- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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Finance Act 2004
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Changes over time for: Section 266B
Alternative versions:
- 06/04/2006- Amendment
- 17/07/2014- Amendment
- 09/03/2017
Point in time
Status:
Point in time view as at 09/03/2017.
Changes to legislation:
Finance Act 2004, Section 266B is up to date with all changes known to be in force on or before 07 November 2024. 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.
Changes to Legislation
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[F1266BScheme's liabilityU.K.
(1)This section applies where—
(a)the scheme administrator of a registered pension scheme has become liable to the scheme sanction charge in respect of an unauthorised member payment, and
(b)property or money is transferred, or a sum paid, towards a registered pension scheme pursuant to [F2a relevant order] as a result of the unauthorised member payment.
(2)The scheme administrator may, within the period of one year beginning with the day on which the property or money is transferred, or the sum paid, claim relief from the relevant proportion of the scheme sanction charge.
(3)The relevant proportion of the scheme sanction charge is—
where—
ASO is the amount subject to the [F3relevant] order, that is the aggregate of the market value of any property and the amount of any money transferred, or the amount of the sum paid, towards a registered pension scheme pursuant to the [F4relevant order] in respect of the unauthorised member payment, and
UMP is the amount of the unauthorised member payment.
(4)But if ASO is greater than UMP, the relevant proportion of the scheme sanction charge is the whole of it.
[F5(5)In this section “relevant order” means an order under any of the following—
(a)section 16(1), 19(4) or 21(2)(a) of the Pensions Act 2004 (orders for money etc to be restored to pension schemes), or
(b)Article 12(1), 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (corresponding provision for Northern Ireland).]]
Textual Amendments
F1Ss. 266A, 266B and cross-heading inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 4, 64(1)
F2Words in s. 266B(1)(b) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(2)
F3Word in s. 266B(3) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(3)(a)
F4Words in s. 266B(3) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(3)(b)
F5S. 266B(5) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(4)
Modifications etc. (not altering text)
C16S. 266B 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
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