Goodbye "emoluments"

The new Income Tax (Earnings and Pensions) Act 2003 comes into force on 6 April 2003. This new Act consolidates existing income tax legislation and, as well making some minor changes to incorporate extra-statutory concessions and Revenue practice, does away with some old-fashioned terms such as "emoluments". The new term is "PAYE income".

Among the new legislation to use this new expression are the tax credit regulations that now require employers to pay WTC to employees "at the same time that the employer makes a payment of PAYE income to the employee".

Further information about the minor changes to tax law from the new consolidation Act will be provided in due course.
(Source: The Working Tax Credit (Payment by Employers) (Amendment) Regulations 2003 - www.inlandrevenue.gov.uk/si/2003-0715.pdf )
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