SCHEDULES

SCHEDULE 35Pension schemes etc: minor and consequential amendments

Income and Corporation Taxes Act 1988 (c. 1)

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1

Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows.

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 F1by 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 F2so ceases to be a registered pension scheme.