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Provisions supplementary to section 646B. |
646C. - (1) In this section and section 646B above, "requisite evidence" means evidence- |
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(a) of such a description as may be prescribed; |
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(b) in such form as may be prescribed; and |
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(c) satisfying such conditions as may be prescribed. |
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(2) Regulations may make further provision in connection with requisite evidence. |
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(3) The provision that may be made by regulations under subsection (2) above includes provision for or in connection with the provision, use, retention, production or inspection of, or of copies of,- |
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(b) books, documents or other records relating to any requisite evidence; or |
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(c) extracts from requisite evidence or from such books, documents or other records. |
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(4) Any power to make regulations under this section or section 646B includes power to make different provision for different cases or different purposes. |
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(5) In this section and section 646B above- |
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"prescribed" means specified in or determined in accordance with regulations; |
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"regulations" means regulations made by the Board.". |
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(2) Sub-paragraph (1) above has effect in relation to presumptions for the year 2001-02 and subsequent years of assessment. |
| Higher level contributions after cessation of actual relevant earnings: modification of section 646B |
| 23. - (1) After section 646C insert- |
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"Higher level contributions after cessation of actual relevant earnings: modification of section 646B. |
646D. - (1) This section applies where a member of a personal pension scheme- |
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(a) has no actual relevant earnings in a year of assessment (the "break year"); but |
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(b) had actual relevant earnings in the preceding year of assessment (the "cessation year"); and |
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(c) was entitled to make higher level contributions under arrangements under the scheme in any one or more of the six years of assessment preceding the break year (the "reference years"). |
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(2) In the application of the presumption in subsection (4) of section 646B for any qualifying post-cessation year, in a case where this section applies, the basis year may be any one of the reference years for which the member provides or has provided the requisite evidence- |
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(a) notwithstanding anything in subsections (6) to (9) of that section; and |
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(b) whether or not the qualifying post-cessation year is included among the five years of assessment following the basis year. |
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(3) If the member provides or has provided the requisite evidence for two or more of the reference years, he may by notice in writing to the scheme administrator nominate that one of those years which is to be the basis year by virtue of subsection (2) above. |
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(4) In this section "post-cessation year", in the case of the member concerned, means any of the five years of assessment following the cessation year. |
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(5) For the purposes of this section any post-cessation year is a "qualifying" post-cessation year unless- |
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(a) it is a year for which the member has any actual relevant earnings; |
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(b) it is a year throughout which the member holds an office or employment to which section 645 applies; or |
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(c) it immediately follows a post-cessation year which is not a qualifying post-cessation year. |
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(6) Subsection (5) above is without prejudice to the further application of this section in relation to the member if the conditions in subsection (1) above are again fulfilled. |
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(7) In this section- |
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"the basis year" shall be construed in accordance with section 646B; |
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"the requisite evidence" has the same meaning as in that section.". |
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(2) This paragraph has effect where the break year is the year 2001-02 or any subsequent year of assessment. |
| Appeals |
| 24. - (1) Amend section 651 as follows. |
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(2) In subsection (1)(a) (appeal against refusal of application under section 631) after "section 631" insert "or paragraph 3 of Schedule 23ZA". |
| Old transitional provisions |
| 25. - (1) Amend section 655 as follows. |
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(2) In subsection (1)(a) (reduction of relief under section 639 where relief is given for certain qualifying premiums) for "that may be deducted or set off" substitute "of contributions in respect of which relief may be given". |
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(3) This paragraph has effect for the year 2001-02 and subsequent years of assessment. |
| Benefits under approved pension arrangements not to be income of settlor |
| 26. - (1) Amend section 660A (income arising under settlement where settlor retains an interest) as follows. |
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(2) Omit subsection (7) (irrevocable allocation of certain pension rights between spouses not to be regarded as settlement). |
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(3) In subsection (9) (descriptions of income to which subsection (1) does not apply) at the end of paragraph (b) add "; or |
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(c) a benefit under an approved pension arrangement". |
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(4) After subsection (10) add- |
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"(11) In this section "approved pension arrangement" means- |
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(a) an approved scheme or exempt approved scheme; |
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(b) a relevant statutory scheme; |
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(c) a retirement benefits scheme set up by a government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees; |
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(d) a contract or scheme which is approved under Chapter III of Part XIV (retirement annuities); |
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(e) a personal pension scheme which is approved under Chapter IV of that Part; |
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(f) an annuity purchased for the purpose of giving effect to rights under a scheme falling within any of paragraphs (a) to (c) and (e) above; |
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(g) any pension arrangements of any description which may be prescribed by regulations made by the Secretary of State. |
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(12) In subsection (11) above "approved scheme", "exempt approved scheme", "relevant statutory scheme" and "retirement benefits scheme" have the same meaning as in Chapter I of Part XIV.". |
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(5) This paragraph has effect for the year 2001-02 and subsequent years of assessment. |
| Conversion of certain approved retirement benefits schemes |
| 27. After Schedule 23 insert- |
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"SCHEDULE 23ZA |
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CONVERSION OF CERTAIN APPROVED RETIREMENT BENEFITS SCHEMES |
| Interpretation |
| 1. - (1) In this Schedule- |
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"the date of the change" shall be construed in accordance with paragraph 3(2) below; |
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"eligible scheme" shall be construed in accordance with paragraph 2(4) below; |
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"the personal pension provisions of this Act" means this Schedule and the other provisions of Chapter IV of Part XIV; |
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"prescribed" (except in paragraph 2(3)(c)) means specified in, or determined in accordance with, regulations; |
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"regulations" means regulations made by the Board. |
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(2) Any power conferred by this Schedule to make regulations includes power to make different provision for different cases or different purposes. |
| Eligible schemes |
| 2. - (1) This Schedule applies to any retirement benefits scheme which is for the time being approved under Chapter I of Part XIV. |
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(2) Sub-paragraph (1) above is subject to the following provisions of this paragraph. |
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(3) This Schedule applies to a retirement benefits scheme only if- |
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(a) it is an occupational pension scheme, as defined in section 1 of the Pension Schemes Act 1993 or section 1 of the Pensions Schemes (Northern Ireland) Act 1993; |
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(b) it is a money-purchase scheme, as defined in section 181 of the Pension Schemes Act 1993 or section 176 of the Pensions Schemes (Northern Ireland) Act 1993; |
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(c) any documents relating to the scheme which are prescribed under section 631(1) are such that, subject to approval under paragraph 3 below, the scheme is capable of being an approved personal pension scheme for the purposes of Chapter IV of Part XIV as from the date of the change; and |
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(d) such other conditions as may be prescribed are satisfied in the case of the scheme. |
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(4) Any retirement benefits scheme to which this Schedule applies is referred to in this Schedule as an "eligible scheme". |