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Finance Act 2004

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Version Superseded: 17/07/2014

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[F124C(1)The dependant satisfies the minimum income requirement at any time in a tax year if the amount of relevant income payable to the dependant for that tax year is not less than the minimum income threshold.U.K.

(2)The minimum income threshold is £20,000.

(3)“Relevant income” means any of the following kinds of income—

(a)payments of a scheme pension or dependants’ scheme pension provided by a registered pension scheme;

(b)payments of a lifetime annuity or dependants’ annuity made by a registered pension scheme;

(c)payments under an overseas pension scheme which, if the scheme were a registered pension scheme, would fall within paragraph (a) or (b);

(d)payments of a social security pension;

(e)payments under the financial assistance scheme which are payable until the dependant’s death;

(f)payments made under that scheme in anticipation of, and on account of, payments falling within paragraph (e).

(4)But “relevant income” does not include—

(a)drawdown pension or dependants’ drawdown pension, or

(b)any payments under an overseas pension scheme which, if the scheme were a registered pension scheme, would be drawdown pension or dependants’ drawdown pension.

(5)A payment of any pension or annuity within sub-paragraph (3), or a payment under the financial assistance scheme, is not to be regarded as relevant income unless the dependant has, at any time before the time mentioned in sub-paragraph (1), already received a payment of that pension or annuity or (as the case may be) a payment under that scheme.

(6)For the purposes of sub-paragraph (1), the amount of any relevant income payable in a currency other than sterling is to be taken to be the equivalent amount in sterling, calculated by reference to an appropriate spot rate of exchange prevailing on the relevant day.

(7)In this paragraph—

  • “financial assistance scheme” means the scheme provided for by regulations under section 286 of the Pensions Act 2004;

  • “social security pension” means—

    (a)

    any pension, benefit or allowance to which section 577 of ITEPA 2003 applies, and

    (b)

    any pension, benefit or allowance which—

    (i)

    is payable under the law of a country or territory outside the United Kingdom, and

    (ii)

    is substantially similar in character to a pension, benefit or allowance to which that section applies.

(8)Any regulations made under paragraph 7 of Schedule 34 (application of Part 4 of this Act in relation to relevant non-UK schemes) have effect for the purposes of sub-paragraphs (3)(c) and (4)(b) of this paragraph as they have effect for the purposes of that Schedule.]

Textual Amendments

F1Sch. 28 paras. 24C-24G and cross-headings inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 20

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