|
| |
| |
50 | Drawdown pensions and dependants’ drawdown pensions |
| |
(1) | In section 165 of FA 2004 (pension rules), in subsection (1), in pension rule 5, |
| |
for “100%” substitute “120%”. |
| |
(2) | In section 167 of that Act (pension death benefit rules), in subsection (1), in |
| |
pension death benefit rule 4, for “100%” substitute “120%”. |
| 5 |
(3) | In Schedule 16 to FA 2011 (benefits under pension schemes)— |
| |
(a) | in paragraph 90(2)(a), after “year” insert “beginning before 26 March |
| |
| |
(b) | in paragraph 90(3), omit paragraph (b) and the “and” before it, |
| |
(c) | in paragraph 98(2)(a), after “year” insert “beginning before 26 March |
| 10 |
| |
(d) | in paragraph 98(3), omit paragraph (b) and the “and” before it. |
| |
(4) | The amendments made by subsections (1) and (2) have effect in relation to |
| |
drawdown pension years beginning on or after 26 March 2013. |
| |
(5) | The amendments made by subsection (3)(a) and (c) are treated as having come |
| 15 |
into force on 26 March 2013. |
| |
(6) | The amendments made by subsection (3)(b) and (d) have effect in relation to |
| |
transfers within paragraph 90(5) or 98(5) of Schedule 16 to FA 2011 occurring |
| |
during a drawdown pension year ending on or after 25 March 2013. |
| |
| 20 |
(1) | FA 2004 is amended as follows. |
| |
(2) | In paragraph 2 of Schedule 28 (pension rules: meaning of scheme pension)— |
| |
(a) | in sub-paragraph (4)(c)— |
| |
(i) | for the words from “not earlier” to “65” substitute “during the |
| |
| 25 |
(ii) | after “which” insert “together with any previous reductions of |
| |
the kind referred to in this paragraph (c)”, and |
| |
(b) | after sub-paragraph (4A) insert— |
| |
“(4B) | In sub-paragraph (4)(c) “the permitted period” means the |
| |
period beginning with the day on which the member reaches |
| 30 |
the age of 60 and ending with the day on which the member |
| |
reaches the age of 65 or, if later, reaches pensionable age.” |
| |
(3) | In paragraph 1 of Schedule 29 (pension commencement lump sums), in sub- |
| |
paragraph (4)(a), omit the words from “at a time” to “65”. |
| |
(4) | In consequence of subsection (3), paragraph 21 of Schedule 23 to the FA 2006 is |
| 35 |
| |
(5) | The amendments made by this section have effect for the tax year 2013-14 and |
| |
| |
52 | Abolition of contracting out of state second pension: consequential |
| |
| 40 |
(1) | FA 2004 is amended as follows. |
| |
| |
| |
|
| |
| |
(2) | In section 188 (relief for contributions), in subsection (3) (contributions |
| |
excluded from relief), omit paragraph (c) and the word “and” immediately |
| |
preceding that paragraph. |
| |
(3) | In that section, omit subsection (6) (which treats certain amounts recovered by |
| |
individual’s employer as contributions paid by individual). |
| 5 |
(4) | Omit section 190(5) (certain reliefs not to count towards annual limit for relief). |
| |
(5) | Omit section 196(5) (references to contributions to include references to |
| |
minimum payments when determining relief for employers). |
| |
(6) | Omit section 202 (minimum contributions under pensions legislation). |
| |
(7) | Omit section 233(2) (references to contributions not to include references to |
| 10 |
minimum payments when determining pension input amount). |
| |
(8) | In paragraph 5 of Schedule 29 (short service refund lump sum), after sub- |
| |
| |
“(2A) | In sub-paragraph (2) the reference to the member’s contributions |
| |
| 15 |
(a) | any amount paid under section 7 of the Social Security |
| |
Act 1986 (incentive payments to schemes becoming |
| |
contracted-out between 1986 and 1993), |
| |
(b) | any amount paid by the Commissioners for Her Majesty’s |
| |
Revenue and Customs under section 42A(3) of the Pension |
| 20 |
Schemes Act 1993 or section 38A(3) of the Pension Schemes |
| |
(Northern Ireland) Act 1993 (rebates), and |
| |
(c) | any amount recovered by the member’s employer under |
| |
regulations falling within sub-paragraph (2B) in respect of |
| |
