(1) With effect from 1 January 2009, there shall be charged, levied and paid, in accordance with the provisions of this Part, a tax to be known as 'income levy' in respect of the income specified in paragraphs (a) and (b) of the Table to this subsection.

TABLE

(a) The income described in this paragraph, to be known as 'relevant emoluments', is emoluments to which Chapter 4 of Part 42 applies or is applied -

(i) other than social welfare payments and similar type payments,

(ii) other than excluded emoluments,

(iii) disregarding expenses, in respect of which an employee may be entitled to relief from income tax, which fall within Regulation 10(3) of the PAYE Regulations,

(iv) having regard to any relief under section 201(5)(a) and paragraphs 6 and 8 of Schedule 3, and