- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2024)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/04/2024.
Income Tax (Earnings and Pensions) Act 2003, Section 567 is up to date with all changes known to be in force on or before 28 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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(1)The amount of pension income which is charged to tax under this Part for a particular tax year is as follows.
(2)In relation to each pension, annuity or other item of pension income, the amount charged to tax is the “net taxable pension income” for the tax year.
(3)The net taxable pension income for a pension, annuity or other item of pension income for a tax year is given by the formula—
where—
TPI means the amount of taxable pension income for that pension, annuity or item of pension income for that year (see subsection (4)), and
DPI means the total amount of any deductions allowed from the pension, annuity or item of pension income (see subsection (5)).
(4)For the purposes of this Act—
(a)the amount of taxable pension income for a pension, annuity or other item of pension income for a tax year is determined in accordance with Chapters 3 to [F115A] of this Part (which contain provisions relating to this amount for each type of pension income); and
(b)in determining the amount of taxable pension income for a pension, annuity or other item of pension income, any exempt income is to be excluded.
(5)The deductions allowed from a pension, annuity or other item of pension income are those under—
[F2section 567A (deduction to avoid double taxation where Part 7A has applied to the source of the pension income);]
section 617 (10% deduction from an overseas government pension to which section 615 applies);
Part 12 (payroll giving).
Textual Amendments
F1Word in s. 567(4)(a) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 31 para. 4 (with Sch. 36)
F2Words in s. 567(5) inserted (with effect in accordance with Sch . 2 para. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 26
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