Finance Act 2009

73 Financial assistance scheme

(1) The Treasury may by regulations make provision for and in connection with—

(a) the application of the relevant taxes in relation to the financial assistance scheme, and

(b) the application of the relevant taxes in relation to any person in connection with the financial assistance scheme.

(2) “The financial assistance scheme” means the scheme provided for by regulations under section 286 of the Pensions Act 2004.

(3) The provision that may be made by regulations under this section includes provision imposing any of the relevant taxes (as well as provisions for exemptions or reliefs).

(4) The relevant taxes are—

(a) income tax,

(b) capital gains tax,

(c) corporation tax,

(d) inheritance tax,

(e) value added tax,

(f) stamp duty land tax,

(g) stamp duty, and

(h) stamp duty reserve tax.

(5) Regulations under this section may, in particular, include provision for and in connection with the taxation of payments made by virtue of regulations under section 286 of the Pensions Act 2004.

(6) The exemptions and reliefs that may be given by regulations under this section include, in particular, exemption from charges to income tax, corporation tax or capital gains tax in respect of—

(a) income arising from any assets held or managed by, or receipts of, the person who manages the financial assistance scheme (“the scheme manager”) and any chargeable gains arising from the disposal of any such assets, and

(b) the receipt of fraud compensation payments (within the meaning of Part 2 of the Pensions Act 2004: see section 182(1) of that Act).

(7) Regulations under this section may include provision having effect in relation to any time before they are made if the provision does not increase any person’s liability to tax.

(8) The provision made by regulations under this section may be framed as provision applying with appropriate modifications provisions having effect in relation to registered pension schemes; and for this purpose “registered pension scheme” means a pension scheme within the meaning of Part 4 of FA 2004 which is registered under Chapter 2 of that Part of that Act.

(9) Regulations under this section may include—

(a) provision amending any enactment or instrument, and

(b) consequential, supplementary and transitional provision.

(10) Regulations under this section are to be made by statutory instrument.

(11) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.