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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

The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by section 273A(1) and (2) of the Finance Act 2004( 1 ), and now exercisable by them( 2 ), make the following Regulations:

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

( 1 )

2004 c. 12 . Section 273 A was inserted by paragraph 49(1) of Schedule 10 to the Finance Act 2005 (c. 7) .

( 2 )

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.

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 (2006/136)

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Sort descending by Changed Legislation Sort descending by Year and Number Changed Provision Type of effect Sort descending by Affecting Legislation Title Sort descending by Year and Number Affecting Provision Sort descending by Changes made to website text Note
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 2006 No. 136 reg. 2(1)(b) word omitted Taxation of Pensions Act 2014 2014 c. 30 Sch. 1 para. 30(1)(a) Not yet
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 2006 No. 136 reg. 2(1)(d) and word inserted Taxation of Pensions Act 2014 2014 c. 30 Sch. 1 para. 30(1)(b) Not yet
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 2006 No. 136 reg. 2(4) substituted The Pension Schemes (Miscellaneous Amendments) Order 2013 2013 No. 1114 art. 6(2) Not yet
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 2006 No. 136 reg. 2(1)(c) substituted The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2011 2011 No. 1751 reg. 2(2) Not yet
The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 2006 No. 136 reg. 2(4)(a) words substituted The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Assessment and Pension Schemes) (Appointed Days and Consequential and Savings Provisions) Order 2011 2011 No. 702 art. 17 Not yet

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