Finance Act, 1958
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FIRST SCHEDULE. Retirement Annuities (Adjustments Of Limit On Qualifying Premiums). | ||||||||||||||||||||
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Part I. Holders of Pensionable Office or Employment. | ||||||||||||||||||||
1. Subject to the following paragraphs, in the case of an individual who is the holder of a pensionable office or employment, the proviso to subsection (1) of section 41 of this Act shall have effect with the substitution for the references to five hundred pounds of references to five hundred pounds less one-tenth of his pensionable emoluments for the year of assessment. | ||||||||||||||||||||
2. Where an individual is the holder of a pensionable office or employment during part only of the year of assessment, then— | ||||||||||||||||||||
(a) paragraph 1 of this Schedule shall not apply if the condition in paragraph (a) of subsection (1) of section 40 of this Act is not satisfied at any time during that part of the year; but | ||||||||||||||||||||
(b) if the condition is satisfied at such a time and is also satisfied at a time during the remainder of the year, paragraph 1 of this Schedule shall apply but for one-tenth there shall be substituted therein such less proportion as may be just. | ||||||||||||||||||||
3. For the purposes of this Part of this Schedule, an individual's pensionable emoluments for any year of assessment shall be taken to be the amount, estimated in accordance with the provisions applicable to Schedule E, of any income of his for the year (but not including in the case of a married man income of his wife), being either— | ||||||||||||||||||||
(a) income arising in respect of remuneration from any pensionable office or employment, or | ||||||||||||||||||||
(b) income from any property which is attached to or forms part of the emoluments of any pensionable office or employment. | ||||||||||||||||||||
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Part II. Persons born in or before 1917. | ||||||||||||||||||||
4. Subject to paragraph 5 of this Schedule, in the case of an individual born at a time specified in the first column of the Table set out below, the proviso to subsection (1) of section 41 of this Act and Part I of this Schedule shall have effect with the substitution for the references to five hundred pounds and to the fraction one-tenth of references respectively to such sum and to such percentage as are specified for his case in the second and third columns of the Table. | ||||||||||||||||||||
TABLE. | ||||||||||||||||||||
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5. (1) This Part of this Schedule shall not apply in relation to any year of assessment in which the individual, in respect of his past services in any office or employment formerly held by him (not being one in which he served part-time only), either— | ||||||||||||||||||||
(a) receives any income in respect of a pension payable under or in pursuance of a sponsored superannuation scheme or otherwise purchased or provided for him by another person, or | ||||||||||||||||||||
(b) has a right under a sponsored superannuation scheme to a pension which is not presently payable, whether because it is suspended or because it is to become payable only at a future time or on the happening of some contingency (but not including a right dependant also on service in an office or employment for the time being held by him). | ||||||||||||||||||||
(2) In this paragraph, “pension” includes any superannuation or other allowance or deferred pay. |