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HMRC internal manual

Tax Credits Technical Manual

From
HM Revenue & Customs
Updated
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Pensions Income: Payments, pensions and annuities treated as pension income

The Tax Credits (Definition and Calculation of Income) Regulations 2002, Reg. 5 (1)

Pension income means:

  • Any United Kingdom Social Security pension to which section 577 or 629 of the ITEPA 2003 applies.
  • Any pension to which section 569 ITEPA applies.
  • Any voluntary annual payments to which section 633 of the ITEPA 2003 applies
  • Any pension or annuity paid under a registered scheme (section 579A ITEPA 2003)
  • Any unauthorised member payments to which section 208 (2) (a) or (b) of the Finance Act 2004 applies.
  • Any periodical payment to which section 619 of the ITEPA applies
  • Any annuity paid under a retirement annuity contract to which Chapter 9 of Part 9 of the ITEPA 2003 applies
  • Any annuity to which section 609, 610 or 611 of the ITEPA 2003 applies
  • Any social security pension lump sum to which section 7 of the Finance (No.2) Act 2005 applies (for tax credit purposes, the social security pension lump sum payment should be included in the year in which is it chargeable to tax, regardless of the year in which it is received although this will usually be the same year)
  • Any trivial commutation, winding-up and death benefit lump sum payments to which section 636B or 636C of ITEPA applies