Income and Corporation Taxes Act 1988

614 Exemptions and reliefs in respect of income from investments etc. of certain pension schemes. U.K.

(1) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) M1 Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the M2 Government of India Act 1935, and having effect as a scheme made under section 2 of the M3 Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.

[F2 (2A) The reference in subsection (2) above to interest on sums forming part of a fund include references to any amount which is treated as income by virtue of [F3 Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply] discounted securities) and derives from any investment forming part of that fund.]

(3) M4 Income derived from investments or deposits of any fund referred to in [F4 section 648, 649, 650 or 651 of ITEPA 2003] shall not be charged to income tax, and any income tax deducted from any such income shall be repaid by the Board to the persons entitled to receive the income.

(4) M5 In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the M6 Overseas Aid Act 1966, the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person [F5 not domiciled and not resident] in the United Kingdom.

(5) M7 In respect of dividends and other income derived from investments, deposits or other property of a superannuation fund to which section 615(3) applies the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person [F6 not domiciled and not resident] in the United Kingdom.

(6) M8 A claim under this section shall be made to the Board.

Textual Amendments

F1 S. 614(1) repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(22)

F2 S. 614(2A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 34 (with Sch. 15)

F3 Words in s. 614(2A) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 261 (with Sch. 2)

F4 Words in s. 614(3) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 84 (with Sch. 7)

F5 Words in s. 614(4) substituted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 28(a)

F6 Words in s. 614(5) substituted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 28(b)

Marginal Citations

M1 Source-1970 s.213(1)

M2 1935 c. 2.

M3 1973 c. 21.

M4 Source-1970 s.214(2), 216(2); 1973 s.53(1)

M5 Source-1970 s.217(2), (4)

M6 1966 c. 21.

M7 Source-1970 s.218(1)

M8 Source-1970 s.212(3), 213(1), 214(3), 216(2), 217(2), 218(1); 1987 Sch.15 2(13)