Office of Public Sector Information
PART XIV continued CHAPTER I continued
(2) Where benefits provided for an employee under an approved scheme or a statutory scheme have been secured by means of an annuity contract with an insurance company (within the meaning given by section 599(8)), the insurance company shall, within 30 days from the date of a notice from the inspector requiring it to do so, prepare and deliver to the inspector a return containing particulars of—
(a) any payments under the contract by way of commutation of, or in lieu of, a pension, or any other lump sum payments under the contract; and
(b) any payments made under the contract to the employer.
(3) It shall be the duty of every employer—
(a) if there subsists in relation to any of his employees a retirement benefits scheme to which he contributes and which is neither an approved scheme nor a statutory scheme, to deliver particulars of that scheme to the Board within three months beginning with the date on which the scheme first comes into operation in relation to any of his employees, and
(b) when required to do so by notice given by the Board, to furnish within the time limited by the notice such particulars as the Board may require with regard to—
(i) any retirement benefits scheme relating to the employer which is neither an approved scheme nor a statutory scheme; and
(ii) the employees of his to whom any such scheme relates.
(4) It shall be the duty of the administrator of a retirement benefits scheme which is neither an approved scheme nor a statutory scheme, when required to do so by notice given by the Board, to furnish within the time limited by the notice such particulars as the Board may require with regard to the scheme.
(1) If the administrator of a retirement benefits scheme defaults or cannot be traced or dies, the employer shall be responsible in his place for the discharge of all duties imposed on the administrator under this Chapter and shall be liable for any tax due from him in his capacity as administrator.
This subsection does not apply if the employer is not a contributor to the scheme.
(2) No liability incurred under this Chapter by the administrator of a scheme, or by an employer, shall be affected by the termination of the scheme or by it ceasing to be an approved scheme, or to be an exempt approved scheme.
(3) References in this section to the employer include, where the employer is resident outside the United Kingdom, references to any branch or agent of the employer in the United Kingdom, and in this subsection “branch or agent” has the meaning given by section 118(1) of the Management Act.
(4) This section does not apply for the purposes of sections 602 and 603 and Schedule 22.
(1) The Board may, if they think fit, and subject to such conditions as they think proper to attach to the approval, approve a pilots' benefit fund for the purposes of this Chapter as if it were a retirement benefits scheme and notwithstanding that it does not satisfy one or more of the conditions set out in section 590(2) and (3).
(2) If a fund is approved by virtue of this section—
(a) sections 592, 597 to 600 and 604 to 606 shall have effect in relation to the fund with the modifications specified in subsection (3) below;
(b) pensions paid out of the fund and any sums chargeable to tax in connection with the fund under section 600 shall be treated for the purposes of the Income Tax Acts as earned income; and
(c) Chapter III of this Part shall have effect as if a member of the fund were the holder of a pensionable office or employment and his earnings as a pilot (estimated in accordance with the provisions of Case II of Schedule D) were remuneration from such an office or employment.
(3) The modifications referred to in subsection (2)(a) above are as follows—
(a) in section 592, for the references in subsection (7) to an employee and Schedule E there shall be substituted respectively references to a member of the fund and Schedule D, and subsections (4) to (6), and in subsection (7) the words from “incurred” onwards, shall be omitted;
(b) in sections 597 to 606 (except sections 601 to 603)—
(i) for references to an employee there shall be substituted references to a member or former member of the fund;
(ii) in section 599(1)(a) for the reference to a year of service there shall be substituted a reference to a year as a pilot licensed by a pilotage authority or authorised by a competent harbour authority;
(iii) section 606(1) and (3) and so much of any other provision as applies to an employer shall be omitted; and
(iv) in section 600, for references to Schedule E there shall be substituted references to Case VI of Schedule D.
(4) In this section “pilots' benefit fund” means a fund established under section 15(1)(i) of the [1983 c. 21.] Pilotage Act 1983 or any scheme supplementing or replacing any such fund.
(1) This section applies to any fund which immediately before 6th April 1980 was an approved superannuation fund for the purposes of section 208 of the 1970 Act if—
(a) it has not been approved under this Chapter (or under Chapter II of Part II of the [1970 c. 24.] Finance Act 1970); and
(b) no sum has been paid to it by way of contribution since 5th April 1980.
