Section 614 Exemptions and reliefs in respect of income from investments etc. of certain pension schemes.

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M1Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the M2Government of India Act 1935, and having effect as a scheme made under section 2 of the M3Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.

The reference in subsection (2) above to interest on sums forming part of a fund include references to any amount which is treated as income by virtue of F3Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) and derives from any investment forming part of that fund.

M4Income derived from investments or deposits of any fund referred to in F4section 648, 649, 650 or 651 of ITEPA 2003 shall not be charged to income tax, and any income tax deducted from any such income shall be repaid by the Board to the persons entitled to receive the income.

M5In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the M6Overseas Aid Act 1966, the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person F5F6... and not resident in the United Kingdom.

M7In respect of dividends and other income derived from investments, deposits or other property of a superannuation fund to which section 615(3) applies the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person F7F8... not resident in the United Kingdom.

M8A claim under this section shall be made to the Board.