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There are currently no known outstanding effects for the Finance Act 2004, Paragraph 4.
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4(1)The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a transfer member of a relevant non-UK scheme unless it is referable to the member’s relevant transfer fund under the scheme.U.K.
(2)A member’s relevant transfer fund under a relevant non-UK scheme is so much of—
(a)the sums or assets held for the purposes of, or representing accrued rights under, the scheme as, in accordance with regulations made by the Board of Inland Revenue, represents
(b)relevant transferred sums or assets.
(3)“Relevant transferred sums or assets” means sums or assets held for the purposes of, or representing accrued rights under, an arrangement under—
(a)a registered pension scheme, or
(b)another scheme which is a relevant non-UK scheme,
which at any time after 5th April 2006 when the scheme was an overseas pension scheme have been transferred (directly or indirectly) so as to become held for the purposes of, or to represent rights under, an arrangement under the scheme relating to the member; but also includes a transfer lump sum death benefit which at any such time was paid so as to become held for the purposes of, or to represent rights under, such an arrangement.
(4)Regulations made by the Board of Inland Revenue may make provision for determining whether payments or transfers made (or treated as made) by a relevant non-UK scheme are to be treated as referable to a member’s relevant transfer fund under the scheme (and so whether or not they reduce the fund).
Modifications etc. (not altering text)
C1Sch. 34 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 17
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
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