148 Mis-sold personal pensions etc
Finance Act 1996 (1996 c 8) | Legislation

148  Mis-sold personal pensions etc

(1)     Income tax shall not be chargeable on any payment falling within subsection (3) or (5) below.

(2)     Receipt of a payment falling within subsection (3) below shall not be regarded for the purposes of capital gains tax as the disposal of an asset.

(3)     A payment falls within this subsection if it is a capital sum by way of compensation for loss suffered, or reasonably likely to be suffered, by a person in a case where that person, or some other person, acting in reliance on bad investment advice at least some of which was given during the period beginning with 29th April 1988 and ending with 30th June 1994,—

(a)     has, while eligible, or reasonably likely to become eligible, to be a member of an occupational pension scheme, instead become a member of a personal pension scheme or entered into a retirement annuity contract;

(b)     has ceased to be a member of, or to pay contributions to, an occupational pension scheme

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