|
| |
|
(c) | that the pension scheme was an occupational pension scheme and at |
| |
any time during the relevant three-year period the person was a |
| |
controlling director of a company that was a sponsoring employer, and |
| |
(d) | that at any time during the relevant three-year period the pension |
| |
scheme received a transfer value in which there were represented |
| 5 |
relevant controlling director contributions made by or in respect of the |
| |
| |
(6) | A notification under subsection (2)(b) may be included in an assessment in |
| |
respect of a liability under this section; and such an assessment made in |
| |
relation to an amount is not out of time if made within the period of three years |
| 10 |
beginning with the date on which the person assessed first became liable to pay |
| |
| |
(7) | “Relevant personal pension contributions” means contributions under a |
| |
pension scheme (whether or not the pension scheme from which the transfer |
| |
value was received) which was established by a person or body specified in |
| 15 |
section 151(1)(a) to (g) and was not an occupational pension scheme. |
| |
(8) | “Relevant controlling director contributions” means contributions under an |
| |
occupational pension scheme (whether or not the pension scheme from which |
| |
the transfer value was received) made by reference to service (or remuneration |
| |
in respect of service) as a controlling director of a company that was a |
| 20 |
| |
(9) | A person is a “controlling director” of a company if the person is a director of |
| |
the company and is within section 417(5)(b) of ICTA (director able to control |
| |
20% of ordinary share capital) in relation to the company. |
| |
(10) | References to receipt of a transfer value by the pension scheme are to the |
| 25 |
transfer, so as to become held for the purposes of or to represent rights under |
| |
the pension scheme, of any sums or assets held for the purposes of or |
| |
representing accrued rights under any other pension scheme. |
| |
(11) | Section 839 of ICTA (connected persons) applies for the purposes of this |
| |
| 30 |
| |
(1) | The fact that any person is liable to pay any tax or interest, or is responsible for |
| |
the discharge of any other obligation, under section 266 (trustees etc.) or |
| |
section 267 (members) does not relieve any other person of any liability to pay |
| |
the tax or interest, or any obligation to discharge the obligation, arising— |
| 35 |
(a) | by reason of that other person being, or being one of the persons who |
| |
is, the scheme administrator of the pension scheme, or |
| |
(b) | under section 265(4) (continuation of liability where no scheme |
| |
| |
(2) | Where a liability imposed on the scheme administrator of a registered pension |
| 40 |
scheme falls to be satisfied by two or more persons (whether or not they |
| |
constitute the scheme administrator), they are jointly and severally liable. |
| |
(3) | No liability to pay tax or interest, or other obligation, of any person in relation |
| |
to a registered pension scheme arising— |
| |
(a) | by reason of the person being, or being one of the persons who is, the |
| 45 |
scheme administrator of the pension scheme concerned, or |
| |
| |
|
| |
|
| |
|
| is affected by the termination of the pension scheme or by its ceasing to be a |
| |
registered pension scheme. |
| |
| |
| |
| 5 |
| |
(1) | In this Part “insurance company” means— |
| |
(a) | a person who has permission under Part 4 of FISMA 2000 to effect or |
| |
carry out contracts of long-term insurance, or |
| |
(b) | an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to |
| 10 |
FISMA 2000 (certain direct insurance undertakings) which has |
| |
permission under paragraph 15 of that Schedule (as a result of |
| |
qualifying for authorisation under paragraph 12 of that Schedule) to |
| |
effect or carry out contracts of long-term insurance. |
| |
(2) | “Contracts of long-term insurance” means contracts which fall within Part 2 of |
| 15 |
Schedule 1 to the Financial Services and Markets Act 2000 (Regulated |
| |
Activities) Order 2001 (S.I. 2001/544). |
| |
270 | Relevant valuation factor |
| |
(1) | For the purposes of this Part the relevant valuation factor in relation to any |
| |
registered pension scheme, or any arrangement under a registered pension |
| 20 |
| |
(2) | But the Inland Revenue and the scheme administrator of any registered |
| |
pension scheme may agree that the relevant valuation factor in relation to the |
| |
pension scheme, or any arrangement under the pension scheme, is to be a |
| |
| 25 |
271 | Valuation assumptions |
| |
For the purposes of this Part the valuation assumptions in relation to a person |
| |
| |
(a) | if the person has not reached such age (if any) as must have been |
| |
reached to avoid any reduction in the benefits on account of age, that |
| 30 |
the person reached that age on the date, and |
| |
(b) | that the person’s right to receive the benefits had not been occasioned |
| |
by physical or mental impairment. |
| |
| |
(1) | For the purposes of this Part the market value of an asset held for the purposes |
