Version Superseded: 06/04/2007
Point in time view as at 13/06/2003. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 555 is up to date with all changes known to be in force on or before 09 March 2025. 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.
(1)This Part applies if—
(a)a former employee makes a deductible payment, or
(b)a former employer makes a deductible payment on behalf of a former employee and the payment is treated—
(i)as a relevant retirement benefit, or
(ii)as post-employment earnings,
of the former employee.
(2)A deduction of the amount of the deductible payment may be made when computing the former employee’s total income for the tax year in which the payment is made.
(3)Subsection (2) applies only if the former employee makes a claim to the deduction.
(4)The entitlement to a deduction under this section is subject to sections 556 and 557.
(5)For the application of this Part in relation to former office-holders, see section 564.
(6)For relief from capital gains tax where the amount of the deduction allowed under this section exceeds total income, see section 263ZA of TCGA 1992.
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