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

Part 9 U.K. Pension income

[F1 Chapter 5A U.K. PENSIONS UNDER REGISTERED PENSION SCHEMES

Textual Amendments

F1 Pt. 9 Ch. 5A inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 31 para. 6 (with Sch. 36)

Modifications etc. (not altering text)

C1 Pt. 9 Ch. 5A restricted (6.4.2006) by Finance Act 2004 (c. 12), Sch. 36 para. 43(2) (with s. 283(5), Sch. 36)

C2 Pt. 9 Ch. 5A modified (6.4.2006) by Finance Act 2004 (c. 12), Sch. 36 paras. 44, 45 (with s. 283(5), Sch. 36)

579A Pensions U.K.

(1) This section applies to any pension under a registered pension scheme (but subject to subsection (2)).

(2) This section does not apply to a pension under a registered pension scheme if and to the extent that, when it is paid, a liability to the unauthorised payments charge arises in respect of the amount of the payment (see section 208 of FA 2004).

Modifications etc. (not altering text)

C3 S. 579A applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 41

579B Taxable pension income U.K.

If section 579A applies, the taxable pension income for a tax year is the full amount of the pension under the registered pension scheme that accrues in that year irrespective of when any amount is actually paid.

579C Person liable for tax U.K.

If section 579A applies, the person liable for any tax charged under this Part is the person receiving or entitled to the pension under the registered pension scheme.

579D Interpretation U.K.

In this Chapter “pension under a registered pension scheme” includes—

(a) an annuity under, or purchased with sums or assets held for the purposes of, or representing acquired rights under, a registered pension scheme, and

(b) income withdrawal or dependants' income withdrawal under a registered pension scheme.

In paragraph (b) “income withdrawal”and “dependants' income withdrawal”have the meaning given by paragraphs 7 and 21 of Schedule 28 to FA 2004.]