470. Tax relief and exemptions.

470.     Tax relief and exemptions.

Broadly speaking and subject always to the detailed provisions of the relevant legislation:

  1.  

    (1)     there is no liability to income tax on income derived by a scheme from its investments or deposits or underwriting commissions1;

  2.  

    (2)     there are exemptions from capital gains tax for gains on scheme investments2;

  3.  

    (3)     active members are entitled to tax relief on scheme contributions subject to certain limits3;

  4.  

    (4)     employers are entitled to tax relief on their contributions4;

  5.  

    (5)     inheritance tax exemptions are available in respect