EIM13670 - Termination payments and benefits: Section 401 ITEPA 2003: exceptions: lump sums from overseas pension schemes

Before 6 April 2011, lump sums from certain overseas pension schemes were excepted from all income tax charges if they met the conditions of Extra-Statutory Concession A10. This exception from charge included exception from charges under Section 401 ITEPA 2003.

Guidance on this exception and the extent to which similar provisions apply after 5 April 2011 starts at EIM15082.

Section 414A ITEPA 2003 gives an exception from a charge under Section 401 ITEPA 2003 for a payment or benefit provided in the form of a lump sum under a “section 615(3) scheme”. A “section 615(3) scheme” means a superannuation fund to which Section 615(3) ICTA 1988 applies. Section 414A ITEPA 2003 applies to payments or benefits provided on or after 5 February 2014. Further guidance on the taxation of payments and benefits provided under a section 615(3) scheme is available at EIM15084.