Statutory Instruments
2007 No. 1600
income tax
The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendment) Regulations 2007
Made
4th June 2007
Laid before the House of Commons
5th June 2007
Coming into force
1st July 2007
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 150(7) of the Finance Act 2004( 1 ).
Citation, commencement and interpretation
1. —(1) These Regulations may be cited as the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendment) Regulations 2007 and shall come into force on 1st July 2007.
(2) In these Regulations “the principal Regulations” means the Pensions Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006( 2 ).
Amendment of the principal Regulations
2. The principal Regulations are amended as follows.
3. In regulation 2(3) (requirements of an overseas pension scheme) in primary condition 2—
(a) at the end of paragraph (a) omit “or”, and
(b) after paragraph (a) insert —
“ (ab) the scheme is liable to taxation on its income and gains and is of a kind specified in the Schedule to these Regulations; or ” .
4. At the end of the principal Regulations add the Schedule set out as the Schedule to these Regulations.
Mike Hanson
Steve Lamey
Two of the Commissioners for Her Majesty’s Revenue and Customs
4th June 2007
Regulation 2(3)
SCHEDULE Specified Schemes
A complying superannuation plan as defined in section 995-1 (definitions) of the Income Tax Assessment Act 1997 of Australia ( 3 ).
2004 c.12 . The functions of the Commissioners of Inland Revenue, including those under which this instrument is made, 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(1) of that Act provides that a reference in any other enactment to the Commissioners of Inland Revenue is to be construed as a reference to the Commissioners for Her Majesty’s Revenue and Customs in so far as is appropriate in consequence of section 5.
The Income Tax Assessment Act 1997 of Australia was amended by the Tax Law Amendment (Simplified Superannuation) Act 2007 of Australia. The terms used in the definition of “complying superannuation plan” are further defined in the Superannuation Industry (Supervision) Act 1993 of Australia and the Retirement Savings Accounts Act 1997 of Australia.