Statutory Instruments
2008 No. 1946
Income Tax
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2008
Made
22nd July 2008
Laid before the House of Commons
22nd July 2008
Coming into force
1st November 2008
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2008 and shall come into force on 1st November 2008.
(2) These Regulations have effect in relation to surrenders of and agreements to surrender rights to payments under lifetime annuities or dependants’ annuities made on or after 10th October 2007.
(3) Expressions used in paragraph (2) shall be construed in accordance with section 172A of the Finance Act 2004( 3 ).
Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006
2. —(1)The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006( 4 ) are amended as follows.
(2) In regulation 6, before the first entry in table 2, insert—
| “ Section 172A (surrender) | To determine for the purposes of section 172A(1) and (2) whether a surrender of (or agreement to surrender) rights to payments under a lifetime annuity has occurred. ” |
(3) For regulation 10 substitute—
“ Dependants’ annuity - unauthorised payments
10. —(1) In any case within paragraph 17(3) of Schedule 28 (transfer of sums or assets on cessation of dependants’ annuity) where a new dependants’ annuity becomes payable, the new dependants’ annuity is to be treated as if it were the original dependants’ annuity for the purposes of Part 4 prescribed in table 2A to the extent that the amount of the sums and the value of the assets applied to purchase the new dependants’ annuity are equal to the amount of the sums and the value of the assets transferred.
(2) In any other case within paragraph 17(3), except where a new dependants’ annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums and the market value of the assets transferred.
Table 2A
| Provision | Purpose |
|---|---|
| Section 172A (surrender) | To determine for the purposes of section 172A(1) and (2) whether a surrender of (or agreement to surrender) rights to payments under a dependants’ annuity has occurred. ” |
Dave Hartnett
Steve Lamey
Two of the Commissioners for Her Majesty’s Revenue and Customs
22nd July 2008
2004 c. 12 . Paragraphs 3(2B) and (2C) and 17(3) and (4) of Schedule 28 were inserted by paragraphs 13 and 15 of Schedule 10 to the Finance Act 2005 (c. 7) . Paragraphs 3(2CA) and 17(4A) were inserted by paragraph 2 of Schedule 29 to the Finance Act 2008 (c. 9) .
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(1) of that Act provides that a reference to the Commissioners of Inland Revenue (however expressed) shall be taken as a reference to the Commissioners for Her Majesty’s Revenue and Customs.
Section 172A was inserted by paragraph 38 of Schedule 10 to the Finance Act 2005, and amended by paragraph 469 of Schedule 1 to the Income Tax Act 2007 (c. 3) , paragraph 6 of Schedule 20 to the Finance Act 2007 (c. 11) , and paragraph 3 of Schedule 28 to the Finance Act 2008 (c. 9) .