Finance Act, 1958
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Application of Rule 21 of General Rules to certain payments. |
37.—(1) This section applies in relation to a retirement benefits scheme approved by the Revenue Commissioners by exercise of the powers conferred on them by subsection (2) of section 34 of this Act, in a case to which paragraph (vi) of that subsection applies. | |
(2) Where, under a retirement benefits scheme in relation to which this section applies, any benefit is provided, otherwise than by way of non-commutable pension or annuity, on the death during his service of a director or employee and the total value of all benefits so provided under that scheme and under all other schemes exempt from the operation of section 32 of this Act, subsisting in connection with the body corporate, exceeds the amount which would have satisfied the condition specified in paragraph (i) of subsection (1) of section 34 of this Act, Rule 21 of the General Rules shall apply to any payment made in respect, or on account, of such excess as if the payment were a payment of interest charged to tax under Schedule D not payable out of profits or gains brought into charge to tax, and tax shall accordingly be deducted by and recoverable from the person by or through whom the payment is made. | ||
(3) Nothing in this section shall cause any such excess as is referred to in subsection (2) of this section to be treated, for any purpose of the Income Tax Acts, as income either of the legal personal representative of the deceased director or employee or of any other person. | ||
(4) Where the aggregate value of all benefits provided on or in connection with the death during his service of a director or employee under all retirement benefits schemes subsisting in connection with the body corporate does not exceed £3,000 this section shall not taken effect in relation to such director or employee. |