Skip to content
Solved
SearchBrowse
Sign in

Contents

Legislation
Income Tax (Earnings and Pensions) Act 2003

Chapter 9 Exemptions: pension provision

  • Section 307 Death or retirement benefit provision
  • Section 308 Exemption of contributions to registered pension scheme
  • Section 308A Exemption of contributions to overseas pension scheme
  • Section 308B Independent advice in respect of conversions and transfers of pension scheme benefits
  • Section 308C Provision of pensions advice: limited exemption
  1. Chapter 9 · Exemptions: pension provision
  2. Death or retirement benefit provision

Section 307 | Death or retirement benefit provision

From legislation.gov.uk

(1)No liability to income tax arises by virtue of Chapter 10 of Part 3 (taxable benefits: residual liability to charge) in respect of provision made by an employee’s employer under a registered pension scheme or otherwise for a retirement or death benefit.F1

(1A)Subsection (1) does not apply to provision made for insuring against the risk that a retirement or death benefit under an employer-financed retirement benefits scheme cannot be paid or given because of the employer’s insolvency.F2

(1B)In subsection (1A) “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 (see section 393A).F2

(2)In this section “retirement or death benefit” means a pension, annuity, lump sum, gratuity or other similar benefit which will be paid or given to the employee , or paid or given in respect of the employee to any other individual or to a charity, in the event of the employee’s retirement or death.F3F4

Notes

  1. F1

    Words in s. 307(1) inserted (6.4.2006) by Finance Act 2004 (c. 12), ss. 201(1), 284(1) (with Sch. 36)

  2. F2

    S. 307(1A)(1B) inserted (6.4.2006) by Finance Act 2004 (c. 12), ss. 248(2), 284(1) (with Sch. 36)

  3. F3

    Words in s. 307(2) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 248(3), 284(1) (with Sch. 36)

  4. F4

    Words in s. 307(2) substituted (with effect in accordance with s. 11(2) of the amending Act) by Finance Act 2019 (c. 1), s. 11(1)

PreviousNext
PrivacyTerms