152 Cash options.U.K.
Where—
[F1(a)under approved personal pension arrangements within the meaning of Chapter [F2IV of Part XIV of the Taxes Act 1988], or
(b)under a contract or trust scheme approved by the Board under section [F3620 or 621 of the Taxes Act 1988] or (before [F46th April 1970] under section 22 of the M1Finance Act 1956]
an annuity becomes payable on a person’s death to a widow, widower or dependant of that person, and under the terms of the contract or scheme a sum of money might at his option have become payable instead to his personal representatives, he shall not, by virtue of section 5(2) above, be treated as having been beneficially entitled to that sum.
Textual Amendments
F1Finance Act 1987 (No.2) s. 98(5),with effect from 23July 1987.Originally
“under a contract or trust scheme approved by the Board under section 226 or 226A of the Taxes Act or (before the commencement of that Act) under section 22 of the Finance Act 1956 (retirement annuities)”.
F2Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“II of Part I of the Finance (No. 2) Act 1987”.
F3Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“226 or 226A of the Taxes Act”.
F4Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“The commencement of that Act”.
Marginal Citations