Page 15 - P6 Slide Taxation - Lecture Day 6 - Retirement Benefits Lump Sums
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12.2. Lump sums from employers
12.2.2. Gross income, par (f) = Substitution
An amount received or accrued in commutation of amounts due under a
contract of employment or service.
- Par (f) amounts could also qualify as severance benefits if it meets the
requirements of the definition.
- Par (f) refers to a “contract of employment or service” while par (d) refers
to a “office” or “employment”
- Par (f) was enacted before par (d), and it seems as there is very little need
for par (f) as par (f) amounts are usually included by par (d).
