PSI 4.4 - Introduction: Historical Review of
Revenue Legislation - Old Code – The 1956 Legislation
(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
Under the legislation in force up to 1956, there were two
major anomalies:
- Full tax relief could not be obtained on
payments to provide retirement benefits for themselves and their
dependants by
- self-employed persons; and
- those for whom their employer made no pension
provision;
although such relief was available to an employee who
contributed to a fund established by his or her employer.
- The income derived by a Life Office from
premiums paid to an insured section 208 Fund did not qualify for
relief whereas the income received by a self-administered fund on
its investments did qualify.
These anomalies were removed by sections 22-24 Finance Act
1956.
