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Changes over time for: Section 161


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
No versions valid at: 01/04/2006
Status:
Point in time view as at 01/04/2006. This version of this provision is not valid for this point in time.

Status
Not valid for this point in time generally means that a provision was not in force for the point in time you have selected to view it on.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 161.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Valid from 06/04/2006
161Meaning of “payment” etcU.K.
(1)This section applies for the interpretation of this Chapter.
(2)“Payment” includes a transfer of assets and any other transfer of money’s worth.
(3)Subsection (4) applies to a payment made or benefit provided under or in connection with an investment (including an insurance contract or annuity) acquired using sums or assets held for the purposes of a registered pension scheme.
(4)The payment or benefit is to be treated as made or provided from sums or assets held for the purposes of the pension scheme, even if the pension scheme has been wound up since the investment was acquired.
(5)A payment made by a registered pension scheme to a person who—
(a)is connected with a member or sponsoring employer (or was connected with a member at the date of the member’s death), and
(b)is not a member or sponsoring employer,
is to be treated as made in respect of the member or sponsoring employer.
(6)Any asset held by a person connected with a member or sponsoring employer (or who was connected with a member at the date of the member’s death) is to be treated as held for the benefit of the member or sponsoring employer.
(7)Any increase in the value of an asset held by, or reduction in the liability of, a person connected with a member or sponsoring employer (or who was connected with a member at the date of the member’s death) is to be treated as an increase or reduction for the benefit of the member or sponsoring employer.
(8)Section 839 of ICTA (connected persons) applies for the purposes of this section.
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