Income Tax (Earnings and Pensions) Act 2003 section 650

Oversea Superannuation Scheme

Section 650 provides an income tax exemption for pensions paid under the Oversea Superannuation Scheme, provided the foreign residence condition is satisfied.

• Pensions paid under the Oversea Superannuation Scheme (formerly the Colonial Superannuation Scheme) are exempt from income tax if the foreign residence condition is met.
• The exemption applies to pensions paid under the Scheme as it operates under section 2 of the Overseas Pensions Act 1973.
• The exemption also covers pensions paid under any corresponding scheme made by the Secretary of State under section 2(1) of the Overseas Pensions Act 1973.
• The schemes are now administered under the framework of the Overseas Pensions Act 1973.