Related Commentary  

7(1)  A charge to income tax arises where a person becomes entitled to a social security pension lump sum.

7(2)  For the purposes of the Tax Acts (including subsection (5)), a social security pension lump sum–

(a)is to be treated as income, but

(b)is not to be taken into account in determining the total income of any person.

7(3)  The person liable to a charge under this section is the person (“P”) entitled to the lump sum, whether or not P is resident or domiciled in the United Kingdom.

7(4)  The charge is imposed on P for the applicable year of assessment (see subsection (6)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.