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House of Commons

Session 2002 - 03 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill (Volume I) x
Main concepts
147    Meaning of “pension scheme”
148    Meaning of “member”
149    Meaning of “arrangement”
Chapter 2
Registration of pension schemes
Registration
150    Registration of pension schemes
151    Persons by whom registered pension scheme may be established
152    Persons by whom scheme may be established: supplementary
153    Appeal against decision not to register
De-registration
154    De-registration
155    Grounds for de-registration
156    Appeal against decision to de-register
Chapter 3
Payments by registered pension schemes
Introductory
157    Payments by registered pension schemes
158    Meaning of “payment” etc
159    Meaning of “loan”
160    Meaning of “borrowing” etc
Authorised member payments
161    Authorised member payments
162    Pension rules
163    Lump sum rule
164    Pension death benefit rules
165    Lump sum death benefit rule
166    Recognised transfers
167    Scheme administration member payments
Unauthorised member payments
168    Assignment
169    Benefits
170    Value shifting
Authorised employer payments
171    Authorised employer payments
172    Public service scheme payment
173    Authorised surplus payment
Finance Bill (Volume I) xi
174    Compensation payments
175    Authorised employer loan
176    Scheme administration employer payments
Unauthorised employer payments
177    Value shifting
Borrowing
178    Unauthorised borrowing: money purchase arrangements
179    Effect of unauthorised borrowing: money purchase arrangements
180    Unauthorised borrowing: other arrangements
181    Effect of unauthorised borrowing: other arrangements
Chapter 4
Registered pension schemes: tax reliefs and exemptions
Scheme investments
182    Income
183    Chargeable gains
Members’ contributions
184    Relief for contributions
185    Relevant UK individual
186    Annual limit for relief
187    Methods of giving relief
188    Relief at source
189    Relief under net pay arrangements
190    Relief on making of claim
191    Transfer of certain shares to be treated as payment of contribution
Employers’ contributions
192    Relief for employers in respect of contributions paid
193    Spreading of relief
194    Spreading of relief: cessation of business
195    Deemed contributions
196    No other relief for employers in connection with contributions
197    Relief for employees
Inland Revenue contributions
198    Minimum contributions under pensions legislation
Inheritance tax exemptions
199    Inheritance tax exemptions
Finance Bill (Volume I) xii
Chapter 5
Registered pension schemes: tax charges
Charges on authorised payments
200    Authorised pensions and lump sums
201    Short service refund lump sum charge
202    Special lump sum death benefits charge
203    Authorised surplus payments charge
Unauthorised payments charge
204    Unauthorised payments charge
205    Unauthorised payments surcharge
206    Surchargeable unauthorised member payments
207    Valuation of crystallised rights for purposes of section 206
208    Valuation of uncrystallised rights for purposes of section 206
209    Surchargeable unauthorised employer payments
Lifetime allowance charge
210    Lifetime allowance charge
211    Amount of charge
212    Benefit crystallisation events and amounts crystallised
213    Persons liable to charge
214    Individual’s lifetime allowance and standard lifetime allowance
215    Availability of individual’s lifetime allowance
216    Pension credits from previously crystallised rights
217    Non-residence: general
218    Non-residence: money purchase arrangements
219    Non-residence: other arrangements
220    Transfers from recognised overseas pension scheme: general
221    Overseas scheme transfers: money purchase arrangements
222    Overseas scheme transfers: other arrangements
Annual allowance charge
223    Annual allowance charge
224    Annual allowance
225    Total pension input amount
226    Cash balance arrangements
227    Cash balance arrangements: uprating of opening value
228    Cash balance arrangements: adjustments of closing value
229    Other money purchase arrangements
230    Defined benefits arrangements
231    Defined benefits arrangements: uprating of opening value
232    Defined benefits arrangements: adjustments of closing value
233    Hybrid arrangements
234    Pension input period
Scheme sanction charge
235    Scheme sanction charge
Finance Bill (Volume I) xiii
236    Amount of charge
237    Scheme chargeable payment
De-registration charge
238    De-registration charge
Chapter 6
Employer-financed retirement benefits schemes
Provision for benefits
239    Restriction of deduction for contributions by employer
240    Restriction of deduction for non-contributory provision
Benefits
241    Abolition of income tax charge in respect of employer payments
242    Employer’s cost of insuring against non-payment of benefit
243    Taxation of non-pension benefits
Chapter 7
Compliance
Information
244    Registered pension scheme return
245    Information: general requirements
246    Notices requiring documents or particulars
247    Appeal against notices
Accounting and assessment
248    Accounting for tax by scheme administrators
249    Assessments under this Part
Registration regulations
250    Enhanced lifetime allowance regulations
Penalties
251    Registered pension scheme return
252    Information required by regulations
253    Documents and particulars required by notice
