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Finance Act 1970

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This is the original version (as it was originally enacted).

24Exceptions from charge to tax under last preceding section

(1)Neither subsection (1) nor subsection (2) of the last preceding section shall apply where the retirement benefits scheme in question is—

(a)an approved scheme, or

(b)a statutory scheme, or

(c)a scheme set up by a Government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees.

(2)Neither subsection (1) nor subsection (2) of the last preceding section shall apply for any year of assessment where, apart from those subsections, the employee is not assessable to tax for that year under Case I or II of Schedule E in respect of the emoluments of his employment.

(3)Where, in respect of the provision for an employee of any relevant benefits, a sum has been deemed to be income of his by virtue either of subsection (1) or subsection (2) of the last preceding section, and subsequently the employee proves to the satisfaction of the Board that no payment in respect of, or in substitution for, the benefits has been made and that some event has occurred by reason of which no such payment will be made, and makes application for relief under this subsection within six years from the time when that event occurred, the Board shall give relief in respect of tax on that sum by repayment or otherwise as may be appropriate; and if the employee satisfies the Board as aforesaid in relation to some particular part of the benefits but not the whole thereof, the Board may give such relief as may seem to them just and reasonable.

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