|
| |
|
(2) | For paragraph (i) substitute— |
| |
“(i) | the scheme administrator of a registered pension scheme;”. |
| |
(3) | After paragraph (j) insert “or”. |
| |
(4) | Omit paragraphs (l) and (m). |
| |
17 | In section 360A(9)(a) (meaning of “material interest” in section 360: |
| 5 |
exception from rule about trusts for certain pension scheme trusts), for “an |
| |
exempt approved scheme as defined in section 592;” substitute “a registered |
| |
| |
18 | In section 414(7), (close companies: shares held on trust for certain pension |
| |
schemes), for “an exempt approved scheme as defined in section 592” |
| 10 |
substitute “a registered pension scheme”. |
| |
19 | In section 415(4)(b), (certain quoted companies not to be close companies: |
| |
shares held on trust for certain pension schemes deemed to be beneficially |
| |
held for public), for “an exempt approved scheme as defined in section 592,” |
| |
substitute “a registered pension scheme,”. |
| 15 |
20 | For section 431B (life assurance: meaning of “pension business”) |
| |
| |
| “431B Meaning of “pension business” |
| |
(1) | In this Chapter “pension business” means so much of a company’s |
| |
life assurance business as is referable to contracts entered into for the |
| 20 |
purposes of a registered pension scheme or is the reinsurance of such |
| |
| |
(2) | Where a pension scheme ceases to be a registered pension scheme, |
| |
any of the company’s life assurance business that was pension |
| |
business when the pension scheme was a registered pension scheme |
| 25 |
is to be treated as ceasing to be pension business at the beginning of |
| |
the period of account of the company in which the pension scheme |
| |
ceases to be a registered pension scheme.” |
| |
21 | In section 464(5) (policies and contracts to be disregarded in applying limits |
| |
on benefits payable to member of friendly society), for paragraph (b) |
| 30 |
| |
“(b) | any policy of insurance or annuity contract by means of |
| |
which the benefits to be provided under an occupational |
| |
pension scheme (within the meaning of section 140(5) of the |
| |
Finance Act 2004) are secured or any annuity contract which |
| 35 |
constitutes a registered pension scheme or is issued or held in |
| |
connection with a registered pension scheme other than such |
| |
an occupational pension scheme;”. |
| |
22 (1) | Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows. |
| |
(2) | In subsection (2), omit the definition of “pension business”. |
| 40 |
(3) | After that subsection insert— |
| |
“(2A) | In this Chapter “pension business” means so much of a friendly |
| |
society’s life assurance business as is referable to contracts entered |
| |
into for the purposes of a registered pension scheme. |
| |
(2B) | But where a pension scheme ceases to be a registered pension |
| 45 |
scheme, any of the friendly society’s life assurance business that was |
| |
|
| |
|
| |
|
pension business when the pension scheme was a registered pension |
| |
scheme is to be treated as ceasing to be pension business at the |
| |
beginning of the period of account of the friendly society in which |
| |
the pension scheme ceases to be a registered pension scheme.” |
| |
23 | In section 467(3) (exemption for trade unions and employers’ associations: |
| 5 |
disregard of certain annuities for purposes of limit), for “approved annuities |
| |
(as defined in section 620(9))” substitute “annuity contract which constitutes |
| |
a registered pension scheme or is issued or held in connection with a |
| |
registered pension scheme other than an occupational pension scheme |
| |
(within the meaning of section 140(5) of the Finance Act 2004)”. |
| 10 |
24 | In section 503(2) (letting of furnished holiday accommodation treated as a |
| |
trade for certain purposes), for paragraph (b) and the word “and” before it |
| |
| |
“(b) | section 833(4)(c) (income regarded as earned income), and |
| |
(c) | section 178(2)(b) of the Finance Act 2004 (income regarded as |
| 15 |
relevant UK earnings for pension purposes).” |
| |
25 | In section 539(2) (policies of life insurance to which Chapter 2 of Part 13) |
| |
does not apply), for paragraphs (b) to (d) substitute— |
| |
“(b) | to any policy of insurance which constitutes, or is issued or |
| |
held in connection with, a registered pension scheme; or”. |
| 20 |
26 | In section 613(4) (parliamentary pension funds)— |
| |
(a) | omit “respective” and paragraphs (b) to (d), and |
