|
| |
|
(5) | In subsection (1)(e) “pension sharing order or provision” means any |
| |
such order or provision as is mentioned in section 28(1) of WRPA 1999 |
| |
or Article 25(1) of WRP(NI)O 1999. |
| |
(4) | Section 394 (charge on benefit) is amended as follows. |
| |
(5) | After subsection (1) insert— |
| 5 |
“(1A) | Subsection (1) does not apply in relation to the benefit if the total |
| |
amount of the benefits to which this Chapter applies received by the |
| |
individual in the relevant tax year does not exceed £100.” |
| |
| |
(a) | for “administrator of” substitute “person who is (or persons who are) |
| 10 |
the responsible person in relation to”, and |
| |
(b) | insert at the end “and is assessable accordingly.” |
| |
(7) | In subsection (3), for “subsections (1) and (2)” substitute “this section”. |
| |
(8) | For sections 395 to 397 substitute— |
| |
“395 | Reduction where employee has contributed |
| 15 |
(1) | This section applies in relation to a relevant benefit under an employer- |
| |
financed retirement benefits scheme in the form of a lump sum where, |
| |
under the scheme, an employee has paid any sum or sums by way of |
| |
contribution to the provision of the lump sum. |
| |
(2) | The amount which, by virtue of section 394, counts as employment |
| 20 |
income, or is chargeable to tax under Case VI of Schedule D, is the |
| |
amount of the lump sum reduced by the sum, or the aggregate of the |
| |
sums, paid by the employee by way of contribution to the provision of |
| |
| |
(3) | A reduction under this section may not be claimed in respect of the |
| 25 |
same contribution in relation to more than one lump sum. |
| |
(4) | It is to be assumed, unless the contrary is shown, that no reduction is |
| |
applicable under this section.” |
| |
(9) | In subsection (1) of section 399 (valuation of benefit in form of loan), for |
| |
“administrator of” substitute “person who is (or any of the persons who are) |
| 30 |
the responsible person in relation to”. |
| |
(10) | In subsection (2) of that section, for “administrator” substitute “responsible |
| |
| |
(11) | For section 400 substitute— |
| |
| 35 |
(1) | The following heads specify the person who is, or persons who are, the |
| |
responsible person in relation to an employer-financed retirement |
| |
benefits scheme for the purposes of this Chapter. |
| |
(2) | But if a person is, or persons are, the responsible person in relation to |
| |
the scheme by virtue of being specified under one head, no-one is the |
| 40 |
responsible person in relation to the scheme by virtue of being specified |
| |
| |
| |
|
| |
|
| |
|
| |
If there are one or more trustees of the scheme who are resident in the |
| |
United Kingdom, that trustee or each of those trustees. |
| |
| |
If there are one or more persons who control the management of the |
| 5 |
scheme, that person or each of those persons. |
| |
| |
If alive or still in existence, the employer, or any of the employers, who |
| |
established the scheme and any person by whom that employer, or any |
| |
of those employers, has been directly or indirectly succeeded in relation |
| 10 |
to the provision of benefits under the scheme. |
| |
| |
Any employer of employees to or in respect of whom benefits are, or |
| |
are to be, provided under the scheme. |
| |
| 15 |
If there are one or more trustees of the scheme who are not resident in |
| |
the United Kingdom, that trustee or each of those trustees. |
| |
| |
| |
“employer-financed retirement benefits scheme” has the meaning |
| 20 |
| |
“relevant benefits” has the meaning given by section 393B; and |
| |
“responsible person” has the meaning given by section 399A.” |
| |
(12) | In Part 2 of Schedule 1 to ITEPA 2003 (defined expressions), insert at the |
| |
| 25 |
| “employer-financed retirement benefits |
| | | | | scheme (in Chapter 2 of Part 6) |
| | | | | “relevant benefits (in Chapter 2 of Part |
| | | | | | | | | | “responsible person (in Chapter 2 of |
| | | 30 | | | | | |
|
| |
| |
| |
237 | Registered pension scheme return |
| 35 |
(1) | The Inland Revenue may, in relation to any tax year, by notice require the |
| |
scheme administrator of a registered pension scheme— |
| |
(a) | to make and deliver to the Inland Revenue a return containing any |
| |
information reasonably required by the notice, and |
| |
|
| |
|
| |
|
(b) | to deliver with the return any accounts, statements or other documents |
| |
relating to information contained in the return which may reasonably |
| |
be required by the notice. |
| |
(2) | The information that may be required to be included in the return is any |
| |
| 5 |
(a) | contributions made under the pension scheme, |
| |
(b) | transfers of sums or assets held for the purposes of, or representing |
| |
accrued rights under, another pension scheme so as to become held for |
| |
