Section 554Z16 — Income Tax (Earnings and Pensions) Act 2003: Application etc

Application etc 554Z16 1 This Chapter applies if there is an undertaking (“the relevant undertaking”) that a contribution to which subsection (2) would apply will be paid.

2 This subsection applies to a contribution if—

a the contribution is paid to an arrangement which is not a registered pension scheme, b in connection with that arrangement (directly or indirectly), relevant benefits are to be provided (directly or indirectly) out of the contribution by a relevant third person, c the provision of the relevant benefits would be a relevant step, and d the contribution is neither a tax-relieved contribution nor tax-exempt provision.

3 In subsection (2)— “ relevant benefits ” has the same meaning as in Chapter 2 of Part 6, but ignoring section 393B(2)(a), “ relevant third person ” means a person within section 554A(7)(a) to (c) (ignoring this Chapter), and “tax-exempt provision” and “tax-relieved contribution” have the meaning given by paragraph 3(3) and (4) of Schedule 34 to FA 2004.

4 In this Chapter references to an undertaking include references to—

a an undertaking which is not legally enforceable, and b an undertaking which is to be performed only on or following the meeting of a condition (including a condition which might never be met).