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Income Tax (Earnings and Pensions) Act 2003

Section 502: Meaning of “capital receipt” in section 501

2050.This section follows on from section 501, and deals with the definition of the term “capital receipt”. The term is given a very wide definition.

2051.This section is the second of two that derive from paragraph 79 of Schedule 8 to FA 2000. This section derives from the definitional provisions in sub-paragraphs (2) to (4) of that paragraph.

2052.In order to emphasise the provision that will apply most often in practice, subsection (2) begins with the words “The general rule”.

2053.In subsection (5) the words “pursuant to a direction” have been changed to “as a result of a direction”.

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