Finance Act, 1992
|
Amendment of Chapter II (occupational pension schemes) of Part I of Finance Act, 1972. |
6.—Chapter II of Part I of the Finance Act, 1972 , is hereby amended— | |
(a) in subsection (3) of section 15, by the deletion in paragraph (a) of “(or if the employee is a woman, 55)”, | ||
(b) in subsection (2) of section 21, as respects any repayment of contributions referred to in the said section 21 which is made on or after the 29th day of January, 1992, by the substitution of “25 per cent.” for “10 per cent.”: | ||
Provided that this paragraph shall not apply where the Revenue Commissioners are satisfied that an application for a repayment was made by or on behalf of an employee before the said 29th day of January, 1992, | ||
and | ||
(c) in section 22, by the substitution of the following subsection for subsection (2): | ||
“(2) Where any amount is chargeable to tax under this section the administrator of the scheme shall be charged to income tax under Case IV of Schedule D on that amount and, subject to subsection (4) of section 21 which shall apply as it applies to tax chargeable under that section, the rate of tax shall be 10 per cent.”, | ||
and the said paragraph (a) of subsection (3) of section 15 and the said subsection (2) (apart from the proviso) of section 21, as so amended, are set out in the Table to this section. | ||
TABLE | ||
(a) that any benefit for an employee is a pension on retirement at a specified age not earlier than 60 and not later than 70, or on earlier retirement through incapacity, which does not exceed one-sixtieth of the employee's final remuneration for each year of service up to a maximum of 40, | ||
(2) Where any payment is chargeable to tax under this section, the administrator of the scheme shall be charged to income tax under Case IV of Schedule D, and subject to subsection (3), the rate of the tax shall be 25 per cent.: |