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Income Tax (Earnings and Pensions) Act 2003
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623Return of surplus employee additional voluntary contributions
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(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.
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