[554Z20 Valuation of step within section 554Z19]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554Z20  Valuation of step within section 554Z19]

[(1)     This section applies if, by virtue of section 554Z17, Chapter 2 applies by reason of a step taken by B within section 554Z19.

(2)     Section 554Z3 has effect as if subsections (3) and (4) below were substituted for subsections (1) to (6) of that section.

(3)     The value of the relevant step is—

(a)     the amount to be paid as a contribution under the relevant undertaking determined, as at the time the step is taken, on a just and reasonable basis assuming that any condition to be met before any payment is made will be met, or

(b)     if lower, the value of the security.

(4)

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