(This note is not part of the Regulations)
These Regulations prescribe a lump sum benefit as an excluded benefit if it meets the following conditions. The conditions are that—
(a)it is paid by an employer-financed retirement benefit scheme in respect of an employee’s non-accidental death in service, and
(b)payment of such a lump sum benefit is already provided for under the rules of the scheme on 6th April 2006.
The effect is to exempt such a lump sum from the charge to income tax under section 394 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1).
Regulation 1 provides for the citation and commencement of these Regulations.
Regulation 2 prescribes the lump sum benefit.
These Regulations do not impose new costs on business.