Finance Act, 1972

Charge to tax of pensions under Schedule E.

20.—(1) Subject to subsection (2), all pensions paid under any scheme which is approved or is being considered for approval under this Chapter shall be charged to tax under Schedule E, and Chapter IV of Part V of the Income Tax Act, 1967 , shall apply accordingly.

(2) In respect of any scheme which is approved or is being considered for approval under this Chapter, the Commissioners may direct that, until such date as they may specify, pensions under the scheme shall be charged to tax as annual payments under Case III of Schedule D, and tax shall be deductible under Part XXVII of the Income Tax Act, 1967 , accordingly.