C1C2C3C4C5C6C7C8C9C10C11C12C13Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C7

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C9

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C11

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C12

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C13

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C9Chapter 4Registered pension schemes: tax reliefs and exemptions

Members' contributions

192AF1Relief at source: additional relief

1

An individual to whom relief is given in accordance with section 192 in respect of a contribution is entitled to a tax reduction for the tax year in which the payment of the contribution is made if the conditions in subsection (2) or (4) are met.

2

The conditions are that—

a

the relevant rate is the basic rate for the tax year in which the payment of the contribution is made,

b

the individual is a Scottish taxpayer for that tax year, and

c

the Scottish basic rate for that tax year is higher than the basic rate.

3

If the conditions in subsection (2) are met, the amount of the tax reduction is an amount equal to the difference between the amount of relief which would have been given if the relevant rate were the Scottish basic rate for the tax year in which the payment is made and the amount of relief given under section 192.

4

The conditions are that—

a

the relevant rate is the Scottish basic rate for the tax year in which the payment of the contribution is made,

b

the individual is not a Scottish taxpayer for that tax year, and

c

the basic rate for that tax year is higher than the Scottish basic rate.

5

If the conditions in subsection (4) are met, the amount of the tax reduction is an amount equal to the difference between the amount of relief which would have been given if the relevant rate were the basic rate for the tax year in which the payment is made and the amount of relief given under section 192.

6

A tax reduction under this section is given effect at Step 6 of the calculation in section 23 of ITA 2007.