Section 8, The Income Tax (Deductions Citation

Nothing in these rules shall be deemed to limit the powers Artificial orof the Commissioner under section 19 of the Ordinance. ~;~~~:t~ons. (a) The fund is held under an irrevocable trust. (b) The fund is established in connection with the carrying on of a trade, business, profession or vocation or the exercise of functions wholly or partly within Sierra Leone. (c) The fund has for its sole purpose the provision of pensions or annuities for persons employed in connection with such trade, business, profession, vocation or functions, and for no persons other than such employees, on their retiring at a specified age, or on their becoming incapacitated at some earlier age, or, on the death of such persons, for their widows, children or dependants. (d) The fund is mutually recognised by the employer and by the employee. (e) The moneys forming the corpus of the fund are so invested that they are not available to the employer for the purposes of the trade, business, profession, vocation or functions in respect of which the fund is created. (j) The employer shall have no lien on or right of recourse to any contributions once made, or to accumulations thereof. (g) The employee is not entitled to withdraw any sum from the fund, save upon attaining the specified retiring age or upon ceasing to be employed at a date prior to retirement. (h) The fund is not one under which the benefits are secured by policies or contracts with life insurance companies for life insurance or deferred annuities. (a) The assets of the fund are vested in two or more Trustees under an irrevocable trust. (b) The fund is established in connection with the carrying on of a trade, business, profession or vocation or the exercise of functions wholly or partly in (c) Both the employees and the employer are contributors to the fund. (d) '&he contributions of the employee are deducted by the employer from the remuneration payable to the employee and are credited to the employee's individual account in the fund. (e) The annual contribution of the employer in respect of any employee does not exceed by more than 50 per cent. the amount of the annual contribution for the same year of that employee and is payable to the Trustees at intervals not exceeding one year. (j) The assets of the fund consist of the contributions of the employer and of the employees, of the accumulations of such contributions, of interest S.L.-VoL. VIII-30 Rule 4 (i) (a) Rule 4 (i) (b) Rule 4. (i) (o) 2 ofl949, 11 of 1955. credited in respect of such contributions and accumulations, of donations received by the Trustees, of capital accretions arising from realisation of investments and of securities purchased therewith, and of no other sums. (g) The moneys forming the CO!jUS of the fund are so invested that they are not available to the employer for the purposes of the trade, business, profession, vocation or functions in respect of which the fund is created. (h) The fund has for its sole purpose the accumulation of sums as specified in condition (f) for the benefit of employees but of no other persons upon retireme~t at an age specified in the regulations of the fund or upon leaving the employment prior to the specified age by reason of ill health such benefits being proportionate to the aggregate of the contributions made in respect of each employee by the employer and the employee, and of interest thereon. (i) The employee is not entitled to withdraw any sum from the fund save upon attaining the specified retiring age or upon leaving the employment at a date prior to retirement. (j) The employer shall have no lien on or right of recourse to the contributions once made of either the employer or the employee or to accumulations thereof.