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Income Tax (Earnings and Pensions) Act 2003
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Changes over time for: Section 575
Version Superseded: 27/04/2017
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Income Tax (Earnings and Pensions) Act 2003, Section 575 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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575Taxable pension incomeU.K.
This section has no associated Explanatory Notes
(1)If section 573 applies, the taxable pension income for a tax year is [F1the full amount of the pension income arising in the tax year, but subject to subsections [F2(1A),] (2) and (3) [F3and section 576A].]
[F4(1A)If the person liable for the tax under this Part is an individual and the tax year is a split year as respects that individual, the taxable pension income for the tax year is the full amount of the pension income arising in the UK part of the year, subject to subsections (2) and (3) and section 576A.]
[F5(2)The full amount of the pension income arising in the tax year [F6or, as the case may be, the UK part of the tax year] is to be calculated on the basis that the pension is 90% of its actual amount, unless as a result of subsection (3) the pension income is charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).
(3)That pension income is treated as relevant foreign income for the purposes of Chapters 2 and 3 of Part 8 of that Act (relevant foreign income: remittance basis and deductions and reliefs).
F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)See also Chapter 4 of that Part (unremittable income).]
Textual Amendments
F1Words in s. 575(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 606(2) (with Sch. 2)
F2Word in s. 575(1) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 72(2)
F3Words in s. 575(1) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 21(3)
F4S. 575(1A) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 72(3)
F5S. 575(2)-(5) substituted for s. 575(2) (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 606(3) (with Sch. 2)
F6Words in s. 575(2) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 72(4)
F7S. 575(4) omitted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 45
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