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Written question asked by Annabelle Ewing (Scottish National Party) on Wednesday, 17 October 2001, in the House of Commons. It was due for an answer on Friday, 26 October 2001. It was answered by Andrew Smith (Labour) on Friday, 26 October 2001 on behalf of the Treasury.

Treasury

Question
To ask Mr Chancellor of the Exchequer, in what way the circumstances of the National Bus Group pension fund differ from those of the Scottish Transport Group pension fund as far as taxation of the surpluses thereof is concerned.
Answer

Annabelle Ewing: To ask the Chancellor of the Exchequer in what way the circumstances of the National Bus Group pension fund differ from those of the Scottish Transport Group pension fund as far as taxation of the surpluses thereof is concerned. [9214] Mr. Andrew Smith: [holding answer 23 October 2001]: A surplus from a pension fund scheme can carry a tax liability. A tax charge is provided for under section 601 of the Income and Corporation Taxes Act 1988. It applies to all payments to an employer from the funds of an exempt approved pension scheme, as the Scottish Transport Group schemes are and the National Bus Company schemes were. The tax payable on payments to pensioners will depend on the nature of the payment and the personal tax circumstances of the individual. Payments to Scottish Transport Group pensioners have not yet been finalised by the Scottish Executive.

Secondary information

Type
Written question
Reference
9214; 373 c442-3W
Session
2001-02
Subjects
Pension funds Pension rights Scottish Transport Group Taxation National Bus Company
Link
View this Written question on www.publications.parliament.uk