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HMRC internal manual

Employment Income Manual

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.