minimum payments made to the scheme in relation to any |
| 25 |
period before 6 April 2012. |
| |
(2B) | Those regulations are regulations which were made under— |
| |
(a) | section 8(3) of the Pension Schemes Act 1993 (recovery of |
| |
| |
(b) | section 4(3) of the Pension Schemes (Northern Ireland) Act |
| 30 |
1993 (corresponding provision for Northern Ireland).” |
| |
(9) | Omit paragraph 14(2) of Schedule 36 (which excludes minimum payments |
| |
from being relevant contributions for the purposes of enhanced protection |
| |
from lifetime allowance charge). |
| |
(10) | Subsections (1), (3) to (5) and (7) to (9) come into force on 6 April 2013. |
| 35 |
(11) | Subsection (2) comes into force on 6 April 2015. |
| |
(12) | Subsection (6) comes into force on 6 April 2016, except that the repeal of section |
| |
202(5) of FA 2004 comes into force on such day as the Treasury may appoint by |
| |
order made by statutory instrument. |
| |
53 | Overseas pension schemes: general |
| 40 |
(1) | In section 150(8) of FA 2004 (meaning of “recognised overseas pension |
| |
scheme”), for the words from “which” to the end substitute “which satisfies |
| |
any requirements prescribed for the purposes of this subsection by regulations |
| |
made by the Commissioners for Her Majesty’s Revenue and Customs.” |
| |
| |
| |
|
| |
| |
(2) | Section 169 of that Act (pension schemes: recognised transfers) is amended as |
| |
| |
(3) | In subsection (2)(c), for “any prescribed information requirements imposed on |
| |
the scheme manager” substitute “any requirements imposed under subsection |
| |
| 5 |
(4) | For subsection (4) substitute— |
| |
“(4) | Regulations may require the scheme manager of a QROPS or former |
| |
| |
(a) | give the Commissioners information of a prescribed |
| |
| 10 |
(b) | give the Commissioners such evidence as they may require of a |
| |
| |
(c) | give a prescribed authority, in prescribed circumstances, |
| |
information of a prescribed description. |
| |
(4A) | Regulations under subsection (4) may make provision as to— |
| 15 |
(a) | the way and form in which information or evidence is to be |
| |
| |
(b) | the times or intervals at which information or evidence is to be |
| |
| |
(4B) | The regulations may apply any provision of Part 7 of Schedule 36 to FA |
| 20 |
2008 (penalties), with or without modifications, in relation to |
| |
requirements imposed under the regulations on a former QROPS.” |
| |
| |
(a) | for “the Inland Revenue has” substitute “the Commissioners have”, |
| |
(b) | for paragraph (a) (but not the “and” at the end of it) substitute— |
| 25 |
“(a) | any of the following conditions is met in relation to the |
| |
| |
(i) | there has been a failure to comply with a relevant |
| |
requirement and the failure is significant, |
| |
(ii) | any information given pursuant to a relevant |
| 30 |
requirement is incorrect in a material respect, |
| |
(iii) | any declaration given pursuant to a relevant |
| |
requirement is false in a material respect, |
| |
(iv) | there is no scheme manager,”, and |
| |
(c) | in paragraph (b), for “the failure” substitute “that condition being met”. |
| 35 |
(6) | For subsection (6) substitute— |
| |
“(6) | A failure to comply with a requirement is significant if— |
| |
(a) | it is a failure to give information or evidence that is (or may be) |
| |
| |
(b) | there are reasonable grounds for believing that the failure |
| 40 |
prejudices (or might prejudice) the assessment or collection of |
| |
tax by the Commissioners.” |
| |
(7) | After subsection (7) insert— |
| |
“(8) | In subsections (4) to (6) and this subsection— |
| |
“the Commissioners” means the Commissioners for Her Majesty’s |
| 45 |
| |
| |
| |
|
| |
| |
“prescribed” means prescribed by regulations; |
| |
“QROPS” means a qualifying recognised overseas pension |
| |
scheme, and “former QROPS” means a scheme that has at any |
| |
| |
“regulations” means regulations made by the Commissioners; |
| 5 |
“relevant requirement” means— |
| |
