Statutory Instruments
2012 No. 886
Child Trust Funds
Income Tax
Stamp Duty Reserve Tax
The Child Trust Funds, Registered Pension Schemes and Stamp Duty Reserve Tax (Consequential Amendments) Regulations 2012
Made
21st March 2012
Laid before the House of Commons
21st March 2012
Coming into force
6th April 2012
These Regulations are made by the Treasury and the Commissioners for Her Majesty’s Revenue and Customs.
The Treasury make regulations 1, 2 and 4 of these Regulations exercising the powers contained in sections 13 and 28(1) and (2) of the Child Trust Funds Act 2004( 1 ) and section 98 of the Finance Act 1986( 2 ).
The Commissioners for Her Majesty’s Revenue and Customs make regulations 1 and 3 of these Regulations exercising the powers contained in sections 267(10) and 268(10) of the Finance Act 2004( 3 ).
Citation and commencement
1. These regulations may be cited as the Child Trust Funds, Registered Pension Schemes and Stamp Duty Reserve Tax (Consequential Amendments) Regulations 2012 and shall come into force on 6th April 2012.
Amendment of the Child Trust Funds Regulations 2004
2. —(1)The Child Trust Funds Regulations 2004 ( 4 ) are amended as follows.
(2) Omit regulation 29(4) (assessments for withdrawing relief and recovering tax: modification of sections 72 and 73 of the Taxes Management Act 1970).
Amendment of the Registered Pension Schemes (Discharge of Liabilities under Sections 267 and 268 of the Finance Act 2004) Regulations 2005
3. —(1) The Registered Pension Schemes (Discharge of Liabilities under Sections 267 and 268 of the Finance Act 2004) Regulations 2005( 5 ) are amended as follows.
(2) Omit regulation 4 (applications on behalf of persons who are incapacitated).
Amendment of the Stamp Duty Reserve Tax Regulations 1986
4. —(1)The Schedule to the Stamp Duty Reserve Tax Regulations 1986( 6 ) is amended as follows.
(2) In the Table in Part 1 of the Schedule (which applies the provisions of the Taxes Management Act 1970 specified in the first column of that Table, subject to any modification specified in the second column of that Table), omit the entries in both columns for sections 72(1) to (3) and 73.
(3) In Part 2 of the Schedule (which restates and applies the provisions of the Taxes Management Act 1970 as modified), omit restated sections 72(1) to (3) (trustees, guardians, etc of incapacitated persons) and 73 (further provision as to infants).
(4) In restated section 118(1) (interpretation), omit the definition of “incapacitated person”.
Angela Watkinson
Michael Fabricant
Two of the Lords Commissioners of Her Majesty’s Treasury
21st March 2012
Stephen Banyard
Simon Bowles
Two of the Commissioners for Her Majesty’s Revenue and Customs
20th March 2012
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 of the Commissioners for Revenue and Customs Act 2005 (c. 11) .
S.I. 2004/1450 ; to which there have been amendments not relevant to theses Regulations.
S.I. 1986/1711 ; to which there have been amendments not relevant to these Regulations.