(2) Subject to subsection (3) below, exemption from income tax shall, on a claim being made in that behalf, be allowed to a fund to which this section applies in respect of—
(a) income derived from investments or deposits of the fund;
(b) any underwriting commissions which apart from this subsection would be chargeable to tax under Case VI of Schedule D; and
(c) any profits or gains which (apart from this subsection) would be chargeable to tax under Case VI of Schedule D by virtue of section 56(1)(a) and (2);
if, or to such extent as the Board are satisfied that, the income, commissions, profits or gains are applied for the purposes of the fund.
(3) No claim under subsection (2) above shall be allowed unless the Board are satisfied that the terms on which benefits are payable from the fund have not been altered since 5th April 1980.
(4) An annuity paid out of a fund to which this section applies shall be charged to tax under Schedule E and section 203 shall apply accordingly.
Schedule 23 to this Act, which makes provision with respect to retirement benefit schemes approved before 23rd July 1987, shall have effect.
(1) This section applies to any amendment of a retirement benefits scheme proposed in connection with an application for the Board’s approval for the purposes of this Chapter which is needed in order to ensure that approval is so given, or designed to enhance the benefits under the scheme up to the limits suitable in a scheme for which approval is sought.
(2) A provision, however expressed, designed to preclude any amendment of a scheme which would have prejudiced its approval under section 208 or 222 of the 1970 Act shall not prevent any amendment to which this section applies.
(3) In the case of a scheme which contains no powers of amendment, the administrator of the scheme may, with the consent of all the members of the scheme, and of the employer (or of each of the employers), make any amendment to which this section applies.
(1) In this Chapter “retirement benefits scheme” means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include any national scheme providing such benefits.
(2) References in this Chapter to a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for relevant benefits notwithstanding that it relates or they relate only to—
(a) a small number of employees, or to a single employee, or
(b) the payment of a pension starting immediately on the making of the arrangements.
(3) The Board may, if they think fit, treat a retirement benefits scheme relating to employees of two or more different classes or descriptions as being for the purposes of this Chapter two or more separate retirement benefits schemes relating respectively to such one or more of those classes or descriptions of those employees as the Board think fit.
(4) For the purposes of this section, and of any other provision of this Chapter—
(a) employees may be regarded as belonging to different classes or descriptions if they are employed by different employers; and
(b) a particular class or description of employee may consist of a single employee, or any number of employees, however small.
(5) Without prejudice to subsections (3) and (4) above, the Board may continue to treat as two different schemes, for the purposes of this Chapter, any retirement benefits scheme which, in pursuance of paragraph 5 of Schedule 3 to the [1971 c. 68.] Finance Act 1971 (schemes in existence before 5th April 1973), they treated, immediately before the coming into force of this Chapter, as two separate schemes for the purposes of Chapter II of Part II of the [1970 c. 24.] Finance Act 1970.
(1) In this Chapter, except where the context otherwise requires—
“administrator”, in relation to a retirement benefits scheme, means the person or persons having the management of the scheme;
“approved scheme” means a retirement benefits scheme for the time being approved by the Board for the purposes of this Chapter;
“director” in relation to a company includes—
in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body,
in the case of a company the affairs of which are managed by a single director or similar person, that director or person,
in the case of a company the affairs of which are managed by the members themselves, a member of that company;
and includes a person who is to be or has been a director;
“employee”—
in relation to a company, includes any officer of the company, any director of the company and any other person taking part in the management of the affairs of the company, and
in relation to any employer, includes a person who is to be or has been an employee;
and “employer” and other cognate expressions shall be construed accordingly;
“exempt approved scheme” has the meaning given by section 592(1);
“final remuneration” means the average annual remuneration of the last three years' service;
“pension” includes annuity;
“the permitted maximum” has the meaning given by section 590(3);
“relevant benefits” means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death, or in anticipation of retirement, or, in connection with past service, after retirement or death, or to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question, except that it does not include any benefit which is to be afforded solely by reason of the disablement by accident of a person occurring during his service or of his death by accident so occurring and for no other reason;
“remuneration” does not include—
anything in respect of which tax is chargeable under Schedule E and which arises from the acquisition or disposal of shares or an interest in shares or from a right to acquire shares; or
anything in respect of which tax is chargeable by virtue of section 148;
“service” means service as an employee of the employer in question and other expressions, including “retirement”, shall be construed accordingly; and
“statutory scheme” means a retirement benefits scheme established by or under any enactment—
the particulars of which are set out in any enactment, or in any regulations made under any enactment, or
which has been approved as an appropriate scheme by a Minister or government department (including the head of a Northern Ireland department or a Northern Ireland department).
