Income and Corporation Taxes Act 1988 (c. 1)

PART XIV U.K. PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.

CHAPTER IV U.K. PERSONAL PENSION SCHEMES

Modifications etc. (not altering text)

C1 Pt. 14 Ch. 5 excluded (1.5.1995) by Finance Act 1995 (c. 4), s. 60(5)

Tax reliefs U.K.

643 Employer’s contributions and personal pension income etc. U.K.

(1) M1 Where contributions are paid by an employer under approved personal pension arrangements made by his employee, those contributions shall not be regarded as emoluments of the employment chargeable to tax under Schedule E.

(2) M2 Income derived by a person from investments or deposits held by him for the purposes of an approved personal pension scheme shall be exempt from income tax.

(3) M3 An annuity payable under approved personal pension arrangements shall be treated as earned income of the annuitant.

(4) Subsection (3) above applies only in relation to the annuitant to whom the annuity is made payable by the terms of the arrangements.

[F1 (5) Income withdrawals under approved personal pension arrangements shall be assessable to tax under Schedule E (and section 203 shall apply accordingly) and shall be treated as earned income of the recipient.]

Textual Amendments

F1 S. 643(5) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 11

Marginal Citations

M1 Source-1987 (No.2) s.38

M2 Source-1987 (No.2) s.39(1)

M3 Source-1987 (No.2) s.41(1), (2)