��˾����ҹ����

(1)     Chapter 2 of Part 6 of ITEPA 2003 (taxation of non-pension benefits from certain pension schemes) is amended as follows.

(2)     In the heading of the Chapter, for “non-approved pension” substitute “employer-financed retirement benefits”.

(3)     For section 393 substitute—

“393 Application of this Chapter

(1)     This Chapter applies to relevant benefits provided under an employer-financed retirement benefits scheme.

(2)     Section 393A defines “employer-financed retirement benefits scheme” and section 393B defines “relevant benefits”.

393A Employer-financed retirement benefits scheme

(1)     In this Chapter “employer-financed retirement benefits scheme” means a scheme for the provision of benefits consisting of or including relevant benefits to or in respect of employees or former employees of an employer.

(2)     But neither—

is an employer-financed retirement benefits scheme.

(3)     “Section 615(3) scheme” means a superannuation fund to which section 615(3) of ICTA applies.

(4)     “Scheme” includes a deed, agreement, series of agreements, or other arrangements.

393B Relevant benefits

(1)     In this Chapter “relevant benefits” means any lump sum, gratuity or other benefit (including a non-cash benefit) provided (or to be provided)—