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Regulation 5 Prescribed payments and taxation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

A payment by a registered pension scheme that is described in Part 4 of these Regulations—

(a)

is a payment of a prescribed description for the purposes of section 164(1)(f) of the Finance Act 2004; and

(b)

shall be treated as a pension commencement lump sum paid under a registered pension scheme for the purposes of Part 9 of ITEPA 2003f1.

Annotations

Footnotes

f1

Section 636A(1)(a) of ITEPA 2003, which was inserted by paragraph 11 of Schedule 31 to the Finance Act 2004, provides that there is no liability for income tax in respect of a pension commencement lump sum.