- Latest available (Revised)
- Point in Time (01/03/2007)
- Original (As enacted)
Version Superseded: 06/04/2007
Point in time view as at 01/03/2007.
Finance Act 2004, SCHEDULE 35 is up to date with all changes known to be in force on or before 10 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Section 281
1U.K.In section 9(1A) of the Taxes Management Act 1970 (tax not to be assessed by a self-assessment), for the words after “any tax” substitute “which—
(a)is chargeable on the scheme administrator of a registered pension scheme under Part 4 of the Finance Act 2004, F1...
[F2(ab)is chargeable on the sub-scheme administrator of a sub-scheme under Part 4 of the Finance Act 2004 as modified by the Registered Pensions (Splitting of Schemes) Regulations 2006, or]
(b)is chargeable on the person who is (or persons who are) the responsible person in relation to an employer-financed retirement benefits scheme under section 394(2) of ITEPA 2003.”
Textual Amendments
F1Word in Sch. 35 para. 1 deleted (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(3)(a)
F2Words in Sch. 35 para. 1 added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(3)(b)
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
2U.K.The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.
Commencement Information
I2Ss. 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
3U.K.In section 21A(2) (Schedule A: computation of amount chargeable), insert at the end—
“sections 196 to 200 of the Finance Act 2004 (registered pension schemes); section 246 of that Act (employer-financed retirement benefits schemes).”
Commencement Information
I3Ss. 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
4U.K.In section 56(3)(b) (transfers in deposits and debts: exemption for pensions), for “592(2), 613, 614 (1) to (3) or 620(6)” substitute “ 613(4) or 614(2) or (3) or section 186 of the Finance Act 2004 ”.
Commencement Information
I4Ss. 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
F35U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 35 para. 5 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
6U.K.In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a), 613(4), 614(3), 620(6) and 643(2)” substitute “ sections 613(4) and 614(3) and section 186 of the Finance Act 2004 ”.
Commencement Information
I5Ss. 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
7U.K.In section 227(8)(a) (purchase of own shares: rules about trustees not to apply where shares held under exempt approved scheme), for “an exempt approved scheme as defined in Chapter 1 of Part 14” substitute “ a registered pension scheme ”.
Commencement Information
I6Ss. 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
8U.K.In section 265(3)(c) (transfer of blind person’s allowance to spouse where allowance exceeds what is left of total income after deductions: deductions to be disregarded), for “593(2) or 639(3)” substitute “ 192 of the Finance Act 2004 ”.
Commencement Information
I7Ss. 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
9U.K.In section 266 (1) (life assurance premiums), for “sections 274 and 619(6) and Schedules 14 and 15,” substitute “ section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004, ”.
Commencement Information
I8Ss. 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
10(1)Section 266A (life assurance premiums paid by employer) is amended as follows.U.K.
(2)In subsection (1), for “a non-approved” substitute “ an employer-financed ”.
(3)For subsections (3) to (6) substitute—
“(3)For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse [F4or civil partner], widow or widower [F5or surviving civil partner], children, dependants or personal representatives.
(4)If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them.
(5)The amount treated as paid for or in respect of each employee is—
where—
A is the sum paid,
B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, and
C is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them.
(6)This section does not apply if—
(a)in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or
(b)the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met.
(7)Those conditions are—
(a)that the employment is with a foreign employer, and
(b)that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme.
(8)In subsection (6)(a) “earnings charged on remittance” means earnings which are taxable earnings under—
(a)section 22 of ITEPA 2003 (chargeable overseas earnings for year when employee resident and ordinarily resident, but not domiciled, in UK), or
(b)section 26 of that Act (foreign earnings for year when employee resident, but not ordinarily resident, in UK).
(9)In this section—
“employer-financed retirement benefits scheme”, and
>“relevant benefits”,
have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).”
Textual Amendments
F4Words in Sch. 35 para. 10(3) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 181(a)
F5Words in Sch. 35 para. 10(3) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 181(b)
Commencement Information
I9Ss. 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
11U.K.In section 268(7)(b) (early conversion or surrender of rights: life policies not covered), for “an approved scheme, as defined in Chapter 1 of Part 14;” substitute “ a registered pension scheme; ”.
Commencement Information
I10Ss. 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
12U.K.In section 273 (payments securing annuities), [F6for the words from the beginning to “, if the claimant” substitute “Subject to subsection (2) below, section 274 of this Act and sections 192 to 194 of the Finance Act 2004, if the claimant”].
