Part 3

Income tax, corporation tax and capital gains tax
Chapter 2

Other provisions

Pension funds

Payments to employers out of pension funds
74
1
Section 601 of the Taxes Act 1988 (charge on payment to employer out of funds held for purposes of exempt approved scheme) is amended as follows.
2
In subsection (2) (amount recoverable by Board from employer) for “40 per cent. of the payment” substitute “the relevant percentage of the payment”.
3
After that subsection insert—
2A
The relevant percentage is 35% or such other percentage (whether higher or lower) as may be prescribed.
.
4
This section applies to payments made to employers after the passing of this Act.