TSEM5360 - Trusts for particular purposes: employment-related trusts: retirement benefits: ICTA88/S615 schemes - introduction

Where an unapproved retirement benefits scheme meets certain requirements in S615 ICTA 1988:

• the trust is exempt to an extent from income tax and capital gains tax
• the trustees may pay annuities free of tax
• employees may receive sums tax free

but income arising in the UK to UK resident trustees remains taxable.

Such trusts should be dealt with by HMRC Trusts under normal SA procedures, after they have been seen by SPSS.

Sections TSEM5365-TSEM5380 contain the details.