Trusts for particular purposes: employment-related trusts: retirement benefits: ICTA88/S615 schemes - introduction
Where an unapproved retirement benefits scheme meets certain requirements in S615 ICTA 1988:
- the trust is exempt to an extent from income tax and capital gains tax
- the trustees may pay annuities free of tax
- employees may receive sums tax free
but income arising in the UK to UK resident trustees remains taxable.
Such trusts should be dealt with by Trusts & Estates under normal SA procedures, after they have been seen by SPSS.
Sections TSEM5365-TSEM5380 contain the details.