{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-555",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-555.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/555",
  "kind": "section",
  "number": "555",
  "heading": "Former employee entitled to deduction in calculating net income",
  "text": "(1) This Part applies if—\n(a) a former employee makes a deductible payment, or\n(b) a former employer makes a deductible payment on behalf of a former employee and the payment is treated—\n(i) as a relevant retirement benefit, or\n(ii) as post-employment earnings,\nof the former employee.\n(2) A deduction of the amount of the deductible payment may be made in calculating the former employee's net income for the tax year in which the payment is made (see Step 2 of the calculation in section 23 of ITA 2007).\n(3) Subsection (2) applies only if the former employee makes a claim to the deduction.\n(4) The entitlement to a deduction under this section is subject to sections 556 and 557.\n(5) For the application of this Part in relation to former office-holders, see section 564.\n(6) See section 263ZA of TCGA 1992 for relief from capital gains tax where the amount of the deduction allowed under this section exceeds the remaining total income (as defined in that section).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 555(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 440(2)(a) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 555(2) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 440(2)(b) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 555(6) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 440(3) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 555 sidenote substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 440(4) (with Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/555",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}