Textual Amendments
F6Words in Sch. 35 para. 12 substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 655, Sch. 2 para. 161 (with Sch. 2)
Commencement Information
I11Ss. 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
13U.K.In section 336(1A)(b) (temporary residents not liable under certain pension tax provisions)—
(a)in sub-paragraph (i), for “605, 609, 610, 611, 623 or 629 of that Act applies,” substitute “ 609, 610, 611 or 629 of that Act applies, ”,
(b)after that sub-paragraph insert—
“(ia)an annuity under an annuity contract that is a registered pension scheme, or”, and
(c)omit sub-paragraph (iii) and the word “or” before it.
Commencement Information
I12Ss. 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
14U.K.In section 348(1A)(b) (payments out of profits or gains brought into charge to income tax: exception for certain annuities), for “605 of that Act applies to it (retirement annuity contracts: annuities),” substitute “ 579A of that Act applies to it because it is an annuity under an annuity contract that is a registered pension scheme, ”.
Commencement Information
I13Ss. 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
15U.K.In section 349(1A)(b) (payments not out of profits or gains brought into charge to income tax and annual interest: exception for certain annuities), for “605 of that Act applies to it,” substitute “ 579A of that Act applies to it because it is an annuity under an annuity contract that is a registered pension scheme, ”.
Commencement Information
I14Ss. 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
16(1)Section 349B(3) (payments in case of which requirement to deduct tax does not apply) is amended as follows.U.K.
(2)For paragraph (i) substitute—
“(i)the scheme administrator of a registered pension scheme;
[F7(ia)the sub-scheme administrator of a sub-scheme which forms part of a split scheme pursuant to the Registered Pensions (Splitting of Schemes) Regulations 2006;].”
(3)After paragraph (j) insert “or”.
(4)Omit paragraphs (l) and (m).
Textual Amendments
F7Words in Sch. 35 para. 16 added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(4)(5)
Commencement Information
I15Ss. 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
17U.K.In section 360A(9)(a) (meaning of “material interest” in section 360: exception from rule about trusts for certain pension scheme trusts), for “an exempt approved scheme as defined in section 592;” substitute “ a registered pension scheme; ”.
Commencement Information
I16Ss. 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
18U.K.In section 414(7), (close companies: shares held on trust for certain pension schemes), for “an exempt approved scheme as defined in section 592” substitute “ a registered pension scheme ”.
Commencement Information
I17Ss. 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
19U.K.In section 415(4)(b), (certain quoted companies not to be close companies: shares held on trust for certain pension schemes deemed to be beneficially held for public), for “an exempt approved scheme as defined in section 592,” substitute “ a registered pension scheme, ”.
Commencement Information
I18Ss. 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
20U.K.For section 431B (life assurance: meaning of “pension business”) substitute—
(1)In this Chapter “pension business” means so much of a company’s life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme or is the reinsurance of such business.
(2)Where a pension scheme ceases to be a registered pension scheme [F8by virtue of the withdrawal of registration of the pension scheme under section 157 of the Finance Act 2004], any of the company’s life assurance business that was pension business when the pension scheme was a registered pension scheme is to be treated as ceasing to be pension business at the beginning of the period of account of the company in which the pension scheme [F9so] ceases to be a registered pension scheme.
[F10(3)Where—
(a)immediately before 6th April 2006 an annuity contract falls within any of the descriptions of contracts specified in subsection (2) of this section as it had effect immediately before that date, but
(b)on or after that date the contract does not fall to be regarded for the purposes of this section as having been entered into for the purposes of a registered pension scheme,
the contract is to be treated for the purposes of this section as having been entered into for such purposes.”]
Textual Amendments
F8Words in Sch. 35 para. 20 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(2)(3)(a)(7)
F9Word in Sch. 35 para. 20 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(2)(3)(b)(7)
F10Words in Sch. 35 para. 20 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(2)(4)(7)
Commencement Information
I19Ss. 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
21U.K.In section 464(5) (policies and contracts to be disregarded in applying limits on benefits payable to member of friendly society), for paragraph (b) substitute—
“(b)any policy of insurance or annuity contract by means of which the benefits to be provided under an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) are secured or any annuity contract which constitutes a registered pension scheme or is issued or held in connection with a registered pension scheme other than such an occupational pension scheme;”.
Commencement Information
I20Ss. 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
22(1)Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows.U.K.
(2)In subsection (2), omit the definition of “pension business”.
