Finance Act 2004

20 U.K. For section 431B (life assurance: meaning of “pension business”) substitute—

“431B Meaning of “pension business”

(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 [F1 by 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 [F2 so] ceases to be a registered pension scheme.

[F3 (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

F1 Words 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)

F2 Word 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)

F3 Words 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

I1 Ss. 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