200AWhen benefit given in connection with retirement from an office or position

200A When benefit given in connection with retirement from an office or position

General rules (1) For the purposes of this Division: (a) a benefit is given in connection with a person’s retirement from an office or position if the benefit is given: (i) by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or (ii) in connection with the person’s retirement from the office or position; and (b) giving a benefit includes: (i) if the benefit is a payment—making the payment; and (ii) if the benefit is an interest in property—transferring the interest; and (c) a person gives a benefit even if the person is obliged to give the benefit under a contract; and (d) a pension or lump sum is paid or payable in connection with the person’s retirement from an office or position if the pension or lump sum is paid or payable: (i) by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or (ii) in connection with the person’s retirement from the office or position; and (e) retirement from an office or position includes: (i) loss of the office or position; and (ii) resignation from the office or position; and (iii) death of a person at a time when they hold the office or position; and (f) when working out whether a person has retired from an office or position, disregard whether or not the person’s details are included in a directors’ report in accordance with paragraph 300A(1)(c). Rules in regulations (1A) Without limiting subsection (1), a benefit is given in connection with a person’s retirement from an office or position if the benefit is given in circumstances specified in regulations made for the purposes of this subsection.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

Related benefits (2) For the purposes of this Division, if: (a) a person (person A) gives another person a benefit (benefit A); and (b) person A gives benefit A for the purpose, or for purposes including the purpose, of enabling or assisting someone to give a person a benefit in connection with the retirement of a person (person B) from an office or position; person A is taken to give benefit A in connection with the person B’s retirement from that office or position.