[554G Exclusions: transactions under employee benefit packages]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554G  Exclusions: transactions under employee benefit packages]

[(1)     Chapter 2 does not apply by reason of a relevant step taken by a person (“P”) if—

(a)     the step is not taken under a pension scheme,

(b)     the step is taken for the sole purpose of a transaction which P has with A and which P entered into in the ordinary course of P's business,

(c)     if the step is the payment of a sum of money by way of a loan—

(i)     a substantial proportion of P's business involves making similar loans to members of the public,

(ii)     the transaction with A is part of a package of benefits which is available to a substantial proportion of B's employees, and

(iii)     subsection (3) does not apply,

(d)     if the step is not the payment of a sum of money by way of a loan, the transaction with A is part of a package of benefits which is available—

(i)     to a substantial proportion of B's employees,

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