Part 4Employment income: exemptions
Chapter 9Exemptions: pension provision
307Death or retirement benefit provision
1
No liability to income tax arises by virtue of Chapter 10 of Part 3 (taxable benefits: residual liability to charge) in respect of provision made by an employee’s employer for a retirement or death benefit.
2
In subsection (1) “retirement or death benefit” means a pension, annuity, lump sum, gratuity or other similar benefit which will be paid or given to the employee or a member of the employee’s family or household in the event of the employee’s retirement or death.
308Exemption of contributions to approved personal pension arrangements
1
No liability to income tax arises in respect of earnings where an employer makes contributions under approved personal pension arrangements made by an employee.
2
In this section “approved” and “personal pension arrangements” have the meaning given by section 630(1) of ICTA.