http://www.legislation.gov.uk/ukpga/1988/1/section/595/2002-07-24Income and Corporation Taxes Act 1988An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.1988-02-09texttext/xmlenStatute Law Database2024-05-302002-07-24 PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC. CHAPTER I RETIREMENT BENEFIT SCHEMES Charge to tax in certain cases Charge to tax in respect of certain sums paid by employer etc. <CommentaryRef Ref="c21615761"/>5951Subject to the provisions of this Chapter, where, pursuant to a retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for any employee of that employer, then (whether or not the accrual of the benefits is dependent on any contingency)—athe sum paid, if (disregarding section 148) it is not otherwise chargeable to income tax as income of the employee, shall be deemed for all purposes of the Income Tax Acts to be income of that employee for that year of assessment and assessable to tax under Schedule E; andbwhere the payment is made under such an insurance or contract as is mentioned in section 266, relief, if not otherwise allowable, shall be given to that employee under that section in respect of the payment to the extent, if any, to which such relief would have been allowable to him if the payment had been made by him and the insurance or contract under which the payment is made had been made with him.2Subject to the provisions of this Chapter, whereathe circumstances in which any relevant benefits under a retirement benefits scheme are to accrue are not such as will render the benefits assessable to income tax under Schedule E as emoluments of the employee in respect of whom the benefits are paid, andbthe provision of those benefits is not, or is not fully, secured by the payment of sums by the employer with a view to the provision of those benefits, then (whether or not the accrual of the benefits is dependent on any contingency)an amount equal to the cost, estimated in accordance with subsection (3)below, of securing the provision by a third person of the benefits or, as the case may be, of the benefits so far as not already secured by the payment of such sums as are mentioned in subsection (1)above, shall be deemed for all purposes of the Income Tax Acts to be income of the employee for the year or years of assessment specified in subsection (3)below and assessable to income tax under Schedule E.3The cost referred to in subsection (2)above shall be estimated eitheraas an annual sum payable in each year of assessment in which the scheme in question is in force or the employee is serving, up to and including the year of assessment in which the benefits accrue or there ceases to be any possibility of the accrual thereof, orbas a single sum payable in the year of assessment in which falls the date when the employee acquired the right to the relevant benefits, or the date when he acquired the right to any increase in the relevant benefits;as may be more appropriate in the circumstances of the case .4Where the employer pays any sum as mentioned in subsection (1) above in relation to more than one employee, the sum so paid shall, for the purpose of that subsection, be apportioned among those employees by reference to the separate sums which would have had to be paid to secure the separate benefits to be provided for them respectively, and the part of the sum apportioned to each of them shall be deemed for that purpose to have been paid separately in relation to that one of them.5Any reference in this section to the provision for an employee of relevant benefits includes a reference to the provision of benefits payable to that employee’s wife or husband, or widow or widower, or children, dependants or personal representatives.Pt. 14 Ch. 1 (ss. 590-612) modified (31.3.1995) by Judicial Pensions and Retirement Act 1993 (c. 8), ss. 18, 19(4), 31(2); S.I. 1995/631, art. 2 See s.189—lump sum benefits on retirement.Source-1970(F) s.23(1)-(5) Repealed by 1989 ss.75and 187and Schs.6 paras.7and 18(5)and 17 Part IVfor 1988-89and subsequent years.Words in s. 595(5) inserted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 4Words in s. 595(5) inserted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 4Words in s. 595(1)(a) inserted (with effect in accordance with s. 37(2) of the amending Act) by Finance Act 2002 (c. 23), Sch. 6 para. 6
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<dc:description>An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.</dc:description>
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<Number>PART XIV</Number>
<Title> PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.</Title>
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<CommentaryRef Ref="c21614871"/>
CHAPTER I
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<Title> RETIREMENT BENEFIT SCHEMES</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/part/XIV/chapter/I/crossheading/charge-to-tax-in-certain-cases/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/part/XIV/chapter/I/crossheading/charge-to-tax-in-certain-cases" NumberOfProvisions="13" RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-07-31" id="part-XIV-chapter-I-crossheading-charge-to-tax-in-certain-cases">
<Title> Charge to tax in certain cases</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2002-07-24" RestrictEndDate="2003-04-06">
<Title>
Charge to tax in respect of certain sums paid by employer etc.