(2) Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision of relevant benefits or a pension by means of a contract between the administrator or the employer or the employee and a third person; and any reference to pensions or contributions paid, or payments made, under a scheme includes a reference to pensions or contributions paid, or payments made, under such a contract entered into for the purposes of the scheme.
(3) The Board may make regulations generally for the purpose of carrying the preceding provisions of this Chapter into effect.
(1) The salary of a Member of the House of Commons shall, for all the purposes of the Income Tax Acts, be treated as reduced by the amounts deducted in pursuance of section 1 of the [1939 c. 49.] House of Commons Members' Fund Act 1939; but a Member shall not by reason of any such deduction be entitled to relief under any other provision of the Income Tax Acts.
(2) In subsection (1) above the reference to salary shall be construed as mentioned in subsection (3) of section 1 of the House of Commons Members' Fund Act 1939, the reference to amounts deducted includes a reference to amounts required to be set aside under that subsection, and “deduction” shall be construed accordingly.
(3) Periodical payments granted out of the House of Commons Members' Fund (including periodical payments granted out of sums appropriated from that Fund or out of the income from those sums) shall be charged to income tax under Schedule E.
(4) The respective trustees of—
(a) the House of Commons Members' Fund established under section 1 of that Act of 1939;
(b) the Parliamentary Contributory Pension Fund;
(c) the Members' Contributory Pension (Northern Ireland) Fund constituted under section 3(2) of the [1965 c. 18 (N.I.).] Ministerial Salaries and Members' Pensions Act (Northern Ireland) 1965; and
(d) the Assembly Contributory Pension Fund constituted under the [S.I. 1976/1779.] Assembly Pensions (Northern Ireland) Order 1976;
shall be entitled to exemption from income tax in respect of all income derived from those Funds or any investment of those Funds.
A claim under this subsection shall be made to the Board.
(1) All income receivable from any source whatsoever for the purposes of any supplementary scheme under section 158 of the [1975 c. 14.] Social Security Act 1975 or section 149 of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975, or under the enactments replaced by those sections, by the body charged with the administration of the scheme shall be exempt from income tax.
(2) Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the [1935 c. 2.] Government of India Act 1935, and having effect as a scheme made under section 2 of the [1973 c. 21.] Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.
(3) Income derived from investments or deposits of any fund referred to in paragraph (b), (c), (d) or (f) of subsection (2) of section 615 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.
(4) In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the [1966 c. 21.] Overseas 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 not domiciled, ordinarily resident or resident in the United Kingdom.
(5) In 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 not domiciled, ordinarily resident or resident in the United Kingdom.
(6) A claim under this section shall be made to the Board.
(1) A pension to which this subsection applies shall not be liable to charge to income tax if it is the income of a person who satisfies the Board that he is not resident in the United Kingdom.
A claim under this subsection shall be made to the Board.
