|
| |
|
(4) | In subsection (3)(c) “relevant life policy” means— |
| |
(a) | a group life policy as defined in section 539(3) of ICTA (life |
| |
policies excluded from charges on gains) with respect to which |
| |
the conditions in section 539A of that Act are met, |
| |
(b) | a policy of life insurance the terms of which provide for the |
| 5 |
payment of benefits on the death of a single individual and with |
| |
respect to which condition 1 in that section would be met if it |
| |
referred to that individual (rather than each of the individuals |
| |
insured under the policy) and conditions 3, 4, 5 and 7 in that |
| |
| 10 |
(c) | a policy of life insurance that would be within paragraph (a) or |
| |
(b) but for the fact that it provides for a benefit which is an |
| |
excluded benefit under or by virtue of paragraph (a), (b) or (d) |
| |
| |
(5) | In subsection (1)(e) “pension sharing order or provision” means any |
| 15 |
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— |
| |
“(1A) | Subsection (1) does not apply in relation to the benefit if the total |
| 20 |
amount of the benefits to which this Chapter applies received by the |
| |
individual in the relevant tax year does not exceed £100.” |
| |
(6) | In subsection (2), for “administrator of” substitute “person who is (or persons |
| |
who are) the responsible person in relation to”. |
| |
(7) | In subsection (3), for “subsections (1) and (2)” substitute “this section”. |
| 25 |
(8) | For sections 395 to 397 substitute— |
| |
“395 | Reduction where employee has contributed |
| |
(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 |
| 30 |
contribution to the provision of the lump sum. |
| |
(2) | The amount which, by virtue of section 394, counts as employment |
| |
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 |
| 35 |
| |
(3) | A reduction under this section may not be claimed in respect of the |
| |
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.” |
| 40 |
(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) |
| |
the responsible person in relation to”. |
| |
(10) | In subsection (2) of that section, for “administrator” substitute “responsible |
| |
| 45 |
|
| |
|
| |
|
(11) | For section 400 substitute— |
| |
| |
(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. |
| 5 |
(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 |
| |
responsible person in relation to the scheme by virtue of being specified |
| |
| |
| 10 |
| |
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 |
| 15 |
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 |
| 20 |
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. |
| |
| 25 |
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 |
| 30 |
| |
“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 |
| |
| 35 |
| “employer-financed retirement benefits |
| | | | | scheme (in Chapter 2 of Part 6) |
| | | | | “relevant benefits (in Chapter 2 of Part |
| | | | | | | | | | “responsible person (in Chapter 2 of |
| | | 40 | | | | | |
|
|
| |
|
| |
|
| |
| |
| |
244 | Registered pension scheme return |
| |
(1) | The Inland Revenue may, in relation to any tax year, by notice require the |
| 5 |
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 |
| 10 |
be required by the notice. |
| |
(2) | The information that may be required to be included in the return is any |
| |
| |
(a) | contributions made under the pension scheme, |
| |
(b) | transfers of sums or assets held for the purposes of, or representing |
| 15 |
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 |
| |
purposes of the pension scheme, |
| |
(d) | other receipts of the pension scheme, |
| 20 |
(e) | the sums and other assets held for the purposes of the pension scheme, |
| |
(f) | the liabilities of the pension scheme, |
| |
(g) | the provision of benefits by the pension scheme, |
| |
(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 |
| 25 |
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 |
| |
(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 |
| 30 |
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. |
| |
| |
(a) | the whole or any specified part of the tax year, or |
| 35 |
(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 |
| |
| |
(6) | “Audited accounts” means accounts audited by a person of a description |
| |
specified in regulations made by the Board of Inland Revenue. |
| 40 |
(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 |
| |
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 |
| |
| 5 |
(8) | If, in a case within paragraph (b) of subsection (7), the winding-up of the |
| |
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 |
| 10 |
the period of three months beginning with the day on which the notice is given; |
| |