<CommentaryRef Ref="c21615761"/>
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1
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<Text>Subject to the provisions of this Chapter, where, pursuant to a retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for any employee of that employer, then (whether or not the accrual of the benefits is dependent on any contingency)—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>
the sum paid, if
<Addition ChangeId="d29p637791" CommentaryRef="c22900661">(disregarding section 148) it is</Addition>
not otherwise chargeable to income tax as income of the employee, shall be deemed for all purposes of the Income Tax Acts to be income of that employee for that year of assessment and assessable to tax under Schedule E; and
</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>where the payment is made under such an insurance or contract as is mentioned in section 266, relief, if not otherwise allowable, shall be given to that employee under that section in respect of the payment to the extent, if any, to which such relief would have been allowable to him if the payment had been made by him and the insurance or contract under which the payment is made had been made with him.</Text>
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<Pnumber>2</Pnumber>
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<Text>
<Emphasis>Subject to the provisions of this Chapter, where</Emphasis>
</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>
<Emphasis>the circumstances in which any relevant benefits under a retirement benefits scheme are to accrue are not such as will render the benefits assessable to income tax under Schedule E as emoluments of the employee in respect of whom the benefits are paid, and</Emphasis>
</Text>
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<Pnumber>b</Pnumber>
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<Text>
<Emphasis>the provision of those benefits is not, or is not fully, secured by the payment of sums by the employer with a view to the provision of those benefits, then</Emphasis>
(
<Emphasis>whether or not the accrual of the benefits is dependent on any contingency</Emphasis>
)
<Emphasis>an amount equal to the cost, estimated in accordance with subsection</Emphasis>
(3)
<Emphasis>below, of securing the provision by a third person of the benefits or, as the case may be, of the benefits so far as not already secured by the payment of such sums as are mentioned in subsection</Emphasis>
(1)
<Emphasis>above, shall be deemed for all purposes of the Income Tax Acts to be income of the employee for the year or years of assessment specified in subsection</Emphasis>
(3)
<Emphasis>below and assessable to income tax under Schedule E.</Emphasis>
</Text>
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</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/section/595/3/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/3" id="section-595-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
<Emphasis>The cost referred to in subsection</Emphasis>
(2)
<Emphasis>above shall be estimated either</Emphasis>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/section/595/3/a/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/3/a" id="section-595-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
<Emphasis>as an annual sum payable in each year of assessment in which the scheme in question is in force or the employee is serving, up to and including the year of assessment in which the benefits accrue or there ceases to be any possibility of the accrual thereof, or</Emphasis>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/section/595/3/b/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/3/b" id="section-595-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
<Emphasis>as a single sum payable in the year of assessment in which falls the date when the employee acquired the right to the relevant benefits, or the date when he acquired the right to any increase in the relevant benefits;</Emphasis>
</Text>
</P3para>
</P3>
<Text>
<Emphasis>as may be more appropriate in the circumstances of the case</Emphasis>
<CommentaryRef Ref="c21615781"/>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/section/595/4/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/4" id="section-595-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Where the employer pays any sum as mentioned in subsection (1) above in relation to more than one employee, the sum so paid shall, for the purpose of that subsection, be apportioned among those employees by reference to the separate sums which would have had to be paid to secure the separate benefits to be provided for them respectively, and the part of the sum apportioned to each of them shall be deemed for that purpose to have been paid separately in relation to that one of them.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/section/595/5/2002-07-24" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/5" id="section-595-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
