Section 11(3) ITEPA 2003

As explained at EIM00800, loss relief may be available under section 128 ITA 2007, to be given by set-off against general income, where the amount that is the total amount of any taxable earnings from that employment in the tax year is negative.

Chapters 2 to 5 of Part 2 ITEPA 2003 spell out the method for calculating the amount that is chargeable to tax as employment income. That represents a new approach. However, as explained in the preamble to ITEPA, it is:

‘An Act to restate, with minor changes, certain enactments relating to income tax on employment income ….’

In general, ITEPA 2003 did not change the law.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.