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HMRC internal manual

Employment Income Manual

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HM Revenue & Customs
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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.