C1C2C3C4C6C7C8C9C10Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C8

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C10

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10Chapter 5Registered pension schemes: tax charges

De-registration charge

I1C5242De-registration charge

1

A charge to income tax, to be known as the de-registration charge, arises where the registration of a registered pension scheme is withdrawn.

2

The liability to the de-registration charge is a liability of the person who was, or each of the persons who were, the scheme administrator immediately before the registration was withdrawn.

3

That person, or each of those persons, is liable to the de-registration charge whether or not—

a

that person, and

b

any other person who is liable to the de-registration charge,

are resident, ordinarily resident or domiciled in the United Kingdom.

4

The de-registration charge is a charge at the rate of 40% in respect of the aggregate of—

a

the amount of any sums held for the purposes of the pension scheme immediately before it ceased to be a registered pension scheme, and

b

the market value at that time of any assets held for the purposes of the pension scheme.

F15

The Treasury may by order amend subsection (4) so as to vary the rate of the de-registration charge.

6

An order under subsection (5) may make provision for there to be different rates in different circumstances.