(3)After that subsection insert—
“(2A)In this Chapter “pension business” means so much of a friendly society’s life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme.
(2B)But where a pension scheme ceases to be a registered pension scheme [F11by virtue of the withdrawal of registration of the pension scheme under section 157 of the Finance Act 2004], any of the friendly society’s life assurance business that was pension business when the pension scheme was a registered pension scheme is to be treated as ceasing to be pension business at the beginning of the period of account of the friendly society in which the pension scheme [F12so] ceases to be a registered pension scheme.”
Textual Amendments
F11Words in Sch. 35 para. 22 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(5)(6)(a)(7)
F12Word in Sch. 35 para. 22 inserted (6.4.2006) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 18(5)(6)(b)(7)
Commencement Information
I21Ss. 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
23U.K.In section 467(3) (exemption for trade unions and employers' associations: disregard of certain annuities for purposes of limit), for “approved annuities (as defined in section 620(9))” substitute “ annuity contract which constitutes a registered pension scheme or is issued or held in connection with a registered pension scheme other than an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) ”.
Commencement Information
I22Ss. 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
F1324U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F13Sch. 35 para. 24 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
25U.K.In section 539(2) (policies of life insurance to which Chapter 2 of Part 13) does not apply), for paragraphs (b) to (d) substitute—
“(b)to any policy of insurance which constitutes, or is issued or held in connection with, a registered pension scheme; or”.
Commencement Information
I23Ss. 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
26U.K.In section 613(4) (parliamentary pension funds)—
(a)omit “respective” and paragraphs (b) to (d), and
(b)for “those funds” (in both places) substitute “ that Fund ”.
Commencement Information
I24Ss. 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
27(1)Section 657(2) (life annuities to which section 656 does not apply) is amended as follows.U.K.
(2)In paragraph (b), for “266, 273 or 619 or to any annuity payable under a substituted contract within the meaning of section 622(3);” substitute “ 266 or 273; ”.
(3)For paragraphs (d) to (f) substitute—
“(d)to any annuity under, or purchased with sums or assets held for the purposes of, a registered pension scheme; or
(e)to any annuity purchased by any person in recognition of another’s services (or past services) in any office or employment.”
Commencement Information
I25Ss. 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
F1428U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Sch. 35 para. 28 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
29(1)Section 686 (accumulation and discretionary trusts: special rates of tax) is amended as follows.U.K.
(2)In subsection (2)(c), for the words following “held” substitute “ for the purposes of a superannuation fund to which section 615(3) applies ”.
(3)In subsection (6A)—
(a)for “exemptions” substitute “ exemption ”, and
(b)for “as mentioned in sub-paragraph (i) or (ii) of that paragraph do” substitute “ for the purposes of a superannuation fund to which section 615(3) applies does ”.
Commencement Information
I26Ss. 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
30U.K.In section 715(1)(k) (exceptions from section 713 where exemption could be allowed under section 592(2)), for “section 592(2)” substitute “ section 186 of the Finance Act 2004 ”.
Commencement Information
I27Ss. 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
31U.K.In section 730A(7) (treatment of price differential on sale and repurchase of securities: power to provide eligibility for relief), for “592(2), 608(2)(a), 613(4), 614(2), (3) or (4), 620(6) or 643(2).” substitute “ 613(4) or 614(2), (3) or (4) or section 186 of the Finance Act 2004. ”
Commencement Information
I28Ss. 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
32U.K.In section 737D (1) (manufactured dividends: power to provide eligibility for relief), for “592(2), 608(2)(a), 613(4), 614(2), (3) or (4), 620(6) or 643(2).” substitute “ 613(4) or 614(2), (3) or (4) or section 186 of the Finance Act 2004. ”
Commencement Information
I29Ss. 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
33U.K.In section 824(9) (repayment supplements), after “settlement” insert “, scheme administrators of registered pension schemes [F15sub-scheme administrators of sub-schemes which form part of a split scheme pursuant to the Registered Pensions (Splitting of Schemes) Regulations 2006]”.
Textual Amendments
F15Words in Sch. 35 para. 33 added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(6)(7)
Commencement Information
I30Ss. 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
34U.K.In section 828 (orders and regulations), after subsection (5) insert—
“(6)Nothing in this section applies in relation to any of the following (in relation to which section 282 of the Finance Act 2004 applies)—
(a)any power of the Treasury or the Board to make any order or regulations under Part 4 of that Act;
(b)any statutory instrument containing any order or regulations made by the Treasury or the Board under that Part of that Act.”
