SCHEDULE 2 continued
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in subsections (8) and (9) references to any relevant step
mentioned in subsection (3) are to be read as references to the
separate relevant step mentioned in subsection (5)(a).
If B is a company and is a member of a group of companies at any
time (“the relevant time”), in subsection (7)(a), in relation to any
contribution paid at the relevant time, the reference to B is to be read
as including a reference to any other company which is a member of
that group at the relevant time.
(12) In this section—
“overseas pension scheme” has the same meaning as in Part 4 of
FA 2004 (see section 150(7) of that Act),
“section 390 scheme” means a scheme in relation to which a
claim was accepted under section 390,
“section 390 scheme rights” means rights which A has under an
overseas pension scheme and which—
have been transferred to the scheme (directly or
indirectly) from a section 390 scheme, or
have arisen or derived (directly or indirectly) from
rights that have been so transferred, and
“tax-exempt provision” and “tax-relieved contribution” have
the meaning given by paragraph 3(3) and (4) of Schedule 34
to FA 2004.
The Commissioners for Her Majesty’s Revenue and Customs may by
regulations provide for Chapter 2 not to apply—
Finance (No. 3) BillPage 89
by reason of a relevant step falling within a specified
(b) in the cases otherwise specified in the regulations.
Regulations under this section may, in consequence of provision
within subsection (1)—
for a relevant step to be treated for the purposes of
this Part as if it were two or more separate relevant
for the provision within subsection (1) to apply only
to one or some of the separate relevant steps, and
for the sum of money or asset which is the subject of
the relevant step to be apportioned between the
separate relevant steps on a just and reasonable basis,
make provision, in relation to cases in which Chapter 2 does
not apply by reason of a relevant step by virtue of the
provision within subsection (1)—
for a relevant step to be treated as taking place if,
subsequently, specified conditions are met or not met,
for Chapter 2 to apply by reason of the relevant step
treated as taking place, and
make other provision modifying the application of any
provision of this Part.
Regulations under this section may contain incidental,
supplemental, consequential and transitional provision and savings.
(4) Regulations under this section may have retrospective effect.
(1) This section applies for the purposes of this Part.
(2) “A” and “B” are defined in section 554A(1)(a).
“Arrangement” includes any agreement, scheme, settlement,
transaction, trust or understanding (whether or not it is legally
“Market value” has the same meaning as it has for the purposes of
TCGA 1992 by virtue of Part 8 of that Act.
Section 170(2) to (11) of TCGA 1992 applies for the purpose of
determining whether a company is a member of a group of
And for that purpose, section 170(2) to (11) is to be read as if for “75
per cent” (wherever occurring) there were substituted “51 per cent”
(with section 1154(2) of CTA 2010 applying accordingly).
References to the payment of a sum of money include (in particular)
references to the payment of a sum of money by way of a loan.