and in that case the return must be delivered before the end of that period. |
| |
245 | Information: general requirements |
| |
(1) | The Board of Inland Revenue may by regulations make provision requiring |
| |
persons of a prescribed description— |
| 15 |
(a) | to provide to the Inland Revenue, in a form specified by the Board of |
| |
Inland Revenue, information of a prescribed description relating to any |
| |
of the matters mentioned in subsection (2), and |
| |
(b) | to preserve for a prescribed period any documents relating to such |
| |
| 20 |
| |
(a) | any matter relating to a registered pension scheme, |
| |
(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 |
| 25 |
application for registration has been made, |
| |
(d) | any matter relating to an annuity purchased with sums or assets held |
| |
for the purposes of a registered pension scheme, |
| |
(e) | the coming into operation of an employer-financed retirement benefits |
| |
| 30 |
(f) | the provision of relevant benefits under an employer-financed |
| |
retirement benefits scheme. |
| |
| |
| “employer-financed retirement benefits scheme”, and |
| |
| 35 |
| have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections |
| |
393A and 393B of that Act). |
| |
(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 |
| 40 |
prescribed description to persons of such of the descriptions mentioned |
| |
in subsection (5) as are prescribed, or |
| |
(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. |
| 45 |
| |
|
| |
|
| |
|
(a) | members of a registered pension scheme, |
| |
(b) | persons who have ceased to be members of a registered pension |
| |
| |
(c) | persons to whom benefits under a registered pension scheme are being, |
| |
| 5 |
(d) | the personal representatives of any person within paragraphs (a) to (c), |
| |
| |
(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. |
| 10 |
246 | Notices requiring documents or particulars |
| |
(1) | The Inland Revenue may by notice require any person of a description |
| |
prescribed by regulations made by the Board of Inland Revenue— |
| |
(a) | to produce to the Inland Revenue, or to make available for inspection |
| |
by the Inland Revenue, any documents within the person’s possession |
| 15 |
or power relating to any of the matters mentioned in subsection (3) |
| |
which the Inland Revenue may reasonably require, and |
| |
(b) | to provide to the Inland Revenue any particulars relating to any of |
| |
those matters which the Inland Revenue may reasonably require. |
| |
(2) | The Inland Revenue may by notice require any other person to produce to the |
| 20 |
Inland Revenue, or to make available for inspection by the Inland Revenue, |
| |
any documents within the person’s possession or power which— |
| |
(a) | relate to any of the matters mentioned in subsection (3), and |
| |
(b) | were created not more than six years before the day on which the notice |
| |
| 25 |
| and which the Inland Revenue may reasonably require. |
| |
(3) | The matters referred to in subsections (1) and (2) are— |
| |
(a) | any matter relating to a registered pension scheme, |
| |
(b) | any matter relating to a pension scheme which has ceased to be a |
| |
registered pension scheme, |
| 30 |
(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 |
| |
for the purposes of a registered pension scheme, |
| |
(e) | the coming into operation of an employer-financed retirement benefits |
| 35 |
| |
(f) | the provision of relevant benefits under an employer-financed |
| |
retirement benefits scheme. |
| |
| |
| “employer-financed retirement benefits scheme”, and |
| 40 |
| |
| have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections |
| |
393A and 393B of that Act). |
| |
(5) | A notice under this section must specify the period within which it is to be |
| |
complied with; and that period may not end earlier than the period of 30 days |
| 45 |
beginning with the day on which the notice is given. |
| |
|
| |
|
| |
|
(6) | A notice under subsection (2) must specify the pension scheme or employer- |
| |
financed retirement benefits scheme to which it relates. |
| |
(7) | The Inland Revenue must notify the scheme administrator of the pension |
| |
scheme, or the responsible person in relation to the employer-financed |
| |
retirement benefits scheme, to which such a notice relates that the notice has |
| 5 |
been given no later than the end of the period of 30 days beginning with the |
| |
day on which it is given. |
| |
(8) | In subsection (7) “responsible person” has the same meaning as in Chapter 2 of |
| |
Part 6 of ITEPA 2003 (see section 399A of that Act). |
| |
(9) | A person may comply with a notice under this section requiring the production |
| 10 |
