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HMRC internal manual

Employment Income Manual

Termination payments and benefits: treatment of non-cash benefits within Section 401 ITEPA 2003

Section 401 ITEPA 2003A termination settlement frequently includes items that are not payments of money. Where they are taxable only under Section 401 ITEPA 2003 (see

EIM12810 and EIM13030), follow this guidance:
* where the benefit is received on or after 6 April 1998 see EIM13270 * where the benefit is received before 6 April 1998 see SE13255.

EIM13110 explains what received means.