SE15420 - Non-approved retirement benefits schemes: example: assessment of employer's contributions

Section 595(1) ICTA 1988

1.

On 1 January 2000, a company pays £100,000 into a Trust set up to provide retirement benefits for Mrs A, an employee. The scheme is not “approved” (see SE15030).

The PAYE Regulations do not apply (see SE15210) and the Trustees receive £100,000. The payment is entered on form P11D (see SE15200).

£100,000 is included in a Mrs A’s Schedule E Self Assessment computation for 99/2000 (see SE15038).

2.

On 1 January 2000, a company pays £100,000 into a Trust set up to provide retirement benefits for all its 500 employees. The scheme is not “approved” (see SE15030).

Each employee includes £200 in his or her Self Assessment computation for 99/2000 (see SE15038).

See SE15040 for background