Statutory Instruments
2005 No. 723
INCOME TAX
The Retirement Benefits Schemes (Increase in Permitted Maximum in Transitional Cases) Order 2005
Made
16th March 2005
Laid before the House of Commons
16th March 2005
Coming into force
6th April 2005
The Treasury, in exercise of the powers conferred upon them by section 590(3) of the Income and Corporation Taxes Act 1988 ( 1 ) make the following Order:
Citation and commencement
1. This Order may be cited as the Retirement Benefits Schemes (Increase in Permitted Maximum in Transitional Cases) Order 2005 and shall come into force on 6th April 2005.
Increase in permitted maximum
2. In section 590(3) of the Income and Corporation Taxes Act 1988 as originally enacted ( 2 ) for “£100,000” substitute “£105,600”.
Jim Murphy
Nick Ainger
Two of the Lords Commissioners of Her Majesty’s Treasury
16th March 2005
1988 c. 1 . Section 590(3) was amended, and words in paragraph (d), which are relevant for the purposes of the present instrument, were repealed, by paragraph 3(2) of Schedule 6 to the Finance Act 1989 (c. 26 : “the 1989 Act”). By virtue of paragraph 18(2) of that Schedule, the repeal applies only if a scheme was not approved on the day on which the 1989 Act was passed, or if the scheme was in existence before 14th March 1989 but the member joined the scheme on or after 1st June 1989.
The provision amended by this article was repealed for other purposes (see footnote (a) above).