Finance Act 2004

Income Tax (Earnings and Pensions) Act 2003 (c. 1) U.K.

54 U.K. The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

Commencement Information

I1 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

55 U.K. In section 23(3) (calculation of “chargeable overseas earnings”), in Step 2, for paragraphs (b) and (c) substitute—

“(b) sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or”.

Commencement Information

I2 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

56 U.K. In section 54 (1) (calculation of deemed employment payment), in Step 5, for “scheme approved under Chapter 1 or 4 of Part 14 of ICTA” substitute “ registered pension scheme ”.

Commencement Information

I3 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

57 U.K. In section 56(8) (application of Income Tax Acts in relation to deemed employment), for “relevant earnings of the worker for the purposes of section 644 of ICTA (relevant earnings for purposes of permissible pension contributions).” substitute “ relevant UK earnings of the worker for the purposes of Part 4 of FA 2004. ”

Commencement Information

I4 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

58 U.K. In section 218(4) (“lower-paid employment”: deductions to be subtracted), for the references to sections 592(7) and 594 of ICTA substitute— “ sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or ”.

Commencement Information

I5 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

59 U.K. In section 315(5) (limited exemption for expenses connected with certain living accommodation), in Step 3, for paragraph (b) substitute—

“(b) sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or”.

Commencement Information

I6 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

60 (1) Section 327 (deductions from earnings: general) is amended as follows. U.K.

(2) In subsection (4), omit the entry relating to section 619 of ICTA.

(3) In subsection (5), for the entries relating to sections 592(7) and 594 (1) of ICTA substitute “ and sections 188 to 194 of FA 2004 (contributions to registered pension schemes). ”

Commencement Information

I7 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

61 U.K. In section 381 (deductions from seafarers' earnings: taking account of other deductions), for paragraphs (c) to (e) substitute—

“(c) section 262 of CAA 2001 (capital allowances to be given effect by treating them as deductions from earnings), and

(d) sections 188 to 194 of FA 2004 (contributions to registered pension schemes).”

Commencement Information

I8 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

62 (1) Section 407 (payments and benefits on termination of employment: exception for payments and benefits under tax-exempt pension schemes) is amended as follows. U.K.

(2) In subsection (2), for paragraph (a) substitute—

“(a) a registered pension scheme,

(aa) a scheme set up by a government outside the United Kingdom for the benefit of employees or primarily for their benefit, or”.

(3) Omit subsection (3).

Commencement Information

I9 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

63 (1) Section 408 (payments and benefits on termination of employment: exception for contributions to tax-exempt pension schemes) is amended as follows. U.K.

(2) In subsection (1), for “tax-exempt pension scheme or approved personal pension arrangements” substitute “ registered pension scheme ”.

(3) Omit subsection (2).

(4) In the heading, for “tax-exempt pension schemes” substitute “ registered pension schemes ”.

Commencement Information

I10 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

64 U.K. In section 563 (former employees: deductions for liabilities), in the definition of “relevant retirement benefit”, for paragraphs (a) and (b) substitute—

“(a) which is received by the former employee under an employer-financed retirement benefits scheme, and

(b) which, under Chapter 2 of Part 6, counts as employment income of the former employee.”

Commencement Information

I11 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

65 (1) Schedule 1 (abbreviations and defined expressions) is amended as follows. U.K.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In Part 2, insert at the appropriate place—

“registered pension scheme

section 832 (1) of ICTA”.

Textual Amendments

F1 Sch. 35 para. 65(2) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 126(6)(a)

Commencement Information

I12 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284