xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Modifications etc. (not altering text)
C1Pt. 4 modified (N.I.) (1.4.2006) by The Firemens Pension Scheme Order (Northern Ireland) 2006 (S.R. 2006/210), arts. 1(2), 103
C2Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 9, 10
C3Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 12
C4Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 13(5)
C5Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 26
C6Pt. 4 modified (31.12.2007) by Police and Justice Act 2006 (c. 48), s. 53(1), Sch. 3 para. 7; S.I. 2007/3203, art. 3(b)
C7Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)
C8Pt. 4 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), reg. 5A (as inserted (6.4.2006) by S.I. 2008/2990, arts. 1(1), 3)
C9Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18
C10Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)
C11Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)
C12Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)
C13Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)
C14Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1
C15Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)
(1)If the scheme administrator of a registered pension scheme fails to comply with a notice under section 250 (registered pension scheme return), the scheme administrator is liable to a penalty of £100.
(2)If the failure continues after a penalty is imposed under subsection (1), the scheme administrator is liable to a further penalty not exceeding £60 for each day on which the failure continues after the day on which that penalty was imposed (but excluding any day for which a penalty under this subsection has already been imposed).
(3)No penalty may be imposed under subsection (1) or (2) in respect of a failure after it has been remedied.
(4)If the scheme administrator of a registered pension scheme fraudulently or negligently—
(a)makes an [F1inaccurate] return required by a notice under section 250, or
(b)delivers any [F1inaccurate] accounts, statements or other documents with such a return,
the scheme administrator is liable to a penalty not exceeding £3,000.
Textual Amendments
F1Word in s. 257(4)(a)(b) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(b)
Modifications etc. (not altering text)
C16S. 257 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
(1)In section 98 of TMA 1970 (penalties for failure to provide information and providing false information), in the second column of the Table, insert at the appropriate place— “regulations under section 251(1)(a) or (4) of the Finance Act 2004;”.
(2)A person who fails to comply with regulations under section 251(1)(b) (preservation of documents) is liable to a penalty not exceeding £3,000.
Modifications etc. (not altering text)
C17S. 258(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
C18S. 258(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Commencement Information
I2Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2S. 259 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 13 (with art. 8)
F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3S. 260(1)-(5) omitted (1.4.2011) by virtue of The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Assessment and Pension Schemes) (Appointed Days and Consequential and Savings Provisions) Order 2011 (S.I. 2011/702), arts. 1(1), 14 (with arts. 1(2), 21)
F4S. 260(6)(7) omitted (1.6.2013) by virtue of The Pension Schemes (Miscellaneous Amendments) Order 2013 (S.I. 2013/1114), arts. 1(1), 5
(1)This section applies where an individual fraudulently or negligently—
(a)produces or makes available an [F6inaccurate] document, or produces an [F6inaccurate] certificate, in connection with any matter registered in accordance with enhanced F7... allowance regulations, or
(b)provides false information in connection with any such matter,
and the condition in subsection (2) is met.
(2)The condition is that—
(a)the amount of the individual’s [F8lump sum allowance or lump sum and death benefit allowance] at the time which is relevant for the purposes of this paragraph, or
(b)the amount of the pension commencement lump sums [F9or the uncrystallised funds pension lump sums] to which the individual may be entitled at the time which is relevant for the purposes of this paragraph,
would be greater than it actually is were the document or certificate correct or the information true.
(3)The individual is liable to a penalty not exceeding 25% of the relevant excess.
(4)In a case within paragraph (a) of subsection (2), the relevant excess is the difference between what would be the amount of the individual’s [F10lump sum and death benefit allowance] at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true) and [F11the actual amount of the individual’s lump sum and death benefit allowance at that time.]
(5)The time which is relevant for the purposes of paragraph (a) of subsection (2)—
(a)where [F12a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance)] has occurred in relation to the individual since the document was produced or made available, the certificate produced or the information provided (but before a penalty under this section is imposed), is the time when [F13the relevant benefit crystallisation event] occurred, and
(b)otherwise, is the time when the document was produced or made available, the certificate produced or the information provided.
(6)In a case within paragraph (b) of subsection (2), the relevant excess is the difference between—
(a)what would be the amount of the pension commencement lump sums [F14or the uncrystallised funds pension lump sums] to which the individual may be entitled at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true), and
(b)the actual amount at that time of the pension commencement lump sums [F15or the uncrystallised funds pension lump sums] to which the individual may be entitled.
(7)The time which is relevant for the purposes of paragraph (b) of subsection (2) is the time when the document was produced or made available, the certificate produced or the information provided.
Textual Amendments
F5Word in s. 261 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 101(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F6Word in s. 261(1)(a) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(c)
F7Word in s. 261(1)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 101(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F8Words in s. 261(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(4)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F9Words in s. 261(2)(b) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(4)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F10Words in s. 261(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(5)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F11Words in s. 261(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(5)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F12Words in s. 261(5)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(6)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F13Words in s. 261(5)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(6)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F14Words in s. 261(6)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F15Words in s. 261(6)(b) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
Modifications etc. (not altering text)
C19S. 261 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 11(2)
Commencement Information
I3Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
An individual who fails—
(a)to produce or make available any document required to be produced by enhanced F17... allowance regulations,
(b)to produce any certificate required to be produced by enhanced F18... allowance regulations, or
(c)to provide any information required to be provided by enhanced F19... allowance regulations,
is liable to a penalty not exceeding £3,000.
Textual Amendments
F16Word in s. 262 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F17Word in s. 262(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F18Word in s. 262(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F19Word in s. 262(c) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
Modifications etc. (not altering text)
C20S. 262 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 11(2)
Commencement Information
I4Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
(1)This section applies where—
(a)paragraph 12 of Schedule 36 ([F21enhancement of allowances]: enhanced protection) applies in relation to an individual, and
(b)relevant benefit accrual occurs in relation to the individual (as to which see paragraph 13 of that Schedule).
(2)If the individual fails to notify the Inland Revenue of the relevant benefit accrual within the period of 90 days beginning with the day on which it occurs, the individual is liable to a penalty not exceeding £3,000.
Textual Amendments
F20Words in s. 263 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 103(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F21Words in s. 263(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 103(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
Modifications etc. (not altering text)
C21S. 263 applied (with modifications) (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 5-11
Commencement Information
I5Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
(1)A person who fraudulently or negligently makes a false statement or representation is liable to a penalty not exceeding £3,000 if, in consequence of the statement or representation—
(a)that person or any other person obtains relief from, or repayment of, tax chargeable [F22under this Part or under Part 9 of ITEPA 2003 (pension income) on pension income to which—
(i)any provision of Chapter 15A of that Part of that Act (lump sums under registered pension schemes) applies, or
(ii)section 579A of that Act (pension income under registered pension schemes) applies by virtue of any provision of that Chapter, or]
(b)a registered pension scheme makes a payment which is an unauthorised payment.
(2)A person who assists in or induces the preparation of any document which the person knows—
(a)is [F23inaccurate], and
(b)will, or is likely to, cause a registered pension scheme to make an unauthorised payment,
is liable to a penalty not exceeding £3,000.
Textual Amendments
F22Words in s. 264(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 21, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F23Word in s. 264(2)(a) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(d)
Modifications etc. (not altering text)
C22S. 264 excluded (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 40(1) (with reg. 1(3))
Commencement Information
I6Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
(1)This section applies where the winding-up of a registered pension scheme has begun and the Inland Revenue considers the pension scheme is being wound up wholly or mainly for the purpose specified in subsection (2).
(2)That purpose is facilitating the payment of winding-up lump sums F24... under the pension scheme.
(3)The scheme administrator is liable to a penalty not exceeding the relevant amount.
(4)The relevant amount is £3,000 in respect of—
(a)each member to whom a winding-up lump sum is paid under the pension scheme, F25...
F25(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F24Words in s. 265(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 22(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F25S. 265(4)(b) and word omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 22(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
Modifications etc. (not altering text)
C23S. 265(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Commencement Information
I7Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
(1)This section applies where sums held for the purposes of, or representing accrued rights under, a registered pension scheme (“the transferor scheme”) are transferred so as to become held for the purposes of, or to represent rights under, a registered pension scheme that is an insured scheme (“the transferee scheme”).
(2)The scheme administrator of the transferor scheme is liable to a penalty not exceeding £3,000 unless the sums are transferred either to the scheme administrator of the transferee scheme or to a relevant insurance company.
(3)In this section—
“insured scheme” means a pension scheme all the income and other assets of which are invested in policies of insurance, and
“relevant insurance company” means an insurance company that issued any of the policies of insurance.
Modifications etc. (not altering text)
C24S. 266(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Commencement Information
I8Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284