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Finance Act 2004

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Changes over time for: Section 199

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There are currently no known outstanding effects for the Finance Act 2004, Section 199. Help about Changes to Legislation

199Deemed contributionsU.K.

(1)This section applies where a sum is paid to the trustees or managers of a registered pension scheme by an employer in or towards the discharge of any liability of the employer under—

(a)section 75 of the Pensions Act 1995 (c. 26)(deficiencies in the assets of a pension scheme), or

(b)Article 75 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (corresponding provision for Northern Ireland).

(2)The making of the payment is to be treated for the purposes of [F1the relieving provisions (within the meaning of section 197) and sections 197 and 198] as if it were the payment of a contribution by the employer under the pension scheme.

(3)Subsections (4) and (5) apply if the employer’s trade, profession, vocation or business is discontinued before the making of the payment.

(4)The payment is to be relieved—

(a)to the same extent as it would have been but for the discontinuance, and

(b)as if it had been made on the last day on which the trade, profession, vocation or business was carried on.

[F2(5)And, for the purposes of section 76 of FA 2012, it is to be treated as meeting the conditions in section 77(2)(a) and (c) of that Act to the extent that it would otherwise not meet them.]

Textual Amendments

F1Words in s. 199(2) substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 14(3)

F2S. 199(5) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 117

Modifications etc. (not altering text)

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

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