Chwilio Deddfwriaeth

Income and Corporation Taxes Act 1988

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 638

 Help about opening options

Version Superseded: 07/02/1994

Status:

Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

Changes to legislation:

Income and Corporation Taxes Act 1988, Section 638 is up to date with all changes known to be in force on or before 21 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

638 Other restrictions on approval.U.K.

(1)M1The Board shall not approve a personal pension scheme unless they are satisfied that there is a person resident in the United Kingdom who will be responsible for the management of the scheme.

(2)The Board shall not approve a personal pension scheme unless it makes such provision for the making, acceptance and application of transfer payments as satisfies any requirements imposed by or under regulations made by the Board.

(3)M2The Board shall not approve a personal pension scheme unless it makes provision, in relation to arrangements made in accordance with the scheme, for ensuring that—

(a)the aggregate amount of the contributions that may be made in a year of assessment by the member and an employer of his under the arrangements, together with the aggregate amounts of such contributions under other approved personal pension arrangements made by that member, does not exceed the permitted maximum for that year; and

(b)any excess is repaid to the member of the extent of his contributions and otherwise to his employer.

(4)In subsection (3) above “the permitted maximum” for a year of assessment means an amount equal to the aggregate of—

(a)the relevant percentage of the member’s net relevant earnings for the year; and

(b)so much of any relief given under section 639(1) for that year as is given by virtue of section 642;

and references in subsection (3) to contributions by the member do not include references to contributions treated by virtue of section 649(3) as paid by him.

(5)In subsection (4) above “the relevant percentage” means 17.5 per cent. or, in a case where section 640(2) applies, the relevant percentage there specified.

(6)M3The Board shall not approve a personal pension scheme which permits the acceptance of contributions other than—

(a)contributions by members;

(b)contributions by employers of members;

(c)minimum contributions paid by the Secretary of State under Part I of the M4Social Security Act 1986 or by the Department of Health and Social Services for Northern Ireland under Part II of the M5Social Security (Northern Ireland) Order 1986.

[F1(7)The Board shall not approve a personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual’s service as director of a company, if his emoluments as such are within section 644(5).

(8)A personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual’s service in an office or employment to which section 645 applies may be approved by the Board only if—

(a)the scheme does not permit the acceptance of contributions from the individual or from the person who is his employer in relation to that office or employment; or

(b)at the time when the minimum contributions are paid the individual is not serving in an office or employment to which section 645 applies.]

Textual Amendments

F11988(F) s.55(2)—from 1July 1988.Previously

“(7) The Board shall not approve a personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual's service—(a) as director of the company, if his emoluments as such are within section 644(5); or (b) in an office or employment to which section 645 applies.”.

Modifications etc. (not altering text)

C1 For regulations see Part III Vol.5 (under

Personal pension schemes”).

Marginal Citations

M1Source-1987 (No.2) s.27

M2Source-1987 (No.2) s.29

M3Source-1987 (No.2) s.30

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?