SCHEDULES
SCHEDULE 29Further provision about pension schemes
Application of charges to non-UK pension schemes
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1
Schedule 34 to FA 2004 (which applies certain charges to non-UK pension schemes) is amended as follows.
2
In paragraph 10(2), in the definition of EI, after “tax year,” insert “
excluding any such income which is exempt income (within the meaning of section 8 of ITEPA 2003),
”
.
3
In paragraph 11(2), in the definition of EI, after “tax year,” insert “
excluding any such income which is exempt income (within the meaning of section 8 of ITEPA 2003),
”
.
4
The amendment made by sub-paragraph (2) has effect for the tax year 2008-09 and subsequent tax years.
5
The amendment made by sub-paragraph (3) has effect—
a
for the tax year 2007-08 in accordance with sub-paragraph (6), and
b
for the tax year 2008-09 and subsequent tax years.
6
For the tax year 2007-08, for the purposes of paragraph 11(1)(b) of Schedule 34 to FA 2004 the appropriate fraction of the contributions mentioned in that paragraph is the aggregate of—
a
the appropriate fraction of so much of those contributions as are paid before 12 March 2008, calculated in accordance with paragraph 11(2) unamended by sub-paragraph (3), and
b
the appropriate fraction of so much of those contributions as are paid on and after that date, calculated in accordance with paragraph 11(2) as amended by sub-paragraph (3).