Commencement Information
I31Ss. 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
35(1)Section 832 (1) (interpretation of the Tax Acts) is amended as follows.U.K.
(2)After the definition of “the rate applicable to trusts” insert—
““registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004;”.
(3)After the definition of “Schedule A business” insert—
““scheme administrator”, in relation to a pension scheme, has the meaning given by section 270 of the Finance Act 2004 (but see also sections 271 to 274 of that Act);”.
Commencement Information
I32Ss. 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
36U.K.In section 840A(1)(b)(iv) (definition of “bank”: exclusion of insurance companies), for “659B(1);” substitute “ 275 of the Finance Act 2004; ”.
Commencement Information
I33Ss. 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
37U.K.In section 25(9) of the Finance Act 1990 (donations to charity by individual: tax to be disregarded in determining total amount of income tax and capital gains tax with which donor is charged for a year of assessment), after paragraph (b) insert—
“(ba)any tax paid to meet the lifetime allowance charge or the annual allowance charge (under Part 4 of the Finance Act 2004);”, and, in paragraph (c), for “that Act” substitute “ the Taxes Act 1988 ”.
Commencement Information
I34Ss. 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
38U.K.The Taxation of Chargeable Gains Act 1992 is amended as follows.
Commencement Information
I35Ss. 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
39U.K.In section 13(10B)(b) (attribution of gains to members of non-resident companies), for “section 271(1)(b), (c), (d), (g) or (h) or (2)” substitute “ section 271(1)(c) or (1A) ”.
Commencement Information
I36Ss. 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
40U.K.For sections 239A and 239B (cessation of approval of retirement benefits schemes and withdrawal of approval of personal pension arrangements) substitute—
(1)This section applies where tax is charged in accordance with section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.
(2)For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme—
(a)are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and
(b)are not to be treated as having been disposed of by any person at the relevant time.
(3)In subsection (2) “the relevant time” means the time immediately before the date of withdrawal of registration of the pension scheme.”
Commencement Information
I37Ss. 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
41U.K.In section 288 (1) (interpretation), after the definition of “recognised stock exchange” insert—
““registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004;”.
Commencement Information
I38Ss. 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
42(1)Paragraph 2 of Schedule 1 (application of exempt amount and reporting limits in cases involving settled property) is amended as follows.U.K.
(2)In sub-paragraph (7)(b)(ii), for “any such scheme or fund as is mentioned in sub-paragraph (8) below” substitute “ a registered pension scheme, a superannuation fund to which section 615(3) of the Taxes Act applies or an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) that is not a registered pension scheme ”.
(3)Omit sub-paragraph (8).
Commencement Information
I39Ss. 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
43U.K.The Finance Act 1996 is amended as follows.
Commencement Information
I40Ss. 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
44U.K.In section 148 (mis-sold personal pensions), after subsection (6) insert—
“(6A)References in subsections (3)(d) and (6) to provisions of Part 14 of the Taxes Act 1988 are to those provisions as they had effect at the time in question.”
Commencement Information
I41Ss. 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
45U.K.In paragraph 2(1D) of Schedule 9 (loan relationships: late interest), for “retirement benefits scheme (as defined in section 611 of the Taxes Act 1988)” substitute “ an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) ”.
Commencement Information
I42Ss. 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
46(1)Paragraph 6A of Schedule 19 to the Finance Act 1999 (stamp duty reserve tax on dealings with units in unit trusts) is amended as follows.U.K.
(2)In sub-paragraph (4), for the definition of “individual pension account” substitute—
““individual pension account” has the meaning given by regulations made by the Commissioners of Inland Revenue;”.
(3)After that sub-paragraph insert—
“(5)Regulations under sub-paragraph (4) shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.”
Commencement Information
I43Ss. 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
47U.K.The Capital Allowances Act 2001 is amended as follows.
Commencement Information
I44Ss. 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
48U.K.In section 4(2A) (expenditure and sums that are not capital expenditure or capital sums), in the definition of “relevant provision”, for paragraph (d) substitute—
“(d)sections 188 to 194of FA 2004 (contributions under registered pension schemes), and”.
Commencement Information
I45Ss. 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
49U.K.In Part 1 of Schedule 1 (abbreviations) insert at the end—
“FA 2004 | The Finance Act 2004 (c. 12)”. |
Commencement Information
I46Ss. 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
50U.K.The Finance Act 2002 is amended as follows.
