| 释义 |
emoluments
pl. n. Emoluments are any salary, wages, fee, other profit, incidental benefit, or any other compensation arising in relation to an employment. Sections 62(2) and 6(1) of the Income Tax (Earnings and Pensions) Act 2003 operate to subject an individual’s emoluments to income tax under the provisions for employment income. By contrast, the charging base for National Insurance is earnings and specified benefits in kind. Hence, a payment on the termination of employment in excess of the tax-free limit attracts a charge to income tax, but there is no National Insurance charge. The distinction is explored in HMRC v Forde & McHugh Ltd [2012] EWCA Civ 692. |