(a) | a requirement imposed by regulations under subsection |
| |
| |
(b) | a requirement imposed by virtue of Part 1 of Schedule 36 |
| |
to FA 2008 (powers to obtain information and |
| 10 |
| |
(8) | In section 280(1) of that Act (abbreviations), insert at the appropriate place— |
| |
““FA 2008” means the Finance Act 2008,”. |
| |
54 | Overseas pension schemes: information and inspection powers |
| |
(1) | Part 6 of Schedule 36 to FA 2008 (information and inspection powers: special |
| 15 |
cases) is amended as follows. |
| |
(2) | In paragraph 34B (registered pension schemes etc)— |
| |
(a) | in sub-paragraph (2), omit the “or” at the end of paragraph (b) and, at |
| |
the end of paragraph (c) insert— |
| |
“(d) | a QROPS or former QROPS, or |
| 20 |
(e) | an annuity purchased with sums or assets held for the |
| |
purposes of a QROPS or former QROPS.”; |
| |
(b) | after sub-paragraph (4) insert— |
| |
“(4A) | In relation to a notice to which this paragraph applies that |
| |
refers only to information or documents relating to a matter |
| 25 |
within sub-paragraph (2)(d) or (e), paragraph 20 (old |
| |
documents) has effect as if the reference to 6 years were to 10 |
| |
| |
(c) | after sub-paragraph (7) insert— |
| |
“(7A) | Where the notice relates to a matter within sub-paragraph |
| 30 |
(2)(d) or (e), the officer of Revenue and Customs who gives |
| |
the notice must give a copy of the notice to the scheme |
| |
manager in relation to the pension scheme.”; |
| |
(d) | in sub-paragraph (8), for “and (7)” substitute “to (7A)”. |
| |
(3) | In paragraph 34C (registered pension schemes etc: interpretation), insert at the |
| 35 |
| |
““QROPS” and “former QROPS” have the meanings given by |
| |
section 169(8) of FA 2004;”; |
| |
““scheme manager”, in relation to a pension scheme, has the |
| |
meaning given by section 169(3) of FA 2004.” |
| 40 |
(4) | In paragraphs 34B and 34C of Schedule 36 to FA 2008, references to a former |
| |
QROPS include a scheme that ceased to be a QROPS before this Act was |
| |
| |
| |
| |
|
| |
| |
| |
| |
Employee shareholder shares |
| |
55 | Employee shareholder shares |
| |
| 5 |
(a) | provision about employee shareholder shares, and |
| |
(b) | provision for an exemption from income tax in connection with advice |
| |
relating to proposed employee shareholder agreements. |
| |
Seed enterprise investment scheme |
| |
56 | SEIS: income tax relief |
| 10 |
(1) | ITA 2007 is amended as follows. |
| |
(2) | In section 29 (tax reductions: supplementary), in subsection (4B), after the entry |
| |
for Chapter 1 of Part 5 insert— |
| |
“Chapter 1 of Part 5A (SEIS relief),”. |
| |
(3) | In section 32 (liability not dealt with in the calculation), after the entry for |
| 15 |
| |
“under section 257G (withdrawal or reduction of SEIS relief),”. |
| |
(4) | In section 257DG (the control and independence requirement), for subsection |
| |
| |
“(2) | The independence element of the requirement is that— |
| 20 |
(a) | the issuing company must not at any time in period A (ignoring |
| |
any on-the-shelf period) be within subsection (2A), and |
| |
(b) | no arrangements must be in existence at any time in period A by |
| |
virtue of which the issuing company could be within that |
| |
subsection (whether during period A or otherwise). |
| 25 |
(2A) | The issuing company is within this subsection at any time if it is under |
| |
the control of any other company (or of another company and any other |
| |
person connected with that other company). |
| |
(2B) | In subsection (2)(a) “on-the-shelf period” means a period during which |
| |
| 30 |
(a) | has not issued any shares other than subscriber shares, and |
| |
(b) | has not begun to carry on, or make preparations for carrying on, |
| |
| |
(5) | The amendments made by subsections (2) and (3) have effect for the tax year |
| |
2013-14 and subsequent tax years. |
| 35 |
(6) | The amendment made by subsection (4) has effect in relation to shares issued |
| |
on or after 6 April 2013. |
| |
| |
| |
|
