Statutory Instruments
2006 No. 498
INCOME TAX
The Registered Pension Schemes (Block Transfers) (Permitted Membership Period) Regulations 2006
Made
28th February 2006
Laid before the House of Commons
1st March 2006
Coming into force
6th April 2006
Citation and commencement
1. These Regulations may be cited as the Registered Pension Schemes (Block Transfers) (Permitted Membership Period) Regulations 2006, and shall come into force on 6th April 2006.
Permitted membership period for block transfers
2. —(1) For the purposes of paragraph (b) of paragraph 22(6) of Schedule 36 to the Finance Act 2004 the period prescribed is a period of twelve months ending with the date on which the transfer is made.
(2) But in calculating that period of twelve months, any period before 6th April 2006 is ignored if conditions A and B are met.
(3) Condition A is that immediately before 6th April 2006 the member was a member of a personal pension scheme approved under Chapter 4 of Part 14 of the Income and Corporation Taxes Act 1988( 3 ) (personal pension schemes).
(4) Condition B is that the member’s rights under that scheme consist solely of rights referable to either or both of the following—
(a) amounts paid under the provisions mentioned in section 188(3)(c) of the Finance Act 2004;
(b) payments under the provisions mentioned in paragraph 14(2) of Schedule 36 to that Act( 4 ).
Paul Gray
Mike Hanson
Two of the Commissioners for Her Majesty’s Revenue and Customs
28th February 2006
2004 c. 12 . Paragraph 22(6)(b) of Schedule 36 was substituted by paragraph 55(4) of Schedule 10 to the Finance Act 2005 (c. 7) with effect from 6th April 2006.
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 in so far 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.
Paragraph 14(2) of Schedule 36 was amended by paragraph 53(10) of Schedule 36 to the Finance Act 2005 (c. 7) with effect from 6th April 2006.