| 35 |
of a pension scheme is to be determined in accordance with section 272 of |
| |
| |
(2) | Where an asset held for the purposes of a pension scheme is a right or interest |
| |
in respect of any money lent (directly or indirectly) to any relevant associated |
| |
|
| |
|
| |
|
person, the value of the asset is to be treated as being the amount owing |
| |
(including any unpaid interest) on the money lent. |
| |
(3) | The following are “relevant associated persons”— |
| |
(a) | any employer who has at any time (whether or not before the making |
| |
of the loan) made contributions under the pension scheme, |
| 5 |
(b) | any company connected (at the time of the making of the loan or |
| |
subsequently) with any such employer, |
| |
(c) | any person who has at any time (whether or not before the making of |
| |
the loan) been a member of the pension scheme, and |
| |
(d) | any person connected (at the time of the making of the loan or |
| 10 |
subsequently) with any such person. |
| |
(4) | Section 839 of ICTA (connected persons) applies for the purposes of this |
| |
| |
| |
| 15 |
| “the Board of Inland Revenue” means the Commissioners of Inland |
| |
| |
| “charity” has the same meaning as in section 506 of ICTA, |
| |
| “employee” and “employer” have the same meaning as in the |
| |
employment income Parts of ITEPA 2003 (see sections 4 and 5 of that |
| 20 |
Act) but include (respectively) a former employee and a former |
| |
employer (and “employment” is to be read accordingly), |
| |
| “the Inland Revenue” means any officer of the Board of Inland Revenue, |
| |
| “normal minimum pension age” means— |
| |
(a) | before 6th April 2010, 50, and |
| 25 |
(b) | on and after that date, 55, |
| |
| “pension credit” and “pension debit” have the same meaning as in |
| |
Chapter 1 of Part 4 of WRPA (see section 46(1) of that Act) or Chapter 1 |
| |
of Part 5 of WRP(NI)O 1999 (see Article 43(1) of that Order), |
| |
| “pension sharing order or provision” means any order or provision |
| 30 |
mentioned in section 28(1) of WRPA 1999 or Article 25(1) of WRP(NI)O |
| |
| |
| “personal representatives”, in relation to a person who has died, means— |
| |
(a) | in the United Kingdom, persons responsible for administering |
| |
the estate of the deceased, and |
| 35 |
(b) | in a country or territory outside the United Kingdom, the |
| |
persons having functions under its law equivalent to those of |
| |
administering the estate of the deceased, |
| |
| “retail prices index” means the general index (for all items) published by |
| |
the Office for National Statistics or, if that index is not published for a |
| 40 |
relevant month, any substituted index or index figures published by |
| |
| |
| “tax year” means, in relation to income tax, a year for which any Act |
| |
provides for income tax to be charged, and |
| |
| “the tax year 2006-07” means the tax year beginning on 6th April 2006 |
| 45 |
(and any corresponding expression in which two years are |
| |
simultaneously mentioned is to be read in the same way). |
| |
|
| |
|
| |
|
(2) | In this Part references to payments made, or benefits provided, by a pension |
| |
scheme are to payments made or benefits provided from sums or assets held |
| |
for the purposes of the pension scheme. |
| |
(3) | For the purposes of this Part the sums and assets held for the purposes of an |
| |
arrangement under a pension scheme are so much of the sums and assets held |
| 5 |
for the purposes of the pension scheme under which the arrangement is made |
| |
as are properly attributable, in accordance with the provisions of the pension |
| |
scheme and any just and reasonable apportionment, to the arrangement. |
| |
274 | Abbreviations and general index |
| |
| 10 |
| “NIA 1965” means the National Insurance Act 1965 (c. 51) , |
| |
| “NIA(NI) 1966” means the National Insurance Act (Northern Ireland) |
| |
| |
| “TMA 1970” means the Taxes Management Act 1970 (c. 9), |
| |
| “ICTA 1970” means the Income and Corporation Taxes Act 1970 (c. 10), |
| 15 |
| “ICTA” means the Income and Corporation Taxes Act 1988 (c. 1), |
| |
| “SSCBA 1992” means the Social Security Contributions and Benefits Act |
| |
| |
| “SSCB(NI)A 1992” means the Social Security Contributions and Benefits |
| |
(Northern Ireland) Act 1992 (c. 7), |
| 20 |
| “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), |
| |
| “WRPA 1999” means the Welfare Reform and Pensions Act 1999 (c. 30), |
| |
| “WRP(NI)O 1999” means the Welfare Reform and Pensions (Northern |
| |
Ireland) Order 1999 (S.I. 1999/ 3147 (N.I. 11)), |
| |
| “FISMA 2000” means the Financial Services and Markets Act 2000 (c. 8), |
| 25 |
| |
| “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 |
| |
| |
(2) | In this Part the following expressions are defined or otherwise explained by the |
| |
| 30 |
| | | | | | active member (of a pension scheme) |
| | | | | active membership period (in sections |
| | | | | | | | | | | | | 35 | | | | | | | | | | | | annuity protection lump sum death |
| | | | | | | | | | | | | 40 | | authorised surplus payment |
| | | |
|
|
| |