(2) Subsection (1) above applies to any of the following pensions—
(a) a pension paid under the authority of the [1955 c. 22.] Pensions (India, Pakistan and Burma) Act 1955 (which has effect, by virtue of subsection (3) of section 2 of the Overseas Pensions Act 1973, as a scheme made under that section);
(b) a pension paid out of any fund established in the United Kingdom by the government of any country which is, or forms part of, a country to which this paragraph applies, an associated state, a colony, a protectorate, a protected state or a United Kingdom trust territory, or by a government constituted for two or more such countries, if the fund was established for the sole purpose of providing pensions, whether contributory or not, payable in respect of service under that government;
(c) a pension paid out of the fund formed under the Overseas Superannuation Scheme (formerly known as the Colonial Superannuation Scheme);
(d) a pension paid under section 1 of the [1973 c. 21.] Overseas Pensions Act 1973, whether or not paid out of a fund established under a scheme made under that section;
(e) so much of any pension paid to or in respect of any person—
(i) under an order made under section 2 of the Overseas Service Act 1958 and having effect as if it were a scheme under section 2 of the [1973 c. 21.] Overseas Pensions Act 1973 or under a pension scheme originally provided and maintained under such an order and having such effect, or
(ii) under section 4(2) of the Overseas Service Act 1958, which has effect as if it were a scheme under section 2 of the Overseas Pensions Act 1973,
as may be certified by the Secretary of State to be attributable to the employment of that person in the public services of an overseas territory;
(f) a pension paid out of the fund established under the name “the Central African Pension Fund” by section 24 of the [S.I. 1963/2085.] Federation of Rhodesia and Nyasaland (Dissolution) Order in Council 1963;
(g) a pension paid out of the Overseas Service Pensions Fund established under section 7(1) of the [1966 c. 21.] Overseas Aid Act 1966.
(3) Where an annuity is paid from a superannuation fund to which this subsection applies to a person who is not resident in the United Kingdom, income tax shall not be deducted from any payment of the annuity or accounted for under section 349(1) by the trustees or other persons having the control of the fund.
(4) Subsection (1) above shall not apply to so much of any pension falling within paragraph (a) or (d) of subsection (2) above as is paid by virtue of the application to the pension of the Pensions (Increase) Acts.
(5) Paragraph (b) of subsection (2) above applies to any country mentioned in Schedule 3 to the [1981 c. 61.] British Nationality Act 1981 except Australia, Canada, New Zealand, India, Sri Lanka and Cyprus.
(6) Subsection (3) above applies to any superannuation fund which—
(a) is bona fide established under irrevocable trusts in connection with some trade or undertaking carried on wholly or partly outside the United Kingdom;
(b) has for its sole purpose the provision of superannuation benefits in respect of persons' employment in the trade or undertaking wholly outside the United Kingdom; and
(c) is recognised by the employer and employed persons in the trade or undertaking;
and for the purposes of this subsection duties performed in the United Kingdom the performance of which is merely incidental to the performance of other duties outside the United Kingdom shall be treated as performed outside the United Kingdom.
(7) In this section—
“pension” includes a gratuity or any sum payable on or in respect of death or, in the case of a pension falling within subsection (2)(g) above, ill-health, and a return of contributions with or without interest thereon or any other addition thereto;
“overseas territory” means any territory or country outside the United Kingdom;
“the Pensions (Increase) Acts” means the [1971 c. 56.] Pensions (Increase) Act 1971 and any Act passed after that Act for purposes corresponding to the purposes of that Act;
“United Kingdom trust territory” means a territory administered by the government of the United Kingdom under the trusteeship system of the United Nations.
(8) In this section—
(a) references to a government constituted for two or more countries include references to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more countries;
(b) any reference to employment in the public services of an overseas territory shall be construed as if it occurred in the [1980 c. 63.] Overseas Development and Cooperation Act 1980 and section 10(2) of that Act shall apply accordingly; and
(c) any reference to an enactment or order having effect as if it were a scheme constituted under section 2 of the [1973 c. 21.] Overseas Pensions Act 1973 includes a reference to a scheme made under that section and certified by the Secretary of State for the purpose of the 1970 Act or this Act to correspond to that enactment or order.
(1) If and so long as provision is made by double taxation relief arrangements for a pension of a description specified in subsection (2) below to be exempt from tax in the United Kingdom and, by reason of Her Majesty’s Government in the United Kingdom having assumed responsibility for the pension, payments in respect of it are made under section 1 of the Overseas Pensions Act 1973, then, to the extent that those payments are made to, or to the widow or widower of, an existing pensioner, the provision made under the arrangements shall apply in relation to the pension, exclusive of any statutory increases in it, as if it continued to be paid by the government which had responsibility for it before that responsibility was assumed by Her Majesty’s Government in the United Kingdom.
(2) The pensions referred to in subsection (1) above are pensions paid by—
(a) the Government of Malawi for services rendered to that Government or to the Government of the Federation of Rhodesia and Nyasaland in the discharge of governmental functions;
(b) the Government of Trinidad and Tobago in respect of services rendered to that Government in the discharge of governmental functions;
(c) the Government of the Republic of Zambia for services rendered to that Government or to the Government of Northern Rhodesia or to the Government of the Federation of Rhodesia and Nyasaland in the discharge of governmental functions.
