Income and Corporation Taxes Act 1970 (c. 10)

SCHEDULES

SCHEDULE 8 Schedule E: Relief as Respects Tax on Payments on Retirement or Removal from Office or Employment

Relief by reduction of sums chargeable

3 In computing the charge to tax in respect of a payment chargeable to tax under section 187 of this Act, not being a payment of compensation for loss of office, there shall be deducted from the payment a sum equal to the amount (if any) by which the standard capital superannuation benefit for the office or employment in respect of which the payment is made exceeds £5,000.