PART 1N.I.INTRODUCTORY AND GENERAL

CHAPTER 2N.I.SCHEME REPORTS AND ACCOUNTS

Provision of information relevant for tax purposesN.I.

5.—(1) A person who is entitled to a benefit under [F1this Section of the Scheme] must give the Department such information as will enable it to determine—

(a)whether a lifetime allowance charge arises on the person becoming entitled to the benefit, and

(b)if any such charge arises, the amount of the tax payable.

(2) Paragraph (1) applies whether or not the person intends to rely on having given notice under any of the provisions specified in section 256(1) of the Finance Act 2004 (enhanced lifetime allowance regulations).

(3) If a person applying for a benefit under [F2this Section of the Scheme] intends to rely on entitlement by virtue of any such notice, in addition to the information mentioned in paragraph (1) the person must give the Department the reference number issued by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 M1 in respect of that entitlement.

[F3(3A) If a person applying for a benefit under this Section of the Scheme intends to rely on entitlement to transitional protection against a lifetime allowance charge in accordance with paragraph 14 of Schedule 18 to the 2011 Act [F4or paragraph 1 of Schedule 22 to the Finance Act 2013] , that person must give the Department the reference number issued by the Commissioners under the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011 [F5or the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013] in respect of that entitlement.]

(4) The information that a person is required to give under this regulation must be given—

(a)at the time the person makes a claim for a benefit, or

(b)within such period ending after that time as the Department specifies in writing.

(5) If a person fails to comply with paragraph (4) (b), the Department may calculate and pay tax due in respect of the lifetime allowance charge on the basis that the whole benefit is chargeable.

[F6(6) Paragraph (7) applies to members who are practitioners or non-GP providers.

(7) The members referred to in paragraph (6) shall provide the information required by regulation 15A of the Registered Pension Schemes (Provision of Information) Regulations 2006 in respect of their benefits under the Scheme in a manner prescribed from time to time by the Department.]

Textual Amendments

Marginal Citations