- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
11.—(1) In paragraph 3(1) of Part I of the Schedule (Benefit limits) after the words “D is the” there shall be inserted the word “annual”, and after the word “participator's” there shall be inserted the word “adjusted”;
(2) After paragraph 4 of the Schedule there shall be inserted the following paragraph—
“4A. “Permitted amount” means—
(a)in relation to a retirement pension, the amount determined in accordance with whichever of paragraphs 8 to 13 is applicable in the case of the participator;
(b)in relation to dependants' pensions, the amount determined in accordance with whichever of paragraphs 14(2) or (3) is applicable in the case of a participator; and
(c)in relation to a lump sum on death, the amount determined in accordance with paragraph 15(4).”
(3) In sub-paragraph (1)(a) of paragraph 5 of the Schedule for the words from “within” to “companies” there shall be substituted the following words “Chapter I of Part XIV of the Taxes Act (retirement benefits schemes, approval of schemes)”.
(4) For paragraph 5(2) there shall be substituted the following paragraph—
“(2) Where the participator joined the HPSS Superannuation scheme on or after 1st June 1989, retained benefits may be ignored if his salary during the first year of being employed by an employing authority does not exceed one quarter of the permitted maximum under section 590C of the Taxes Act (conditions for approval of retirement benefit schemes: earnings cap).”
(5) After paragraph 5(2) there shall be inserted the following paragraphs—
“(3) Where the participator joined the HPSS Superannuation scheme before 1st June 1989, retained benefits may be ignored if his salary during the year in which he made an election under regulation 3 did not exceed one quarter of the permitted maximum under section 590C of the Taxes Act.
(4) “Pension” includes the actuarial equivalent as an annual pension, as determined by the Board of the Inland Revenue, of any lump sum.”.
(6) After paragraph 6 there shall be added the following paragraphs:—
“6A. “Total taxable earnings” means all salary, wages, fees and other regular payments made to a participator in respect of superannuable employment which are chargeable to income tax under Schedule D or Schedule E to Part I of the Taxes Act.
6B. “The year in question” means—
(a)in the case of a practitioner—
(i)a 12 month period running from 1st April to 31st March, or
(ii)a 12 month period beginning immediately prior to the practitioner’s date of termination of employment,
whichever is more favourable to the practitioner; or
(b)in any other case, a 12 month period beginning immediately prior to the participator’s date of termination of employment.”.
(7) In sub-paragraph (3)(b) of paragraph 15 of Part IV of the Schedule (Lump sums on death) for the words “Chapter XIV” there shall be substituted the following words “Chapter IV of Part XIV”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: