Part 4Pensions

69Exemption from tax on interest on unpaid relevant contributions

1

ITTOIA 2005 is amended as follows.

2

In section 369(3)(e) (exemptions from income tax charge on income), after “loans,” insert “ unpaid relevant contributions, ”.

3

After section 753 insert—

753AInterest on unpaid relevant contributions

1

No liability to income tax arises in respect of interest paid in compliance with a requirement in a compliance notice or an unpaid contributions notice to pay interest in respect of unpaid relevant contributions.

2

In this section—

  • “compliance notice” means a notice under section 35 of the Pensions Act;

  • “the Pensions Act” means the Pensions Act 2008 or the Pensions (No.2) Act (Northern Ireland) 2008;

  • “unpaid contributions notice” means a notice under section 37 of the Pensions Act;

  • “unpaid relevant contributions” has the same meaning as in section 38(2)(a) of the Pensions Act.