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The Registered Pension Schemes (Authorised Member Payments) (No. 2) Regulations 2006 No. 571
URL: http://www.bailii.org/uk/legis/num_reg/2006/20060571.html
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STATUTORY INSTRUMENTS
2006 No. 571
INCOME TAX
The Registered Pension Schemes (Authorised Member Payments) (No. 2) Regulations 2006
|
Made |
9th March 2006 | |
|
Laid before the House of Commons |
10th March 2006 | |
|
Coming into force |
6th April 2006 | |
The Commissioners for Her Majesty's Revenue and Customs make the following Regulations in exercise of the powers conferred by section 164(f) of the Finance Act 2004[
1], and now exercisable by them[
2]
Citation and commencement
1.
These Regulations may be cited as the Registered Pension Schemes (Authorised Member Payments) (No. 2) -Regulations 2006 and shall come into force on 6th April 2006.
Payments which are authorised member payments
2.
A payment which satisfies the conditions in article 38(1), 39(1), 40(1) or 41(1)[
a]
of the Taxation of Pension Schemes (Transitional Provisions) Order 2006[
3] is a payment which a registered pension scheme is authorised to make.
David Varney
Paul Gray
Two of the Commissioners for Her Majesty's Revenue and Customs
9th March 2006
EXPLANATORY NOTE
(This note is not part of the Order)
This Order authorises registered pension schemes to make certain payments to which entitlement accrued before 6th April 2006. The effect is to exempt these payments, made on or after 6th April 2006, from the unauthorised payments charge imposed by section 209 of the Finance Act 2004 (c. 12).
This Order does not impose new costs on business.
Notes:
[1]
2004 c. 12.back
[2]
The functions of the Commissioners of Inland Revenue ("the former Commissioners") were transferred to the Commissioners for Her Majesty's Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005. See also section 50 of that Act in relation to the construction of references to the former Commissioners in other enactmentsback
[3]
S.I. 2006/572.back
[a]
Amended by Correction Slip.
Page 1, regulation 2, line one; "in article 39(1), 40(1), 41(1) or 42(1)" should read as "in article 38(1), 39(1), 40(1) or 41(1)".
back
ISBN
0 11 074223 0
| © Crown copyright 2006 |
Prepared
14 March 2006
|