254    Accounting return
255    Enhanced lifetime allowance regulations: documents and information
256    Enhanced lifetime allowance regulations: failures to comply
257    Lifetime allowance enhanced protection: benefit accrual
258    False statements etc
259    Winding-up to facilitate payment of lump sums
260    Transfers to insured schemes
Finance Bill (Volume I) xiv
Discharge of tax liability: good faith
261    Lifetime allowance charge
262    Unauthorised payments surcharge and scheme sanction charge
263    Appeal against decision on discharge of liability
Scheme administrator
264    Meaning of “scheme administrator”
265    Liability of scheme administrator
266    Trustees etc. liable as scheme administrator
267    Members liable as scheme administrator
268    Supplementary
Chapter 8
Supplementary
Interpretation
269    Insurance company
270    Relevant valuation factor
271    Valuation assumptions
272    Market value
273    Other definitions
274    Abbreviations and general index
Other supplementary provisions
275    Minor and consequential amendments
276    Orders and regulations
277    Transitionals and savings
278    Commencement
Part 5
Oil
279    Certain receipts not to be tariff receipts
280    Petroleum extraction activities: exploration expenditure supplement
281    Restrictions on expenditure allowable
282    Terminal losses
Part 6
Other taxes
Climate change levy
283    Supplies to producers of commodities
Aggregates levy
284    Transitional tax credit in Northern Ireland: changes to existing scheme
285    Transitional tax credit in Northern Ireland: new scheme
Finance Bill (Volume I) xv
Lorry road-user charge
286    Lorry road-user charge
Inheritance tax
287    Delivery of accounts etc
288    Grant of probate
289    Amendments to penalty regime
Stamp duty land tax and stamp duty
290    Miscellaneous amendments
Stamp duty land tax
291    Notification, registration and penalties
292    Claims not included in returns
293    Assents and appropriations by personal representatives
294    Charitable trusts
295    Shared ownership leases
296    Application to certain partnership transactions
297    Liability of partners
Part 7
Disclosure of tax avoidance schemes
298    Meaning of “notifiable arrangements” and “notifiable proposal”
299    Meaning of “promoter”
300    Duties of promoter
301    Duty of person dealing with promoter outside United Kingdom
302    Duty of parties to notifiable arrangements not involving promoter
303    Arrangements to be given reference number
304    Duty of promoter to notify client of number
305    Duty of parties to notifiable arrangements to notify Board of number, etc.
306    Legal professional privilege
307    Penalties
308    Information to be provided in form and manner specified by Board
309    Regulations under Part 7
310    Interpretation of Part 7
311    Part 7: commencement and savings
Part 8
Miscellaneous matters
312    Exclusion of extended limitation period in England, Wales and Northern
Ireland
313    Exclusion of extended prescriptive period in Scotland
314    Mutual assistance: customs union with the Principality of Andorra
315    Ending of shipbuilders’ relief
316    Government borrowing: preparations for possible adoption of Euro
317    Premium bonds
Finance Bill (Volume I) xvi
Part 9
Supplementary provisions
318    Repeals
319    Interpretation
320    Short title
Schedule 1   —    New Schedule 2A to the Alcoholic Liquor Duties Act 1979
Schedule 2   —    Disclosure of value added tax avoidance schemes
Part 1   —    Principal amendments of Value Added Tax Act 1994
Part 2   —    Consequential amendments
Schedule 3   —    Corporation tax: the non-corporate distribution rate:
supplementary provisions
Part 1   —    General provisions
Part 2   —    Allocation of excess NCDs to other companies
Part 3   —    Other supplementary provisions
Schedule 4   —    Amendments relating to the rate applicable to trusts
Schedule 5   —    Provision not at arm’s length: related amendments
Schedule 6   —    Expenses of companies with investment business and
insurance companies
Schedule 7   —    Insurance companies etc
Schedule 8   —    Loan relationships: miscellaneous amendments
Schedule 9   —    Derivative contracts: miscellaneous amendments
Schedule 10   —    Amendment of enactments that operate by reference to
accounting practice
Part 1   —    Loan relationships
Part 2   —    Derivative contracts
Part 3   —    Intangible fixed assets
Part 4   —    Foreign currency accounting
Schedule 11   —    Conditions for registration for gross payment
Part 1   —    Conditions to be satisfied by individuals
Part 2   —    Conditions to be satisfied by firms
Part 3   —    Conditions to be satisfied by companies
Part 4   —    Supplementary provisions
Schedule 12   —    Construction industry scheme: consequential amendments
Schedule 13   —    Childcare and childcare vouchers
Schedule 14   —    Vans
Schedule 15   —    Charge to income tax on benefits received by former owner of
property
Schedule 16   —    Relief where national insurance contributions met by
employee
Schedule 17   —    Minor amendments of or connected with the Income Tax
(Earnings and Pensions) Act 2003
Schedule 18   —    Enterprise investment scheme
Part 1   —    Income tax relief
Part 2   —    Deferral relief
Part 3   —    Commencement
Schedule 19   —    Venture capital trusts
Part 1   —    Increase in relief on investments and distributions
Part 2   —    Abolition of deferral relief

© Parliamentary copyright 2004	Revised 29 June 2004