§ Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer what would be the tax treatment of a retirement lump sum bonus of £35,000 paid to a member of a corporate pension scheme in the private sector on completion of 35 years service, where the recipient was assuming post-retirement employment at an emolument of £45,000 per annum.
§ Mr. Peter Rees,
pursuant to his reply, [Official Report, 24 July 1979; Vol. 971, c.183], gave the following answer:
Such a sum paid to a member of a superannuation scheme approved by the Inland Revenue, if paid under the rules of that scheme, would normally be exempt from income tax, regardless of the amount of any post-retirement employment income.