| |
(b) | for “those funds” (in both places) substitute “that Fund”. |
| |
27 (1) | Section 657(2) (life annuities to which section 656 does not apply) is |
| |
| 25 |
(2) | In paragraph (b), for “266, 273 or 619 or to any annuity payable under a |
| |
substituted contract within the meaning of section 622(3);” substitute “266 or |
| |
| |
(3) | For paragraphs (d) to (f) substitute— |
| |
“(d) | to any annuity under, or purchased with sums or assets held |
| 30 |
for the purposes of, a registered pension scheme; or |
| |
(e) | to any annuity purchased by any person in recognition of |
| |
another’s services (or past services) in any office or |
| |
| |
28 (1) | Section 660A (income arising under a settlement where settlor retains an |
| 35 |
interest) is amended as follows. |
| |
(2) | In subsection (9), for paragraph (c) and the word “or” before it substitute “or |
| |
(c) | a benefit under a relevant pension scheme.” |
| |
(3) | For subsections (11) and (12) substitute— |
| |
“(11) | In this section “relevant pension scheme” means— |
| 40 |
(a) | a registered pension scheme; |
| |
(b) | a pension scheme established by a government outside the |
| |
United Kingdom for the benefit, or primarily for the benefit, |
| |
of its employees (or an annuity acquired using funds held for |
| |
the purposes of such a pension scheme); or |
| 45 |
(c) | a pension scheme of any description which may be |
| |
prescribed by regulations made by the Secretary of State.” |
| |
|
| |
|
| |
|
29 (1) | Section 686 (accumulation and discretionary trusts: special rates of tax) is |
| |
| |
(2) | In subsection (2)(c), for the words following “held” substitute “for the |
| |
purposes of a superannuation fund to which section 615(3) applies”. |
| |
| 5 |
(a) | for “exemptions” substitute “exemption”, and |
| |
(b) | for “as mentioned in sub-paragraph (i) or (ii) of that paragraph” |
| |
substitute “for the purposes of a superannuation fund to which |
| |
| |
30 | In section 715(1)(k) (exceptions from section 713 where exemption could be |
| 10 |
allowed under section 592(2)), for “section 592(2)” substitute “section 175 of |
| |
| |
31 | In section 730A(7) (treatment of price differential on sale and repurchase of |
| |
securities: power to provide eligibility for relief), for “592(2), 608(2)(a), |
| |
613(4), 614(2), (3) or (4), 620(6) or 643(2).” substitute “613(4) or 614(2), (3) or |
| 15 |
(4) or section 175 of the Finance Act 2004.” |
| |
32 | In section 737D(1) (manufactured dividends: power to provide eligibility for |
| |
relief), for “592(2), 608(2)(a), 613(4), 614(2), (3) or (4), 620(6) or 643(2).” |
| |
substitute “613(4) or 614(2), (3) or (4) or section 175 of the Finance Act 2004.” |
| |
33 | In section 824(9) (repayment supplements), after “settlement” insert “, |
| 20 |
scheme administrators of registered pension schemes”. |
| |
34 (1) | Section 832(1) (interpretation of the Tax Acts) is amended as follows. |
| |
(2) | After the definition of “the rate applicable to trusts” insert— |
| |
| ““registered pension scheme” has the meaning given by section 140(2) |
| |
of the Finance Act 2004;”. |
| 25 |
(3) | After the definition of “Schedule A business” insert— |
| |
| ““scheme administrator”, in relation to a pension scheme, has the |
| |
meaning given by section 257 of the Finance Act 2004 (but see also |
| |
sections 258 to 261 of that Act);”. |
| |
35 | In section 828 (orders and regulations), after subsection (5) insert— |
| 30 |
“(6) | Nothing in this section applies in relation to any of the following (in |
| |
relation to which section 268 of the Finance Act 2004 applies)— |
| |
(a) | any power of the Treasury or the Board to make any order or |
| |
regulations under Part 4 of that Act; |
| |
(b) | any statutory instrument containing any order or regulations |
| 35 |
made by the Treasury or the Board under that Part of that |
| |
| |
36 | In section 840A(1)(b)(iv) (definition of “bank”: exclusion of insurance |
| |
companies), for “659B(1);” substitute “262 of the Finance Act 2004;”. |
| |
| 40 |
37 | In section 25(9) of the Finance Act 1990 (donations to charity by individual: |
| |
tax to be disregarded in determining total amount of income tax and capital |
| |
gains tax with which donor is charged for a year of assessment), after |
| |
|
| |
|
| |
|
| |
“(ba) | any tax paid to meet the lifetime allowance charge or the |
| |
annual allowance charge (under Part 4 of the Finance Act |
