- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (30/05/1994)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2005
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Income and Corporation Taxes Act 1988, Section 598 is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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M1(1)Subject to the provisions of this section, tax shall be charged under this section on any repayment to an employee during his lifetime of any contributions (including interest on contributions, if any) if the payment is made under—
(a)a scheme which is or has at any time been an exempt approved scheme, or
(b)a [F1relevant] statutory scheme established under a public general Act.
(2)Where any payment is chargeable to tax under this section, the administrator of the scheme shall be charged to income tax under Case VI of Schedule D and, subject to subsection (3) below, the rate of tax shall be 10 per cent.
(3)The Treasury may by order from time to time increase or decrease the rate of tax under subsection (2) above.
(4)The tax shall be charged on the amount paid or, if the rules permit the administrator to deduct the tax before payment, on the amount before deduction of tax, and the amount so charged to tax shall not be treated as income for any other purpose of the Tax Acts.
(5)Subsection (1)(a) above shall not apply in relation to a contribution made after the scheme ceases to be an exempt approved scheme (unless it again becomes an exempt approved scheme).
(6)This section shall not apply where the employee’s employment was carried on outside the United Kingdom.
(7)In relation to a statutory scheme, “employee” in this section includes any officer.
Textual Amendments
F11989 s.75and Sch.6 paras.10and 18(1)on and after 14March 1989.
Modifications etc. (not altering text)
C120per cent. on and after 6April 1988—see S.I. 1988 No.504in Part III Vol.5
Marginal Citations
M1Source-1970(F) Sch.5 Part II 2, 3; 1971 Sch.3 7; 1987 (No.2) Sch.3 9
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