PSI5.3.19 - Contributions by Employers: Special Contributions - "Hancock" Annuity Purchased Direct from a Life Office - Multiple "Hancocks"

(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)

A "Hancock" payment is not necessarily exempt from spreading under the above tests if more than one such payment is made in the same accounting year. Consider spreading the contribution if approval is sought for several transactions at the same time. This also applies where, after one transaction has been approved and a Life Office has been told that the payment will be allowed for the year of payment, a further transaction in the same accounting period is submitted for approval.

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