British
and Irish Legal Information Institute
Freely Available British and Irish Public Legal Information
[
Home]
[
Databases]
[
World Law]
[
Multidatabase Search]
[
Help]
[
Feedback]
United Kingdom Statutory Instruments
You are here:
BAILII >>
Databases >>
United Kingdom Statutory Instruments >>
The Registered Pension Schemes (Authorised Payments — Arrears of Pension) Regulations 2006 No. 614
URL: http://www.bailii.org/uk/legis/num_reg/2006/20060614.html
[
New search]
[
Help]
STATUTORY INSTRUMENTS
2006 No. 614
INCOME TAX
The Registered Pension Schemes (Authorised Payments — Arrears of Pension) 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 Payments — Arrears of Pension) Regulations 2006 and shall come into force on 6th April 2006.
Payment of arrears of pension to be an authorised payment
2.
—(1) Where a registered pension scheme pays to a member of the scheme an amount representing accrued arrears of pension, paragraph (2) applies.
(2) Paragraph (3) applies to so much of the payment mentioned in paragraph (1) as—
(3) The amount to which this paragraph applies is a payment of a prescribed description for the purposes of section 164(f).
(4) In this regulation—
"entitled" has the meaning given in section 165(3)[4]; and
a reference to a numbered section, without more, is a reference to the section of the Finance Act 2004 bearing that number.
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 Regulations)
These Regulations prescribe an additional description of authorised payment which may be made by a registered pension scheme.
Regulation 1 provides for the citation and commencement of these Regulations.
Regulation 2 prescribes a payment of arrears of pension which have accrued, to which the member is entitled at the time when the pension begins to be paid, and which is taxable pension income within the meaning of section 579B of ITEPA 2003, as an additional description of authorised payment for the purposes of Part 4 of the Finance Act 2004.
These Regulations do not impose new costs on business.
Notes:
[1]
2004 c. 12.back
[2]
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, 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.back
[3]
20003 c. 1. Section 579B was inserted by paragraph 6 of Schedule 31 to the Finance Act 2004.back
[4]
Section 165(3) was amended by paragraph 7 of Schedule 10 to the Finance Act 2005 (c. 7).back
ISBN
0 11 074225 7
| © Crown copyright 2006 |
Prepared
15 March 2006
|