Modifications etc. (not altering text)
C1Pt. 14 Ch. 1 (ss. 590-612) modified (31.3.1995) by Judicial Pensions and Retirement Act 1993 (c. 8), ss. 18, 19(4), 31(2); S.I. 1995/631, art. 2
(1)Where an approval of a scheme to which this section applies ceases to have effect, tax shall be charged in accordance with this section.
(2)The tax shall be charged under Case VI of Schedule D at the rate of 40 per cent. on an amount equal to the value of the assets which immediately before the date of the cessation of the approval of the scheme are held for the purposes of the scheme (taking that value as it stands immediately before that date).
(3)Subject to section 591D(4), the person liable for the tax shall be the administrator of the scheme in his capacity as such.
(4)This section applies to a retirement benefits scheme in respect of which either of the conditions set out below is satisfied.
(5)The first condition is satisfied in respect of a scheme if, immediately before the date of the cessation of the approval of the scheme, the number of individuals who are members of the scheme is less than twelve.
(6)The second condition is satisfied in respect of a scheme if at any time within the period of one year ending with the date of the cessation of the approval of the scheme, a person who is or has been a controlling director of a company which has contributed to the scheme is a member of the scheme.
(7)For the purposes of subsection (6) above a person is a controlling director of a company if he is a director of it and within section 417(5)(b) in relation to it.]
Textual Amendments
F1Ss. 591C, 591D inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(1)
Modifications etc. (not altering text)
C2S. 591C applied by Taxation of Chargeable Gains Act 1992 (c. 12), s. 239A (as inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(2))