EIM15090 - Employer-financed retirement benefits schemes: application for relief where no benefits paid or payable
Section 392 ITEPA 2003 and Paragraph 52 Schedule 36 FA 2004
[Notice: the guidance on this page should be read with the notice at the top of EIM15015.]
Repayment of tax may be made in some circumstances if an employee does not receive benefits from an employer-financed retirement benefits scheme. If an employee has been charged under section 386 ITEPA 2003 or section 595 ICTA 1988 on employer contributions made to provide relevant benefits (following EIM15412 ) and the employee shows that:
- some event has subsequently occurred by reason of which no relevant benefits will become payable (for example, the scheme folds) and
- no payment has been received by the employee in respect of or in substitution for those benefits
then relief may be claimed.
바카라 사이트˜Employee바카라 사이트™ for this purpose includes a person who has been an employee and benefits are provided in respect of benefits if they are provided for the employee바카라 사이트™s spouse, widow or widower, children, dependants or personal representatives (section 386(6) ITEPA 2003).
Application for repayment must be made by the employee or by the employee바카라 사이트™s personal representatives within six years of the date on which the event occurred. Relief is given by discharge or repayment of the tax paid.
Note 1: Although section 392 ITEPA 2003 was repealed with effect from 6 April 2006, transitional relief continues to apply after 5 April 2006 provided that tax has been charged under section 386 ITEPA 2003 or section 595 ICTA 1988 before 6 April 2006
Note 2: This relief does not apply if the reason no benefits will be paid, or the event, is concerned with a reduction of an employee바카라 사이트™s rights as a consequence of a pension-sharing order (section 392(6) to (7) ITEPA 2003).
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)