Part 3 Lump Sums for UK Residents from Foreign Pension Schemes
Finance Act 2017 (2017 c 10) | Legislation

Part 3 Lump Sums for UK Residents from Foreign Pension Schemes

Introductory

4

ITEPA 2003 is amended as follows.

Employer-financed retirement benefit schemes: ending of foreign-service relief

5

(1)     Section 395B (exemption or reduction for foreign service) is amended as follows.

(2)     In subsection (1) (conditions for entitlement to exemption or reduction), after paragraph (c) insert—

“(ca)     the recipient is not resident in the United Kingdom in the tax year in which the lump sum is received,â€.

(3)     In subsection (8) (meaning of “foreign serviceâ€), for “413(2)†substitute “395Câ€.

(4)     The amendments made by this paragraph have effect for the tax year 2017–18 and subsequent tax years.

6

After section 395B insert—

“395C Meaning of “foreign service†in section 395B

(1)     In section 395B “foreign service†means service to which subsection (2), (3), (6) or (8) applies.

(2)     This subsection applies to service in or after the tax year 2013–14—

(a)     to the extent that it consists of duties performed outside the United Kingdom in respect of which earnings would not be relevant earnings, or

(b)     if a deduction equal to the whole amount of the earnings from the employment was or

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can

LEXISNEXIS

Forming enforceable contracts—consideration

Forming enforceable contracts—considerationThis Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in

LEXISNEXIS

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note has been produced in partnership with Guy Pendell, Liz Williams and Kushal Gandhi of CMS.This Practice Note covers the situation where the UK