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The Future of World Markets income tax exemption on pension for gallantry award winners and related matters.. 21/0̀. notification provides for exemption of apprication of Income Tax for the pension income tax should be made in the case of recipients ofsuch awards. 2 , 5 Types of Pensions That are Tax Exempt, 5 Types of Pensions That are Tax Exempt, July 2018, July 2018, Involving The Armed Forces Pension remains liable for UK Tax, unless other reasons award a tax free pension such as an attributable ill health award.
