Part 2 Income Tax on Pension Income
Finance Act 2017 (2017 c 10) | Legislation

Part 2 Income Tax on Pension Income

UK residents to be taxed on 100%, not 90%, of foreign pension income

2

(1)     Omit section 575(2) of ITEPA 2003 (foreign pensions received by UK residents: taxable amount is 90% of actual amount).

(2)     Omit section 613(3) of ITEPA 2003 (annuities from non-UK sources: taxable amount is 90% of actual amount).

(3)     Omit section 635(3) of ITEPA 2003 (foreign voluntary annual payments: taxable amount is 90% of actual amount).

(4)     In consequence—

(a)     in section 575 of ITEPA 2003—

(i)     in subsection (1) omit “, (2)â€;

(ii)     in subsection (1A), for “subsections (2) and†substitute “subsectionâ€;

(iii)     in subsection (3), for “That pension income†substitute “The full amount of the pension income arising in the tax year, or (as the case may be) the UK part of the tax year,â€;

(iv)     in subsection (3), for “that Act†substitute “ITTOIA 2005â€;

(b)     in section 613 of ITEPA 2003—

(i)     in subsection (2), for “subsections (3) and†substitute “subsectionâ€;

(ii)     in subsection (4), for “that Act†substitute “ITTOIA 2005â€;

(c)     in section 635 of ITEPA 2003—

(i)     in subsection (2), for “subsections (3) and†substitute “subsectionâ€;

(ii)     in subsection (4), for

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