| |
| |
| and, in paragraph (c), for “that Act” substitute “the Taxes Act 1988”. |
| 5 |
Taxation of Chargeable Gains Act 1992 (c. 12) |
| |
38 | The Taxation of Chargeable Gains Act 1992 is amended as follows. |
| |
39 | In section 13(10B)(b) (attribution of gains to members of non-resident |
| |
companies), for “section 271(1)(b), (c), (d), (g) or (h) or (2)” substitute “section |
| |
| 10 |
40 | For sections 239A and 239B (cessation of approval of retirement benefits |
| |
schemes and withdrawal of approval of personal pension arrangements) |
| |
| |
“Registered pension schemes |
| |
| 239A De-registration of registered pension schemes |
| 15 |
(1) | This section applies where tax is charged in accordance with section |
| |
231 of the Finance Act 2004 (de-registration charge) where the |
| |
registration of a registered pension scheme is withdrawn. |
| |
(2) | For the purposes of this Act the assets which at the relevant time are |
| |
held for the purposes of the pension scheme— |
| 20 |
(a) | are treated as having been acquired at the relevant time for a |
| |
consideration equal to the amount on which tax is charged by |
| |
virtue of section 231 of the Finance Act 2004 by the person |
| |
who would be chargeable in respect of a chargeable gain |
| |
accruing on a disposal of the assets at the relevant time, and |
| 25 |
(b) | are not to be treated as having been disposed of by any |
| |
person at the relevant time. |
| |
(3) | In subsection (2) “the relevant time” means the time immediately |
| |
before the date of withdrawal of registration of the pension scheme.” |
| |
41 | In section 288(1) (interpretation), after the definition of “recognised stock |
| 30 |
| |
| ““registered pension scheme” has the meaning given by section 140(2) |
| |
of the Finance Act 2004;”. |
| |
42 (1) | Paragraph 2 of Schedule 1 (application of exempt amount and reporting |
| |
limits in cases involving settled property) is amended as follows. |
| 35 |
(2) | In sub-paragraph (7)(b)(ii), for “any such scheme or fund as is mentioned in |
| |
sub-paragraph (8) below” substitute “a registered pension scheme, a |
| |
superannuation fund to which section 615(3) of the Taxes Act applies or an |
| |
occupational pension scheme (within the meaning of section 140(5) of the |
| |
Finance Act 2004) that is not a registered pension scheme”. |
| 40 |
(3) | Omit sub-paragraph (8). |
| |
|
| |
|
| |
|
| |
43 | The Finance Act 1996 is amended as follows. |
| |
44 | In section 148 (mis-sold personal pensions), after subsection (6) insert— |
| |
“(6A) | References in subsections (3)(d) and (6) to provisions of Part 14 of the |
| |
Taxes Act 1988 are to those provisions as they had effect at the time |
| 5 |
| |
45 | In paragraph 2(1D) of Schedule 9 (loan relationships: late interest), for |
| |
“retirement benefits scheme (as defined in section 611 of the Taxes Act |
| |
1988)” substitute “an occupational pension scheme (within the meaning of |
| |
section 140(5) of the Finance Act 2004)”. |
| 10 |
| |
46 (1) | Paragraph 6A of Schedule 19 to the Finance Act 1999 (stamp duty reserve tax |
| |
on dealings with units in unit trusts) is amended as follows. |
| |
(2) | In sub-paragraph (4), for the definition of “individual pension account” |
| |
| 15 |
| ““individual pension account” has the meaning given by |
| |
regulations made by the Commissioners of Inland Revenue;”. |
| |
(3) | After that sub-paragraph insert— |
| |
“(5) | Regulations under sub-paragraph (4) shall be made by statutory |
| |
instrument which shall be subject to annulment in pursuance of a |
| 20 |
resolution of the House of Commons.” |
| |
Capital Allowances Act 2001 (c. 2) |
| |
47 | The Capital Allowances Act 2001 is amended as follows. |
| |
48 | In section 4(2A) (expenditure and sums that are not capital expenditure or |
| |
capital sums), in the definition of “relevant provision”, for paragraph (d) |
| 25 |
| |
“(d) | sections 177 to 183 of FA 2004 (contributions under |
| |
registered pension schemes), and”. |
| |
49 | In Part 1 of Schedule 1 (abbreviations) insert at the end— |
| |
|
| |
50 | The Finance Act 2002 is amended as follows. |
| |
51 | In paragraph 4(2)(c) of Schedule 22 (computation of profits: adjustment on |
| |
| 35 |
(a) | for “relevant earnings within section 623(2)(c) or 644(2)(c) of the |
| |
Taxes Act 1988” substitute “relevant UK earnings within Part 4 of the |
| |
| |
|
| |
|
| |
|
(b) | for “similarly relevant earnings” substitute “similarly relevant UK |
