C1C2C3C4C5C6C7C8C9C10C11C12C13C14C15Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C7

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C9

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C11

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C12

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C13

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C14

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C15

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C9Chapter 4Registered pension schemes: tax reliefs and exemptions

Inheritance tax exemptions

I1203Inheritance tax exemptions

1

The Inheritance Tax Act 1984 (c. 51) is amended as follows.

2

In section 12 (dispositions that are not transfers of value)—

a

in subsection (2), for the words following “if” substitute “ it is a contribution under a registered pension scheme or section 615(3) scheme in respect of an employee of the person making the disposition. ”, and

b

omit subsections (3) and (4).

3

In section 58(1) (settled property in which no qualifying interest in possession subsists but which is not “relevant property”), for paragraph (d) substitute—

d

property which is held for the purposes of a registered pension scheme or section 615(3) scheme;

4

In section 151 (treatment of pension rights etc.)—

a

omit subsections (1) and (1A),

b

in subsections (2), (4) and (5), for “fund or scheme to which this section applies” substitute “ registered pension scheme or section 615(3) scheme ”, and

c

in subsection (2)(b), for the “fund or scheme” (in both places) substitute “ scheme ”.

5

In section 152 (cash options), for the words from the beginning to “or scheme” substitute “ Where on a person’s death an annuity becomes payable under a registered pension scheme or section 615(3) scheme to a widow, widowerF1, surviving civil partner or dependant of that person and under the terms of the scheme ”.

6

In section 272 (general interpretation), insert at the appropriate places—

“registered pension scheme” has the same meaning as in Part 4 of the Finance Act 2004;

“section 615(3) scheme” means a superannuation fund to which section 615(3)of the Taxes Act 1988 applies;