Employer-financed retirement benefits schemes: excluded benefits: non-cash benefits received before 6 April 1998
Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) Regulations 2007 S.I. 2007 No.3537
Any non-cash benefit, the provision of which began before 6 April 1998, is an excluded benefit if;
- it was received in connection with termination of the employee’s employment, and
- the termination took place before 6 April 1998.
It is important to note that the requirement is that the provision of the non-cash benefit in retirement is received in connection with an employment that terminated before 6 April 1998. It is not a requirement that the employee should have retired before that date or that the termination was itself by way of retirement.