Section 520(1) of the Principal Act is amended, in the definition of "relevant payment", by the substitution for all of the words from and including "but excludes -" down to and including "for the purposes of section 207;" of the following:

"but excludes -

(i) emoluments within the scope of Chapter 4 of Part 42 to which that Chapter applies,

(ii) relevant payments as defined for the purpose of Chapter 2 of this Part,

(iii) a payment by one accountable person to another in reimbursement of a relevant payment,

(iv) a payment by one accountable person to -

(I) another accountable person being a person whose income is exempt from corporation tax or is disregarded for the purposes of the Tax Acts, or

(II) a body which has been granted an exemption from tax for the purposes of section 207, and

(v) a locum cover payment within the meaning of section 986(4A) made on or after 1 November 2023;".