the purposes of, or to represent rights under, the pension scheme, |
| |
(c) | income and gains derived from investments or deposits held for the |
| 10 |
purposes of the pension scheme, |
| |
(d) | other receipts of the pension scheme, |
| |
(e) | the sums and other assets held for the purposes of the pension scheme, |
| |
(f) | the liabilities of the pension scheme, |
| |
(g) | the payment of benefits by the pension scheme, |
| 15 |
(h) | transfers of sums or assets held for the purposes of, or representing |
| |
accrued rights under, the pension scheme so as to become held for the |
| |
purposes of, or to represent rights under, another pension scheme, |
| |
(i) | other expenditure of the pension scheme, |
| |
(j) | the membership of the pension scheme, or |
| 20 |
(k) | any other matter relating to the administration of the pension scheme. |
| |
(3) | The information that may be required to be included in the return may be |
| |
limited to information concerning any particular arrangement or |
| |
arrangements under the pension scheme. |
| |
(4) | The notice must specify the period to be covered by the return. |
| 25 |
| |
(a) | the whole or any specified part of the tax year, or |
| |
(b) | if audited accounts of the pension scheme have been prepared for any |
| |
period or periods ending in the tax year, the period or periods covered |
| |
| 30 |
(6) | “Audited accounts” means accounts audited by a person of a description |
| |
specified in regulations made by the Board of Inland Revenue. |
| |
(7) | A return relating to the whole or part of, or to a period or periods ending in, a |
| |
tax year must be delivered— |
| |
(a) | where the notice requiring the return is given after the 31st October in |
| 35 |
the next tax year, before the end of the period of three months |
| |
beginning with the day on which the notice is given, and |
| |
(b) | otherwise, not later than the 31st January in the next tax year (but |
| |
| |
(8) | If, in a case within paragraph (b) of subsection (7), the winding-up of the |
| 40 |
pension scheme has been completed before 31st October in the next tax year, |
| |
the return must be delivered before the end of the period of three months |
| |
beginning with the day on which the winding-up is completed. |
| |
(9) | But subsection (8) does not apply if the end of that period is before the end of |
| |
the period of three months beginning with the day on which the notice is given; |
| 45 |
and in that case the return must be delivered before the end of that period. |
| |
|
| |
|
| |
|
238 | Information: general requirements |
| |
(1) | The Board of Inland Revenue may by regulations make provision requiring |
| |
persons of a prescribed description— |
| |
(a) | to provide to the Inland Revenue information of a prescribed |
| |
description relating to any of the matters mentioned in subsection (2), |
| 5 |
| |
(b) | to preserve for a prescribed period any documents relating to such |
| |
| |
| |
(a) | any matter relating to a registered pension scheme, |
| 10 |
(b) | any matter relating to a pension scheme which has ceased to be a |
| |
registered pension scheme, |
| |
(c) | any matter relating to a pension scheme in relation to which an |
| |
application for registration has been made, |
| |
(d) | any matter relating to an annuity purchased with sums or assets held |
| 15 |
for the purposes of a registered pension scheme, |
| |
(e) | the coming into operation of an employer-financed retirement benefits |
| |
| |
(f) | the payment of relevant benefits under an employer-financed |
| |
retirement benefits scheme. |
| 20 |
| |
| “employer-financed retirement benefits scheme”, and |
| |
| |
| have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections |
| |
393A and 393B of that Act). |
| 25 |
(4) | The Board of Inland Revenue may by regulations make provision— |
| |
(a) | requiring scheme administrators of registered pension schemes or |
| |
other persons of a prescribed description to provide information of a |
| |
prescribed description to persons of such of the descriptions mentioned |
| |
in subsection (5) as are prescribed, or |
| 30 |
(b) | requiring persons of such of the descriptions specified in subsection (5) |
| |
as are prescribed to provide information of a prescribed description to |
| |
the scheme administrators of registered pension schemes. |
| |
| |
(a) | members of a registered pension scheme, |
| 35 |
(b) | persons who have ceased to be members of a registered pension |
| |
| |
(c) | persons to whom benefits under a registered pension scheme are being, |
| |
| |
(d) | the personal representatives of any person within paragraphs (a) to (c), |
| 40 |
| |
(e) | insurance companies who pay annuities purchased with sums or assets |
| |
held for the purposes of registered pension schemes. |
| |
(6) | “Prescribed”, in relation to regulations, means prescribed by the regulations. |
| |
|
| |
|