| |
| |
52 (1) | Schedule 29 (gains and losses of a company from intangible fixed assets) is |
| |
| |
(2) | In paragraph 112(2), for paragraph (d) substitute— |
| 5 |
“(d) | section 233(2) of the Finance Act 2004 (expenditure on |
| |
benefits under employer-financed retirement benefits |
| |
| |
53 | In paragraph 114, for sub-paragraph (3) substitute— |
| |
“(3) | For the purposes of this paragraph “pension |
| 10 |
| |
(a) | sums paid by an employer by way of |
| |
contributions under a registered pension |
| |
| |
(b) | sums paid to the trustees or managers of a |
| 15 |
registered pension scheme that are treated as |
| |
if they were the payment of contributions |
| |
under the pension scheme (see section 188 of |
| |
the Finance Act 2004), or |
| |
(c) | expenses within section 233(3) of the Finance |
| 20 |
Act 2004 (expenditure on benefits under |
| |
employer-financed retirement benefits |
| |
| |
Income Tax (Earnings and Pensions) Act 2003 (c. 1) |
| |
54 | The Income Tax (Earnings and Pensions) Act 2003 is amended as follows. |
| 25 |
55 | In section 23(3) (calculation of “chargeable overseas earnings”), in Step 2, for |
| |
paragraphs (b) and (c) substitute— |
| |
“(b) | sections 177 to 183 of FA 2004 (contributions to registered |
| |
| |
56 | In section 54(1) (calculation of deemed employment payment), in Step 5, for |
| 30 |
“scheme approved under Chapter 1 or 4 of Part 14 of ICTA” substitute |
| |
“registered pension scheme”. |
| |
57 | In section 56(8) (application of Income Tax Acts in relation to deemed |
| |
employment), for “relevant earnings of the worker for the purposes of |
| |
section 644 of ICTA (relevant earnings for purposes of permissible pension |
| 35 |
contributions).” substitute “relevant UK earnings of the worker for the |
| |
purposes of Part 4 of FA 2004.” |
| |
58 | In section 218(4) (“lower-paid employment”: deductions to be subtracted), |
| |
for the references to sections 592(7) and 594 of ICTA substitute— |
| |
| “sections 177 to 183 of FA 2004 (contributions to registered pension |
| 40 |
| |
59 | In section 315(5) (limited exemption for expenses connected with certain |
| |
living accommodation), in Step 3, for paragraph (b) substitute— |
| |
“(b) | sections 177 to 183 of FA 2004 (contributions to registered |
| |
| 45 |
60 (1) | Section 327 (deductions from earnings: general) is amended as follows. |
| |
|
| |
|
| |
|
(2) | In subsection (4), omit the entry relating to section 619 of ICTA. |
| |
(3) | In subsection (5), for the entries relating to sections 592(7) and 594(1) of ICTA |
| |
| |
| sections 177 to 183 of FA 2004 (contributions to registered pension |
| |
| 5 |
61 | In section 381 (deductions from seafarers’ earnings: taking account of other |
| |
deductions), for paragraphs (c) to (e) substitute— |
| |
“(c) | section 262 of CAA 2001 (capital allowances to be given effect |
| |
by treating them as deductions from earnings), and |
| |
(d) | sections 177 to 183 of FA 2004 (contributions to registered |
| 10 |
| |
62 (1) | Section 407 (payments and benefits on termination of employment: |
| |
exception for payments and benefits under tax-exempt pension schemes) is |
| |
| |
(2) | In subsection (2), for paragraph (a) substitute— |
| 15 |
“(a) | a registered pension scheme, |
| |
(aa) | a scheme set up by a government outside the United |
| |
Kingdom for the benefit of employees or primarily for their |
| |
| |
| 20 |
63 (1) | Section 408 (payments and benefits on termination of employment: |
| |
exception for contributions to tax-exempt pension schemes) is amended as |
| |
| |
(2) | In subsection (1), for “tax-exempt pension scheme or approved personal |
| |
pension arrangements” substitute “registered pension scheme”. |
| 25 |
| |
(4) | In the heading, for “tax-exempt pension schemes” substitute “registered |
| |
| |
64 | In section 563 (former employees: deductions for liabilities), in the definition |
| |
of “relevant retirement benefit”, for paragraphs (a) and (b) substitute— |
| 30 |
“(a) | which is received by the former employee under an |
| |
employer-financed retirement benefits scheme, |
| |
| |
(b) | which, under Chapter 2 of Part 6, counts as |
| |
employment income of the former employee.” |
| 35 |
65 (1) | Schedule 1 (abbreviations and defined expressions) is amended as follows. |
| |
(2) | In Part 1, insert at the end— |
| |
|
(3) | In Part 2, insert at the appropriate place— |
| 40 |
|
| |
|