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PART II |
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TRANSITIONAL PROVISIONS |
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Schemes approved before 6th April 2001 deemed to contain certain provisions |
| | 28. - (1) This paragraph applies to any personal pension scheme which is or has been approved under Chapter IV of Part XIV of the Taxes Act 1988 before 6th April 2001 (an "existing approved scheme").
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(2) An existing approved scheme shall be deemed to include provision prohibiting, in relation to arrangements made by a member in accordance with the scheme, the acceptance of-
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(a) contributions by the member, or |
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(b) contributions by an employer of the member, |
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at a time when the member is not eligible to make contributions.
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(3) An existing approved scheme shall be deemed to include provision, in relation to arrangements made by a member in accordance with the scheme, requiring that contributions accepted at a time when the member is not eligible to make contributions are repaid-
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(a) to the member, to the extent of his contributions; and |
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(b) as to the remainder, to his employer. |
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(4) An existing approved scheme shall be taken to include provisions prohibiting the scheme from making provision for any benefit so far as consisting of insurance against a risk relating to the non-payment of contributions where-
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(a) the benefit, so far as so consisting, does not fall within one or more of the paragraphs of section 633(1) of the Taxes Act 1988; and |
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(b) the insurance is under a contract of insurance made on or after 6th April 2001. |
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(5) Sections 646B to 646D of the Taxes Act 1988, and any regulations made under those sections, override any provision of an existing approved scheme to the extent that it conflicts with them.
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(6) An existing approved scheme shall be deemed to include provision entitling any member who is eligible to make contributions in a year of assessment under arrangements made by him under the scheme to make contributions in that year up to the earnings threshold for the year.
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(7) Nothing in sub-paragraph (6) authorises the making, in the case of any member, of total contributions in a year of assessment which exceed the earnings threshold for the year or, if greater, the permitted maximum for the year.
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(8) In this paragraph-
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"approved personal pension arrangements" has the same meaning as in Chapter IV of Part XIV of the Taxes Act 1988 (see section 630(1) of that Act); |
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"earnings threshold" has the same meaning as in Chapter IV of Part XIV of the Taxes Act 1988 (see section 630(1) of that Act); |
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"eligible to make contributions" shall be construed in accordance with section 632A of the Taxes Act 1988; |
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"the permitted maximum" has the same meaning as in section 638(3) of the Taxes Act 1988; |
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"personal pension scheme" has the same meaning as in Chapter IV of Part XIV of the Taxes Act 1988 (see section 630(1) of that Act); |
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"total contributions", in the case of a member and a year of assessment, means the aggregate amount of the contributions made in the year by the member and any employer of his under the approved personal pension arrangements in question, together with the aggregate amounts of such contributions under other approved personal pension arrangements made by that member. |
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Deemed requisite evidence for the presumptions |
| | 29. - (1) This paragraph applies where, in the case of any individual and any arrangements made by him under an approved personal pension scheme,-
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(a) the conditions in regulations 5 and 6 of the Personal Pension Schemes (Relief at Source) Regulations 1988 ("the 1988 Regulations") are satisfied for one or more of the five years of assessment preceding the year 2001-02; |
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(b) the particulars specified in regulation 5(2)(e) of the 1988 Regulations have been furnished for a year of assessment ("the relevant year") for which those conditions are satisfied and which is one of those five years of assessment; and |
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(c) such a certificate as is specified in regulation 6(2)(a) of the 1988 Regulations has been furnished at some time during, or not later than 60 days after the end of, such a year of assessment. |
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(2) Where this paragraph applies, it shall be assumed for the purposes of sections 646B to 646D of the Taxes Act 1988-
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(a) that the individual has provided the scheme administrator with the requisite evidence of the relevant amounts for the relevant year; and |
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(b) that the relevant amounts for that year are the amounts stated in, or deduced from, the relevant particulars and certificates. |
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(3) In sub-paragraph (2) above, "the relevant particulars and certificates" means the latest particulars and certificates furnished under regulations 5 and 6 of the 1988 Regulations by reference to which the relevant year is a year for which the conditions prescribed in those regulations are satisfied.
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Applications for approval |
| | 30. - (1) An application to the Board for their approval under Chapter IV of Part XIV of the Taxes Act 1988 of-
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(a) a personal pension scheme, or |
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(b) an amendment to a personal pension scheme approved under that Chapter, |
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may not be made before 1st October 2000 if the scheme or amendment makes or includes any provision such that the Board could not give their approval apart from the amendments made to the Taxes Act 1988 by the relevant provisions of this Schedule.
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(2) For the purposes of sub-paragraph (1) the relevant provisions of this Schedule are any provisions of this Schedule other than paragraphs 10 and 12(3).
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