Article 2 Certain benefits provided under old schemes not taxed

(1)

In the Income Tax (Earnings and Pensions) Act 2003^f1, after section 395 insert—

“Benefits under old section 222 schemes not taxed by virtue of section 394

395A
Section 394 does not apply to a benefit provided under an employer–financed retirement benefits scheme if—

(a)
immediately before 6th April 1980 the scheme was approved under section 222 of ICTA 1970^f2,

(b)
the scheme was not approved under Chapter II of Part II of FA 1970^f3,

(c)
no material changes have been made to the terms on which benefits are provided under the scheme after 5th April 1980, and

(d)
no contributions have been paid under the scheme after that date.”.

(2)

The amendment made by this article has effect for the tax year 2009-10 and subsequent tax years.

Annotations

Footnotes

f1: 2003 c. 1.
f2: 1970 c. 10. Chapter II of Part IX (section 222 to section 225 inclusive) repealed with effect from 6th April 1980 by section 69 of, and Schedule 14 Part 1 to, the Finance Act 1971 (c.. 24).
f3: 1970 c. 24. Repealed by section 844(4) of, and Schedule 31 to, the Income and Corporation Taxes Act 1988 (c. 1).