(3) If—
(a) immediately before 6th April 1973 a person resident in the United Kingdom was entitled to receive a pension as or as the widow or widower of an existing pensioner, and
(b) by reason of Her Majesty’s Government in the United Kingdom having assumed responsibility for the pension, payments in respect of it are made under section 1 of the [1973 c. 21.] Overseas Pensions Act 1973,
then, if and so long as the pension is received by that person or, where that person is an existing pensioner, by his or her widow or widower, the provisions of this Act shall apply in relation to it, exclusive of any statutory increases in it, as if it continued to be paid by the government or other body or fund which had responsibility for it before that responsibility was assumed by Her Majesty’s Government in the United Kingdom.
(4) In this section—
“double taxation relief arrangements” means arrangements specified in an Order in Council making any such provisions as are referred to in section 788;
“existing pensioner”, in relation to a pension, means a person by virtue of whose service the pension is payable and who retired from that service before 6th April 1973; and
“statutory increases”, in relation to a pension, means so much (if any) of the pension as is paid by virtue of the application to it of any provision of the [1971 c. 56.] Pensions (Increase) Act 1971;
and in this subsection “pension” has the same meaning as in section 1 of the Overseas Pensions Act 1973.
(1) Payments of benefit under Chapters I to III of Part II of the [1975 c. 14.] Social Security Act 1975, Part II of the [1975 c. 60.] Social Security Pensions Act 1975, Chapters I to III of Part II of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 or Part III of the [S.I. 1975/1503 (N.I. 15).] Social Security Pensions (Northern Ireland) Order 1975, except—
(a) sickness benefit, invalidity benefit, attendance allowance, mobility allowance, severe disablement allowance, maternity allowance, widow’s payments, child’s special allowance and guardian’s allowance; and
(b) so much of any benefit as is attributable to an increase in respect of a child,
shall be charged to income tax under Schedule E.
(2) The following payments shall not be treated as income for any purpose of the Income Tax Acts—
(a) payments of income support, family credit or housing benefit under the [1986 c. 50.] Social Security Act 1986 or the [S.I. 1986/1888 (N.I. 18)] Social Security (Northern Ireland) Order 1986 other than payments of income support which are taxable by virtue of section 151;
(b) payments of child benefit; and
(c) payments excepted by subsection (1) above from the charge to tax imposed by that subsection.
(3) Subject to subsection (4) and (5) below, no relief or deduction shall be given or allowed in respect of any contribution paid by any person under—
(a) Part I of the [1975 c. 14.] Social Security Act 1975, or
(b) Part I of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975.
(4) Subsection (3) above shall not apply to any secondary Class I contributions within the meaning of the Social Security Act 1975 or the Social Security (Northern Ireland) Act 1975 which is allowable as a deduction in computing profits or gains, in computing expenses of management under section 75 or under that section as applied by section 76 or in computing expenses of management or supervision under section 121.
(5) An individual making a claim in that behalf shall be entitled, in computing his total income for any year of assessment, to deduct one-half of any amount (as finally settled) which is determined under subsection (2) of section 9 of the Social Security Act 1975 or of the Social Security (Northern Ireland) Act 1975 and which he is liable to pay in respect of that year by way of Class 4 contributions under either of those sections.
(6) Until such day as may be appointed by the Secretary of State by order made by statutory instrument, subsection (1)(a) above shall have effect with the omission of the words “widow’s payments”.
(1) Nothing in this Chapter shall apply in relation to—
(a) a contract made or trust scheme established on or after 4th January 1988; or
(b) a person by whom contributions are first paid on or after that date under a trust scheme established before that date.
(2) Subject to subsection (4) below, the terms of a contract made, or the rules of a trust scheme established, on or after 17th March 1987 and before 4th January 1988 and approved by the Board under section 620 shall have effect (notwithstanding anything in them to the contrary) as if they did not allow the payment to the individual by whom the contract is made, or an individual paying contributions under the scheme, of a lump sum exceeding £150,000 or such other sum as may for the time being be specified in an order under section 635(4).