of a document by producing a copy of the document. |
| |
(10) | But where a person produces a copy of a document in compliance with a notice |
| |
under this section the Inland Revenue may by notice require the production of |
| |
the original for inspection within a period specified in the notice; and that |
| |
period may not end earlier than the period of 30 days beginning with the day |
| 15 |
on which the notice is given. |
| |
(11) | The Inland Revenue may take copies of, or make extracts from, any document |
| |
produced in compliance with a notice under this section. |
| |
(12) | A notice under this section does not require a person— |
| |
(a) | to produce or make available for inspection any document, or |
| 20 |
(b) | to provide any particulars, |
| |
| relating to any pending appeal by the person relating to tax. |
| |
247 | Appeal against notices |
| |
(1) | The person to whom a notice under section 246(1) or (2) (notices requiring |
| |
documents or particulars) is given may appeal against any requirement |
| 25 |
| |
(2) | The appeal must be brought within the period of 30 days beginning with the |
| |
date on which the notice is given. |
| |
(3) | The appeal is to the General Commissioners, except that the appellant may |
| |
elect (in accordance with section 46(1) of TMA 1970) to bring the appeal before |
| 30 |
the Special Commissioners instead of the General Commissioners. |
| |
(4) | Paragraphs 1, 2, 8 and 9 of Schedule 3 to TMA 1970 (rules for assigning |
| |
proceedings to General Commissioners) have effect to identify the General |
| |
Commissioners before whom an appeal under this section is to be brought, but |
| |
subject to modifications specified in an order made by the Board of Inland |
| 35 |
| |
(5) | An appeal under this section against a requirement imposed by a notice must |
| |
be brought within the period of 30 days beginning with the day on which the |
| |
| |
(6) | The Commissioners before whom an appeal under this section is brought must |
| 40 |
consider whether the production of the document, or provision of the |
| |
particulars, to which the appeal relates was reasonably required by the Inland |
| |
| |
|
| |
|
| |
|
(7) | If they decide that it was, they must confirm the notice so far as relating to that |
| |
| |
(8) | If they decide that it was not, they must set aside the notice so far as relating to |
| |
| |
(9) | If the notice is confirmed it has effect in relation to the requirement to which |
| 5 |
the appeal relates as if it specified as the period within which it must be |
| |
complied with the period of 30 days beginning with the day on which the |
| |
| |
(10) | The determination of the Commissioners is final and conclusive. |
| |
Accounting and assessment |
| 10 |
248 | Accounting for tax by scheme administrators |
| |
(1) | A scheme administrator of a registered pension scheme must make returns to |
| |
the Inland Revenue of the income tax to which the scheme administrator is |
| |
| |
(2) | A return is to be made for each period of three months ending with 31st March, |
| 15 |
30th June, 30th September or 31st December if tax has been charged on the |
| |
scheme administrator by virtue of this Part in that period. |
| |
(3) | A return for any period must be made before the end of the period of 45 days |
| |
beginning with the day immediately following the end of that period. |
| |
| 20 |
(a) | show the income tax to which the scheme administrator is liable, and |
| |
(b) | include such particulars of the events or other circumstances giving rise |
| |
to the liability (including particulars as to the persons to whom the |
| |
events or other circumstances relate) as are required to be included in |
| |
returns under this section by regulations made by the Board of Inland |
| 25 |
| |
(5) | The income tax required to be shown in a return is due at the time by which the |
| |
return is to be made and is payable without the making of an assessment. |
| |
(6) | The Board of Inland Revenue may by regulations make provision for and in |
| |
| 30 |
(a) | the charging of interest on tax due under this section which is not paid |
| |
on or before the due date, |
| |
(b) | the making of amended returns by scheme administrators in the event |
| |
of error in a return under this section, |
| |
(c) | the making of assessments, repayments or adjustments in cases where |
| 35 |
the correct tax due under this section has not been paid on or before the |
| |
| |
(d) | otherwise for supplementing this section. |
| |
(7) | The regulations may, in particular— |
| |
(a) | modify the operation of any provision of the Tax Acts, or |
| 40 |
(b) | provide for the application of any provision of the Tax Acts (with or |
| |
| |
|
| |
|