Any reference in this section to the provision for an employee of relevant benefits includes a reference to the provision of benefits payable to that employee’s wife
<Addition ChangeId="d29p637881" CommentaryRef="c22893391">or husband,</Addition>
or widow
<Addition ChangeId="d29p637885" CommentaryRef="c22893411">or widower, or</Addition>
children, dependants or personal representatives.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Chapter>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c21614871" Type="C">
<Para>
<Text>
<CitationSubRef id="c09797" URI="http://www.legislation.gov.uk/id/ukpga/1988/1/part/14/chapter/1" SectionRef="part-14-chapter-1">Pt. 14 Ch. 1</CitationSubRef>
(ss. 590-612) modified (31.3.1995) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1993/8" id="c09798" Year="1993" Class="UnitedKingdomPublicGeneralAct" Number="8" Title="Judicial Pensions and Retirement Act 1993">Judicial Pensions and Retirement Act 1993 (c. 8)</Citation>
,
<CitationSubRef id="c09799" URI="http://www.legislation.gov.uk/id/ukpga/1993/8/section/18" Operative="true" CitationRef="c09798" SectionRef="section-18">ss. 18</CitationSubRef>
,
<CitationSubRef id="c09800" URI="http://www.legislation.gov.uk/id/ukpga/1993/8/section/19/4" CitationRef="c09798" SectionRef="section-19-4">19(4)</CitationSubRef>
,
<CitationSubRef id="c09801" URI="http://www.legislation.gov.uk/id/ukpga/1993/8/section/31/2" CitationRef="c09798" SectionRef="section-31-2">31(2)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/1995/631" id="c09802" Class="UnitedKingdomStatutoryInstrument" Year="1995" Number="631">S.I. 1995/631</Citation>
,
<CitationSubRef id="c09803" URI="http://www.legislation.gov.uk/id/uksi/1995/631/article/2" Operative="true" CitationRef="c09802" SectionRef="article-2">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c21615761" Type="C">
<Para>
<Text>
<Emphasis>See</Emphasis>
s.189—
<Emphasis>lump sum benefits on retirement.</Emphasis>
</Text>
</Para>
</Commentary>
<Commentary id="c21615771" Type="M">
<Para>
<Text>Source-1970(F) s.23(1)-(5) </Text>
</Para>
</Commentary>
<Commentary id="c21615781" Type="F">
<Para>
<Text>
<Emphasis>Repealed by</Emphasis>
1989 ss.75
<Emphasis>and</Emphasis>
187
<Emphasis>and</Emphasis>
Schs.6 paras.7
<Emphasis>and</Emphasis>
18(5)
<Emphasis>and</Emphasis>
17 Part IV
<Emphasis>for</Emphasis>
1988-89
<Emphasis>and subsequent years.</Emphasis>
</Text>
</Para>
</Commentary>
<Commentary id="c22893391" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c45484" URI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/5" SectionRef="section-595-5">s. 595(5)</CitationSubRef>
inserted (27.7.1999) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1999/16" id="c45485" Year="1999" Class="UnitedKingdomPublicGeneralAct" Number="16" Title="Finance Act 1999">Finance Act 1999 (c. 16)</Citation>
,
<CitationSubRef id="c45486" URI="http://www.legislation.gov.uk/id/ukpga/1999/16/schedule/10/paragraph/4" Operative="true" CitationRef="c45485" SectionRef="schedule-10-paragraph-4">Sch. 10 para. 4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c22893411" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c45487" URI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/5" SectionRef="section-595-5">s. 595(5)</CitationSubRef>
inserted (27.7.1999) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1999/16" id="c45488" Year="1999" Class="UnitedKingdomPublicGeneralAct" Number="16" Title="Finance Act 1999">Finance Act 1999 (c. 16)</Citation>
,
<CitationSubRef id="c45489" URI="http://www.legislation.gov.uk/id/ukpga/1999/16/schedule/10/paragraph/4" Operative="true" CitationRef="c45488" SectionRef="schedule-10-paragraph-4">Sch. 10 para. 4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c22900661" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c45490" URI="http://www.legislation.gov.uk/id/ukpga/1988/1/section/595/1/a" SectionRef="section-595-1-a">s. 595(1)(a)</CitationSubRef>
inserted (with effect in accordance with
<CitationSubRef id="c45491" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/section/37/2" CitationRef="c45492" SectionRef="section-37-2">s. 37(2)</CitationSubRef>
of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2002/23" id="c45492" Year="2002" Class="UnitedKingdomPublicGeneralAct" Number="23" Title="Finance Act 2002">Finance Act 2002 (c. 23)</Citation>
,
<CitationSubRef id="c45493" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/schedule/6/paragraph/6" Operative="true" CitationRef="c45492" SectionRef="schedule-6-paragraph-6">Sch. 6 para. 6</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>