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Mr Chancellor of the Exchequer
140
Page 497, line 22 [Schedule 34], leave out 'pension scheme' and insert 'protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date).'.
Mr Chancellor of the Exchequer
141
Page 497, line 27 [Schedule 34], leave out from beginning to end of line 34 and insert—
'(a) the pension scheme is a protected pension scheme, and
(b) the retirement condition is met in relation to the member and the pension scheme.
| (1A) | A pension scheme is a protected pension scheme if condition A or condition B is met. |
| (1B) | Condition A is met if— |
(a) the pension scheme was within paragraph (f) or (g) of paragraph 1(1), and
(b) the entitlement condition is met in relation to the member and the pension scheme.
| (1C) | The entitlement condition is met in relation to the member and the pension scheme if—'. |
Mr Chancellor of the Exchequer
142
Page 497, line 40 [Schedule 34], leave out sub-paragraph (3) and insert—
| '(3) | Condition B is met if the member is a member of the pension scheme as a result of a block transfer to it from a pension scheme ("the original pension scheme") in relation to which condition A is met. |
| (3A) | "Block transfer" has the same meaning as in paragraph 22(3A). |
| (3B) | The retirement condition is met in relation to the member and the pension scheme if the member becomes entitled to all the pensions payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date.'. |
Mr Chancellor of the Exchequer
143
Page 497, line 43 [Schedule 34], leave out 'pension scheme' and insert 'protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date).'.
Mr Chancellor of the Exchequer
144
Page 502, line 20 [Schedule 34], leave out from beginning to end of line 26 and insert—
| '(1) | If the pension condition is met in relation to an individual and a registered pension scheme which is a protected pension scheme, the provisions of Schedule 29 relating to pension commencement lump sums apply in relation to the individual and the pension scheme with the modifications specified in paragraph 35 (but subject to sub-paragraph (2)). |
| (2) | Those provisions do not apply with those modifications if the lump sum condition and registration condition in paragraph 24 are met. |
| (3) | The pension condition is that the individual becomes entitled to all the pensions payable to the individual under arrangements under the pension scheme (to which the individual did not have an actual entitlement on or before 5th April 2006) on the same date. |
| (3A) | A registered pension scheme is a protected pension scheme if condition A or condition B is met. |
| (3B) | Condition A is met if— |
(a) the pension scheme was within any of paragraphs (a) to (e) of paragraph 1(1), and
(b) on 5th April 2006 the lump sum percentage of the individual's uncrystallised rights under the pension scheme exceeded 25%.'.
Mr Chancellor of the Exchequer
145
Page 502, line 28 [Schedule 34], leave out 'relevant pension scheme' and insert 'pension scheme on 5th April 2006'.
Mr Chancellor of the Exchequer
146
Page 502, line 36 [Schedule 34], at end insert—
| '(4A) | Condition B is met if the individual is a member of the pension scheme as a result of a block transfer to it from a pension scheme ("the original pension scheme") in relation to which condition A is met. |
| (4B) | "Block transfer" has the same meaning as in paragraph 22(3A), but treating the references there to the member as references to the individual. |
| (4C) | Where a pension scheme is a protected pension scheme because condition B is met, Schedule 29 as modified by paragraph 35 applies as if the protected pension scheme were the same pension scheme as the original pension scheme.'. |
Mr Chancellor of the Exchequer
147
Page 504, line 42 [Schedule 34], leave out paragraph 34.
Mr Chancellor of the Exchequer
148
Page 506, line 3 [Schedule 34], leave out paragraph 36.
