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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Retirement benefits schemes: self-employed persons

Benefits arising under a trust fund for self-employed persons established under ICTA88/S620 normally take the form of non-commutable retirement annuities payable either to the person who took them out or in certain cases to his widow or to his or her surviving civil partner. If no annuity becomes payable, the benefits may instead take the form of a return of premiums with interest to the personal representatives. The gain accruing on the return of such premiums is exempt.