(3) Subject to subsection (5) below, the rules of a trust scheme established before 17th March 1987 and approved by the Board under section 620 shall have effect (notwithstanding anything in them to the contrary) as if they did not allow the payment to any person first paying contributions under the scheme on or after 17th March 1987 of a lump sum such as is mentioned in subsection (2) above.
(4) Subsection (2) above shall not apply—
(a) to a contract if, before the end of January 1988, the persons by and to whom premiums are payable under it jointly give notice to the Board that subsection (2) is not to apply; or
(b) to a scheme if, before the end of January 1988, the trustees or other persons having the management of the scheme give notice to the Board that subsection (2) is not to apply;
and where notice is given to the Board under this subsection, the contract or scheme shall, with effect from the date with effect from which it was approved, cease to be approved.
(5) Subsection (3) above shall not apply in the case of any person paying contributions under a scheme if, before the end of January 1988, he and the trustees or other persons having the management of the scheme jointly give notice to the Board that subsection (3) is not to apply; and where notice is given to the Board, the scheme shall cease to be approved in relation to the contributor with effect from the date on which he first paid a contribution under it or (if later) the date with effect from which it was approved.
(1) Where in any year of assessment an individual is (or would but for an insufficiency of profits or gains be) chargeable to income tax in respect of relevant earnings from any trade, profession, vocation, office or employment carried on or held by him, and pays a qualifying premium, then—
(a) relief from income tax shall be given under this section in respect of that qualifying premium, but only on a claim made for the purpose, and where relief is to be so given, the amount of that premium shall, subject to the provisions of this section, be deducted from or set off against his relevant earnings for the year of assessment in which the premium is paid; and
(b) any annuity payable to the same or another individual shall be treated as earned income of the annuitant to the extent to which it is payable in return for any amount on which relief is so given.
Paragraph (b) above applies only in relation to the annuitant to whom the annuity is made payable by the terms of the annuity contract under which it is paid.
(2) Subject to the provisions of this section and section 626, the amount which may be deducted or set off in any year of assessment (whether in respect of one or more qualifying premiums, and whether or not including premiums in respect of a contract approved under section 621) shall not be more than 17½ per cent. of the individual’s net relevant earnings for that year.
(3) Subject to the provisions of this section, the amount which may be deducted or set off in any year of assessment in respect of qualifying premiums paid under a contract approved under section 621 (whether in respect of one or more such premiums) shall not be more than 5 per cent. of the individual’s net relevant earnings for that year.
(4) An individual who pays a qualifying premium in a year of assessment (whether or not a year for which he has relevant earnings) may before the end of that year elect that the premium shall be treated as paid—
(a) in the last preceding year of assessment; or
(b) if he had no net relevant earnings in the year referred to in paragraph (a) above, in the last preceding year of assessment but one;
and where an election is made under this subsection in respect of a premium the other provisions of this Chapter shall have effect as if the premium had been paid in the year specified in the election and not in the year in which it was actually paid.
(5) Where relief under this section for any year of assessment is claimed and allowed (whether or not relief then falls to be given for that year), and afterwards there is made any assessment, alteration of an assessment, or other adjustment of the claimant’s liability to tax, there shall be made also such adjustments, if any, as are consequential thereon in the relief allowed or given under this section for that or any subsequent year of assessment.
(6) Where relief under this section is claimed and allowed for any year of assessment in respect of any payment, relief shall not be given in respect of it under any other provision of the Income Tax Acts for the same or a later year of assessment nor (in the case of a payment under an annuity contract) in respect of any other premium or consideration for an annuity under the same contract; and references in the Income Tax Acts to relief in respect of life assurance premiums shall not be taken to include relief under this section.
(7) If any person, for the purpose of obtaining for himself or any other person any relief from or repayment of tax under this section, knowingly makes any false statement or false representation, he shall be liable to a penalty not exceeding £500.
(1) In this Chapter “qualifying premium” means, subject to subsection (5) below, a premium or other consideration paid by an individual—
(a) under an annuity contract for the time being approved by the Board under this section as having for its main object the provision for the individual of a life annuity in old age, or
(b) under a contract for the time being approved under section 621.
Income and Corporation Taxes Act 1988