Mr Chancellor of the Exchequer
149
Page 510, line 43 [Schedule 34], at end insert—
'Individuals with pre-commencement entitlement to corresponding relief
| 52A | (1) | This paragraph applies where the Board of Inland Revenue allow contributions made by an individual under a pension scheme as deductions under Chapter 2 of Part 5 of ITEPA 2003 for the tax year 2005-06 in accordance with section 355 of that Act (deductions for corresponding payments by non-domiciled employees with foreign employers). |
| (2) | Where the individual makes contributions under the pension scheme for any subsequent tax year, the Board of Inland Revenue may allow the contributions as deductions under Chapter 2 of Part 5 of that Act if, as well as the Board of Inland Revenue being satisfied that the conditions in section 355 of that Act are met, the scheme manager complies with any prescribed benefit crystallisation information requirements imposed on the scheme manager. |
| (3) | Schedule (Non-UK schemes: application of certain charges) applies in relation to the pension scheme and the individual as if allowing the contributions as deductions under Chapter 2 of Part 5 of ITEPA 2003 by virtue of sub-paragraph (2) were the giving of relief by virtue of Schedule (Overseas pension schemes: migrant member relief). |
| (4) | "Prescribed benefit crystallisation information requirements" means requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information relating to events that are benefit crystallisation events in relation to the individual. |
| (5) | The references in sub-paragraphs (2) and (3) to the pension scheme include a pension scheme to which there has been a block transfer from the pension scheme on or after 6th April 2006. |
| (6) | "Block transfer" has the same meaning as in paragraph 22(3A), but treating the references there to the member as references to the individual.'. |
Mr Alex Salmond
Mr Angus Robertson
13
Page 522, line 9 [Schedule 36], leave out '6%' and insert '12%'.
Mr Alex Salmond
Mr Angus Robertson
14
Page 523, line 33 [Schedule 36], leave out '6%' and insert '12%'.
Mr Chancellor of the Exchequer
160
Page 555, line 9 [Schedule 37], at end insert ', but disregard paragraph 9(2) (deemed reduction of rent for overlap period in case of grant of further lease)'.
Mr Chancellor of the Exchequer
161
Page 556, line 42 [Schedule 37], leave out from 'executed,' to end of line 46 and insert—
'(c) on termination of a lease ("the head lease") a sub-tenant is granted a lease ("the new lease") of the same or substantially the same premises as those comprised in his original lease ("the old lease")—
| (i) | in pursuance of an order of a court on a claim for relief against re-entry or forfeiture, or |
| (ii) | in pursuance of a contractual entitlement arising in the event of the head lease being terminated, |
(d) a person who has guaranteed the obligations of a lessee under a lease that has been terminated ("the old lease") is granted a lease of the same or substantially the same premises ("the new lease") in pursuance of the guarantee.'.
Mr Chancellor of the Exchequer
162
Page 557, line 33 [Schedule 37], leave out from beginning to 'The' in line 38 and insert—
| '11 | (1) | This paragraph applies where— |
(a) the grant of a lease is exempt from charge by virtue of any of the provisions specified in sub-paragraph (3), or
(b) a lease is granted to a person as bare trustee of the grantor, with the result that the lease is treated as vested in the grantor by virtue of paragraph 3 of Schedule 16.
| (2) | The first assignment of the lease that is not exempt from charge by virtue of any of the provisions specified in sub-paragraph (3), and in relation to which the assignee does not acquire the lease as a bare trustee of the assignor, is treated for the purposes of this Part as if it were the grant of a lease by the assignor— |
(a) for a term equal to the unexpired term of the lease referred to in sub-paragraph (1), and
(b) on the same terms as those on which the assignee holds that lease after the assignment.
Mr Chancellor of the Exchequer
163
Page 558 [Schedule 37], leave out lines 1 to 5.
Mr Chancellor of the Exchequer
164
Page 558, line 21 [Schedule 37], after '2(3)' insert 'or 3(2)'.
Mr Chancellor of the Exchequer
165
Page 562, line 25 [Schedule 37], at end insert—
'Reduction of rent or term
| 15A | (1) | Where a lease is varied so as to reduce the amount of the rent, the variation is treated for the purposes of this Part as an acquisition of a chargeable interest by the lessee. |
| (2) | Where a lease is varied so as to reduce the term, the variation is treated for the purposes of this Part as an acquisition of a chargeable interest by the lessor.'. |
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