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Clause 42 - Taxable specific income: effect on pension input amount for non-UK schemes

Finance (No. 2) Bill – in a Public Bill Committee at 3:15 pm on 8th May 2014.

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Question proposed, That the clause stand part of the Bill.

Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

I will be extremely brief on this clause, which is technical and removes an anomaly resulting from the employment income tax legislation’s interaction with the treatment of employer contributions to relevant non-UK schemes, which could have led to another measure in clause 49—on employment-related securities—creating unintended tax and national insurance liabilities for internationally mobile employees. Subsections (2) and (3) will ensure that when assessing the annual allowance charge any taxable specific income is treated the same as other employment income that is taxable. On that basis, we do not oppose the clause.

Photo of David Gauke David Gauke The Exchequer Secretary

I thank the hon. Lady for her support. She has said all that needs to be said.

Question put and agreed to.

Clause 42 accordingly ordered to stand part of the Bill.