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).