Part 9Pension income
Chapter 13Return of surplus employee additional voluntary contributions
623Return of surplus employee additional voluntary contributions
1
This section applies to a payment if conditions A, B and C are met.
2
Condition A is that the payment is made out of funds which are or have been held for the purposes of—
a
a scheme which is or has been an exempt approved scheme, or
b
a relevant statutory scheme established under a public general Act.
3
Condition B is that the payment is made under a duty to return surplus funds.
4
Condition C is that the payment is made to or for the benefit of an employee.
5
A payment to which this section applies is not to be charged to tax under—
a
section 598 or 599 of ICTA, or
b
the Regulations mentioned in paragraph 8 of Schedule 3 to FA 1971.
6
In this section “payment” includes—
a
a transfer of assets, and
b
any other transfer of money’s worth.