Section 395A | Benefits under old section 222 schemes not taxed by virtue of section 394

Section 394 does not apply to a benefit provided under an employer–financed retirement benefits scheme if—^F1

(a)immediately before 6th April 1980 the scheme was approved under section 222 of ICTA 1970,^F1

(b)the scheme was not approved under Chapter II of Part II of FA 1970,^F1

(c)no material changes have been made to the terms on which benefits are provided under the scheme after 5th April 1980, and^F1

(d)no contributions have been paid under the scheme after that date.^F1