Income and Corporation Taxes Act 1970
Encyclopedia
The Income and Corporation Taxes Act 1970 was an Act of Parliament
passed by the Parliament of the United Kingdom
which was repealed in 1992.
s were first introduced to give self-employed people the right to contribute to a pension
.
These plans were often known as section 226 plans even when the legislation was superseded.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
passed by the Parliament of the United Kingdom
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
which was repealed in 1992.
Section 226 plans
Under section 226 of this act, retirement annuity planRetirement annuity plan
A retirement annuity plan is a UK pension plan designed to build a lump sum for retirement. Part of the lump sum must be used to buy an annuity and part can be taken a tax free lump sum....
s were first introduced to give self-employed people the right to contribute to a pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
.
These plans were often known as section 226 plans even when the legislation was superseded.
See also
- UK Pension ProvisionUK pension provisionPensions in the United Kingdom fall into seven major divisions; Basic State Pension, State Second Pension , Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions...
- List of Acts of Parliament of the United Kingdom Parliament, 1960-1979