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Finance Act 1970

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This is the original version (as it was originally enacted).

4(1)Where any payment is made or becomes due to an employer out of funds which are or have been held for the purposes of an exempt approved scheme then:—

(a)if the scheme relates to a trade, profession or vocation carried on by the employer, the payment shall be treated for the purposes of the Tax Acts as a receipt of that trade, profession or vocation receivable when the payment falls due or on the last day on which the trade, profession or vocation is carried on by the employer, whichever is the earlier,

(b)if the scheme does not relate to such a trade, profession or vocation, the employer shall be charged to tax on the amount of the payment under Case VI of Schedule D.

(2)This paragraph shall not apply to a payment which fell due before the scheme became an exempt approved scheme.

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