Statutory Instruments
2006 No. 136
INCOME TAX
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006
Made
25th January 2006
Laid before the House of Commons
26th January 2006
Coming into force
6th April 2006
Citation and commencement
1. These Regulations may be cited as the Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 and shall come into force on 6th April 2006.
Insurance company liable as scheme administrator
2. —(1) This regulation applies where an insurance company makes a payment of—
(a) a pension protection lump sum death benefit,
(b) an annuity protection lump sum death benefit, or
(c) an unsecured pension fund lump sum death benefit.
(2) The insurance company is to be treated as the scheme administrator for the purposes of the operation of section 206 (special lump sum death benefits charge) in relation to the lump sum death benefit.
(3) The insurance company is responsible for the discharge of the obligations imposed on the scheme administrator under subsections (1) to (7) of section 254 (accounting for tax by scheme administrators).
(4) The insurance company is liable to the penalties under—
(a) section 260(1) (accounting return) if it fails to comply with the obligations imposed by section 254(1) to (7) as applied to it by virtue of paragraph (2); and
(b) section 260(6) if it fraudulently or negligently makes an incorrect return under section 254(1) to (7) as so applied.
Paul Gray
Mike Eland
Two of the Commissioners for Her Majesty’s Revenue and Customs
25th January 2006
2004 c. 12 . Section 273 A was inserted by paragraph 49(1) of Schedule 10 to the Finance Act 2005 (c. 7) .
The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11) . Section 50 of that Act provides that insofar as it is appropriate in consequence of section 5 a reference, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty’s Revenue and Customs.