treated as capital.
1953 c. 18 (N.I.); section 41 was amended by section 27 of the Treatment of Offenders Act (Northern Ireland) 1968 (c. 29 (N.I.))
8 Any payment made by a local authority, as defined in section 107 of the Children Act 1975, which represents arrears of payments under section 34(6) or, as the case may be, section 50 thereof (contributions to a custodian towards the cost of accommodation and maintenance of a child) shall be treated as capital.
1975 c. 72; section 34 was substituted by section 64 of the Domestic Proceedings and Magistrates' Courts Act 1978 (c. 22)