ITEPA 2003, s. 710 contains the basic rule for accounting for income tax under PAYE, with respect to employment-related securities. This section applies in relation to any ‘notional payments’ of PAYE income.

PAYE income that is deemed to arise under s. 696 (¶465-160), s. 700 (¶465-170) or s. 698 (¶465-180), or indeed under s. 695A (¶465-190), counts as a notional payment.

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