SCHEDULES
C1SCHEDULE 10 Sharing of pensions etc. on divorce or annulment
Definition of “pension business”
1
1
Section 431B of the Taxes Act 1988 (meaning of “pension business”) shall be amended as follows.
2
In subsection (2)—
a
in paragraph (e) (contracts in substitution of contracts under paragraph (d)), after “(d) above” there shall be inserted “
or this paragraph
”
; and
b
after that paragraph there shall be inserted the following paragraph—
ea
any contract which is entered into, for purposes connected with giving effect to any pension sharing order or provision made in relation to a contract falling within paragraph (d) or (e) above or this paragraph and by means of which relevant benefits (see subsections (3) and (4) below), and no other benefits, are secured;
3
After that subsection there shall be inserted the following subsection—
2A
For the purposes of subsection (2)(d) above the members of and contributors to a scheme or fund shall be deemed to include any person who by virtue of any pension sharing order or provision (within the meaning of Part XIV) has become entitled to any credit as against the persons having the management of the scheme or fund.
4
In subsection (3) (meaning of “relevant benefits”)—
a
for “subsection (2)(d) and (e)” there shall be substituted “
subsection (2)(d) to (ea)
”
; and
b
after the words “subsection (2)(e)”, wherever they occur, there shall be inserted “
or (ea)
”
.
Sch. 10 applied (with modifications) (10.5.2000) by S.I. 2000/1085, regs. 3-8
Sch. 10 applied (S.) (28.1.2002) by S.I. 1995/365, Pt. W para. W14(2) (as inserted (28.1.2002) by S.S.I. 2001/465, reg. 3, Sch. 1)