SCHEDULES
SCHEDULE 1Consequential amendments
Part 2Other enactments
Income Tax (Earnings and Pensions) Act 2003 (c. 1)
608
1
Amend section 631 (taxable pension income: pre-1973 pensions paid under the Overseas Pensions Act 1973) as follows.
2
In subsection (1) for the words “the amount” onwards substitute “
the full amount of the pension income arising in the tax year
”
.
3
For subsection (2) substitute—
2
The full amount of the pension income arising in the tax year is to be calculated on the basis that the pension is 90% of its actual amount.
3
The pension income is treated as relevant foreign income for the purposes of section 838 of that Act (expenses attributable to collection or payment of relevant foreign income).