Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pension income definition

What does Pension income mean? Pension income is the taxable money a person receives from pension benefits once they start drawing them. In practice, this includes payments from an annuity, a scheme pension from an occupational scheme, and withdrawals under drawdown arrangements (in the UK, flexi‑access drawdown—formerly “unsecured pension”—and, in Ireland, payments or deemed distributions from an Approved Retirement Fund (ARF)). State Pension/State Pension (Contributory/Non‑Contributory) amounts also form part of taxable pension income. For tax purposes this is a descriptive term used across contexts, with the underlying rules set out principally in the UK by the Income Tax (Earnings and Pensions) Act 2003 and related...

UK income tax: heads of charge, priority rules and key definitions—employment, pensions, social security, trading, property, savings and investments, miscellaneous (ITEPA 2003; ITTOIA 2005; ITA 2007)

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Practice notes

The main types of income are:

employment income
Pension income
social security income
trading income
property income
savings and investment income
miscellaneous income

Traditionally, applying income tax required first identifying the income’s source and then confirming that it fell within one of the Schedules specified in the Income and Corporation Taxes Act 1988 (ICTA 1988). The Act initially arranged the categories of income liable to income tax into six historic Schedules: A, B, C, D, E and F.

In 1996, the Tax Law Rewrite Project was launched to recast primary direct tax legislation. Following its Completion, the Schedules were abolished for both income tax and corporation tax, with the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), the Income Tax (Trading and other Income) Act 2005 (ITTOIA 2005) and the Income Tax Act 2007 (ITA 2007) introducing the new heads of charge to income tax...

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Web page updated on 22/05/2026

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