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| | | (c) | provide for the modification of any enactment relating to |
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| | | taxation in its application in relation to— |
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| | | (i) | Real Estate Investment Trusts, |
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| | | (ii) | shareholders in Real Estate Investment Trusts; or |
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| | | (iii) | transactions involving Real Estate Investment Trusts; |
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| | | (d) | make provision for transitional arrangements for companies |
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| | | incorporated before 1st January 2006 that become Real Estate |
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| | | Investment Trusts on or after the 1st January 2006.”. |
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| | | (2) | Regulations under this section shall not increase the tax to which a Real |
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| | | Estate Investment Trust or an investor in such a Trust would be liable |
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| | | except for those regulations. |
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| | | (3) | This section shall come into effect the month after the passing of this |
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| | | Pensions annuities (No.2) |
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| | To move the following Clause:— |
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| | | ‘The Income and Corporation Taxes Act 1988 is amended as follows— |
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| | | (1) | In subsection (1) of section 630 (interpretation)— |
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| | | (a) | in the definition of “personal pension scheme”, substitute for the words |
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| | | “or lump sums” the words “, lump sums, or sums for investment in |
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| | | Retirement Income Fund”; and |
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| | | (b) | in the definition of “ income withdrawal”, insert after the word “annuity” |
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| | | the words “ or withdrawal of funds from a Retirement Income Fund”. |
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| | | (2) | In section 633 (scope of benefits)— |
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| | | (a) | in subsection (1)(a), the words from “section 634” to the end are omitted; |
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| | | (b) | in subsection (1)(c), the words from “section 636” to the end are omitted; |
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| | | (c) | after subsection (1)(e) there is inserted— |
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| | | “(f) | the payment of any sum to a member’s Retirement |
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| | | Income Fund satisfying the conditions in section 637B”. |
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| | | (3) | In section 634 (annuity to member)— |
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| | | (a) | after subsection (1) there is inserted— |
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| | | “(1A) | Subject to subsection (7) below, the annuity must provide the |
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| | | member with an annual income not less than the Minimum |
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| | | (b) | after subsection (6) there is inserted— |
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| | | “(7) | The income provided each year from the annuity under section |
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| | | (1A) must increase at least at the rate of increase in the retail |
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| | | price index, so far as such increase does not exceed 5% per |
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| | | (4) | Sections 634A and 636A are repealed. |
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| | | (5) | Subsection (4) shall not apply to schemes executed before the date of entry into |
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| | | (6) | After section 637A (Return of contributions on death of a member), the following |
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| | | “637B | Retirement Income Fund |
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| | | (1) | Subject to subsections (2) and (3) of this section, a Retirement Income |
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| | | Fund is a vehicle for the reinvestment of savings in retirement, which |
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| | | (a) | has been established by a person designated by subsection (1) of |
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| | | (b) | is a vehicle whose investments are— |
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| | | (i) | investments of a kind described in the Insurance |
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| | | Companies Regulations 1994, Schedule X, Part 1; or |
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| | | (ii) | approved by Her Majesty’s Commissioners of Revenue |
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| | | (2) | Funds held in a Retirement Income Fund as referred to in subsection (1) |
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| | | may be withdrawn from the Retirement Income Fund by the member as |
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| | | (3) | A member may not invest in a Retirement Income Fund unless the |
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| | | requirements of subsection (1A) of section 634, in relation to the |
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| | | Minimum Retirement Income, are satisfied. |
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| | | (4) | A Retirement Income Fund, and any income derived from it, must not be |
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| | | capable of assignment or surrender by the member. |
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| | | (5) | Any withdrawal from the Fund by the member under subsection (2) shall |
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| | | be regarded as ‘income’ within section 1 of this Act.”. |
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| | | (7) | “Minimum Retirement Income” means such amount as shall be set annually by |
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| | | the Chancellor of the Exchequer by order.’. |
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| | Page 11, line 26, leave out Clause 11. |
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| | Page 12, line 7 [Clause 11], leave out ‘year’ and insert ‘month’. |
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| | Page 17, line 39 [Clause 18], at end insert ‘for the purpose of avoiding any tax.’. |
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| | Page 131, line 14 [Schedule 9], at end insert ‘ ; but no order under this section shall |
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| | be made unless a draft has been laid before and approved by resolution of the House of |
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| | Page 131, line 43 [Schedule 9], at end insert— |
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| | | ‘(8) | No order under this section shall be made unless a draft of it has been laid before |
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| | | and approved by a resolution of the House of Commons.’. |
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| | | Bill read the third time, and passed. |
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