[554H Exclusions: earmarking of deferred remuneration]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554H  Exclusions: earmarking of deferred remuneration]

[(1)     This section applies if—

(a)     on a date (“the award date”) A is awarded remuneration (“the deferred remuneration”) in respect of A's employment with B,

(b)     the main purpose of the award is not the provision of relevant benefits (within the meaning of Chapter 2 of Part 6, but ignoring section 393B(2)(a)),

(c)     the deferred remuneration is awarded on terms (“the deferred remuneration terms”) the main purpose of which is to defer the provision to A of the deferred remuneration to a specified date (“the vesting date”) which is after the award date, while providing that the award of the deferred remuneration is revoked if specified conditions are not met on or before the vesting date,

(d)     the vesting date is not more than five years after the award date,

(e)     as at the award date, there is a reasonable chance that the award of the deferred remuneration will be revoked because not all the specified conditions will be met on or before the vesting date,

(f)     if the deferred remuneration were to be provided to A by any person on the award date, that action would, for the purposes of Part 11,

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