Citation and commencement

1. These Regulations may be cited as the Registered Pension Schemes (Discharge of Liabilities under Sections 267 and 268 of the Finance Act 2004) Regulations 2005 and shall come into force on 6th April 2006.

Interpretation

2. In these Regulations—

“a section 267 application” means an application under subsection (2) or (5) of section 267 of the Finance Act 2004(which concern the scheme administrator’s liability to lifetime allowance charges);

“a section 268 application” means an application under subsection (2) or (5) of section 268 of the Finance Act 2004 (which concern liability to unauthorised payments surcharges and scheme sanctions charges);

“applicant” means a person making a section 267 application or a section 268 application; and

“company” and “year of assessment” have the meanings given to them in section 832 of the Income and Corporation Taxes Act 1988( 2 ).

Time limits for, and content of section 267 and 268 applications

3. —(1) Any section 267 application or section 268 application must be made in writing—

(a) in the case of a company, not later than six years after the end of the accounting period to which it relates; or

(b) in the case of any other applicant, no later than five years after the 31st January next following the year of assessment to which it relates.

This is subject to the following qualification.

(2) If an assessment is made under section 36 of the Taxes Management Act 1970 (assessments for the purpose of making good any loss to the Crown from a loss of income tax, etc. ) ( 3 ), the section 267 application or section 268 application (as the case may be) must be made within two years of the date on which the assessment is issued as stated in the notice of that assessment.

(3) A section 267 application or section 268 application shall set out particulars of the ground relied on under the relevant section.

Applications on behalf of persons who are incapacitated

4. A section 267 application or 268 application may be made on behalf of an incapacitated person by his trustee, guardian or receiver.

Here “incapacitated person” has the meaning given by section 118 of the Taxes Management Act 1970( 4 ).

Supplementary applications

5. Where a section 267 application or section 268 application has been made and the applicant subsequently discovers that an error or mistake has been made in it, the applicant may make a supplementary application in the same manner, and within the same time, as is allowed for making the original application.