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Paragraph 5

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

(1)

“retained benefits” means the total of any pensions payable to the participator—

(a)

in respect of employment before the participator entered pensionable employment, under a retirement benefits scheme or under an annuity contract falling within section 431(4)(d) of the Taxes Actf1; or

(b)

under a retirement annuity contract or trust scheme approved under Chapter III of Part XIV of the Taxes Act; or

(c)

under a personal pension scheme.

(2)

In this paragraph “pension” includes the actuarial equivalent as an annual pension of any lump sum.

Annotations

Footnotes

f1

Section 431(4)(d) was amended by the Finance Act 1994 (c. 9), section 143.