Statutory Instruments
2012 No. 522
Income Tax
The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2012
Made
27th February 2012
Laid before the House of Commons
28th February 2012
Coming into force
6th April 2012
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2012 and shall come into force on 6th April 2012.
(2) These Regulations shall have effect in relation to payments made on or after 6th April 2012.
Amendment of the Registered Pension Schemes (Authorised Payments) Regulations 2009
2. —(1) The Registered Pension Schemes (Authorised Payments) Regulations 2009( 3 ) are amended as follows.
(2) After regulation 11 (De minimis rule for pension schemes), insert—
“ 11A. —(1) A payment to a member by a pension scheme which is not a public service pension scheme or an occupational pension scheme in respect of an arrangement under that scheme if—
(a) the member has reached the age of 60;
(b) the payment does not exceed £2,000;
(c) the payment extinguishes the member’s entitlement to benefits under the arrangement; and
(d) the condition in paragraph (2) is satisfied.
(2) The condition is that the member has not previously received more than one payment under this regulation. ” .
Steve Lamey
Dave Hartnett
Two of the Commissioners for Her Majesty’s Revenue and Customs
27th February 2012
2004 c.12 ; section 164(1) was numbered as such by section 92 and paragraph 1(1), (2)(a) of Schedule 29 to the Finance Act 2008 (c.9) , and previously amended by section 161(1), (2) of and paragraphs 1, 6(a) and (b) of Schedule 23 to the Finance Act 2006 (c.25) . Section 164(2) was inserted by section 92 and paragraph 1(1), (2)(b) of Schedule 29 to the Finance Act 2008 (c.9) and amended by section 75(2)(a) of the Finance Act 2009 (c.10) .
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 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.