Statutory Instruments
2007 No. 3532
IncOme TAX
The Registered Pension Schemes (Authorised Member Payments) Regulations 2007
Made
14th December 2007
Laid before the House of Commons
17th December 2007
Coming into force
7th January 2008
Citation and commencement
1. These Regulations may be cited as the Registered Pension Schemes (Authorised Member Payments) Regulations 2007 and shall come into force on 7th January 2008.
Prescribed authorised member payment relating to inherited estate on reattribution
2. —(1) For the purposes of section 164(f) of the Finance Act 2004 (authorised member payments) a payment made by a registered pension scheme to or in respect of a person who is or has been a member of the pension scheme is of a description that is prescribed if the payment meets conditions A, B and C.
(2) Condition A is that the payment is made as part of a scheme which—
(a) makes a reattribution of the inherited estate of a person who carries on with-profits business, and
(b) is made or sanctioned by a court of competent jurisdiction.
(3) Condition B is that the payment is made to or in respect of the registered pension scheme’s with-profits policyholders in exchange for giving up rights and interests over the inherited estate.
(4) Condition C is that the payment does not reduce the total value of the sums and assets held for the purposes of the registered pension scheme.
(5) In this regulation—
“inherited estate” has the same meaning as in the Conduct of Business sourcebook issued by the Financial Services Authority( 3 );
a “reattribution” means a redefinition of rights and interests of the with-profits policyholders mentioned in paragraph (3) over the inherited estate; and
“with-profits business” has the same meaning as in the Conduct of Business sourcebook issued by the Financial Services Authority.
Dave Hartnett
Mike Hanson
Two of the Commissioners for Her Majesty’s Revenue and Customs
14th December 2007
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 in an enactment, 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.
The Conduct of Business sourcebook is made by the Financial Services Authority under the Financial Services and Markets Act 2000 (c. 8) .