Commencement Information
I47Ss. 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
F1651U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F16Sch. 35 para. 51 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
52(1)Schedule 29 (gains and losses of a company from intangible fixed assets) is amended as follows.U.K.
(2)In paragraph 112(2), for paragraph (d) substitute—
“(d)section 246(2) of the Finance Act 2004 (expenditure on benefits under employer-financed retirement benefits schemes).”
Commencement Information
I48Ss. 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
53U.K.In paragraph 114, for sub-paragraph (3) substitute—
“(3)For the purposes of this paragraph “pension contributions” means—
(a)sums paid by an employer by way of contributions under a registered pension scheme,
(b)sums paid to the trustees or managers of a registered pension scheme that are treated as if they were the payment of contributions under the pension scheme (see section 199 of the Finance Act 2004), or
(c)expenses within section 246(3) of the Finance Act 2004 (expenditure on benefits under employer-financed retirement benefits schemes).”
Commencement Information
I49Ss. 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
54U.K.The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.
Commencement Information
I50Ss. 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
55U.K.In section 23(3) (calculation of “chargeable overseas earnings”), in Step 2, for paragraphs (b) and (c) substitute—
“(b)sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or”.
Commencement Information
I51Ss. 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
56U.K.In section 54 (1) (calculation of deemed employment payment), in Step 5, for “scheme approved under Chapter 1 or 4 of Part 14 of ICTA” substitute “ registered pension scheme ”.
Commencement Information
I52Ss. 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
57U.K.In section 56(8) (application of Income Tax Acts in relation to deemed employment), for “relevant earnings of the worker for the purposes of section 644 of ICTA (relevant earnings for purposes of permissible pension contributions).” substitute “ relevant UK earnings of the worker for the purposes of Part 4 of FA 2004. ”
Commencement Information
I53Ss. 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
58U.K.In section 218(4) (“lower-paid employment”: deductions to be subtracted), for the references to sections 592(7) and 594 of ICTA substitute— “ sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or ”.
Commencement Information
I54Ss. 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
59U.K.In section 315(5) (limited exemption for expenses connected with certain living accommodation), in Step 3, for paragraph (b) substitute—
“(b)sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or”.
Commencement Information
I55Ss. 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
60(1)Section 327 (deductions from earnings: general) is amended as follows.U.K.
(2)In subsection (4), omit the entry relating to section 619 of ICTA.
(3)In subsection (5), for the entries relating to sections 592(7) and 594 (1) of ICTA substitute “ and sections 188 to 194 of FA 2004 (contributions to registered pension schemes). ”
Commencement Information
I56Ss. 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
61U.K.In section 381 (deductions from seafarers' earnings: taking account of other deductions), for paragraphs (c) to (e) substitute—
“(c)section 262 of CAA 2001 (capital allowances to be given effect by treating them as deductions from earnings), and
(d)sections 188 to 194 of FA 2004 (contributions to registered pension schemes).”
Commencement Information
I57Ss. 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
62(1)Section 407 (payments and benefits on termination of employment: exception for payments and benefits under tax-exempt pension schemes) is amended as follows.U.K.
(2)In subsection (2), for paragraph (a) substitute—
“(a)a registered pension scheme,
(aa)a scheme set up by a government outside the United Kingdom for the benefit of employees or primarily for their benefit, or”.
(3)Omit subsection (3).
Commencement Information
I58Ss. 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
63(1)Section 408 (payments and benefits on termination of employment: exception for contributions to tax-exempt pension schemes) is amended as follows.U.K.
(2)In subsection (1), for “tax-exempt pension scheme or approved personal pension arrangements” substitute “ registered pension scheme ”.
(3)Omit subsection (2).
(4)In the heading, for “tax-exempt pension schemes” substitute “ registered pension schemes ”.
Commencement Information
I59Ss. 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
64U.K.In section 563 (former employees: deductions for liabilities), in the definition of “relevant retirement benefit”, for paragraphs (a) and (b) substitute—
“(a)which is received by the former employee under an employer-financed retirement benefits scheme, and
(b)which, under Chapter 2 of Part 6, counts as employment income of the former employee.”
Commencement Information
I60Ss. 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
65(1)Schedule 1 (abbreviations and defined expressions) is amended as follows.U.K.
(2)In Part 1, insert at the end—
“FA 2004 | The Finance Act 2004 (c. 12)”. |
(3)In Part 2, insert at the appropriate place—
“registered pension scheme | section 832 (1) of ICTA”. |
Commencement Information
I61Ss. 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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