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Finance Act 2004
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Changes over time for: Section 205
Version Superseded: 24/03/2010
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- 06/04/2006- Amendment
- 25/05/2007
Point in time - 24/03/2010- Amendment
- 17/07/2013- Amendment
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Finance Act 2004, Section 205 is up to date with all changes known to be in force on or before 07 November 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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205Short service refund lump sum chargeU.K.
(1)A charge to income tax, to be known as the short service refund lump sum charge, arises where a short service refund lump sum is paid by a registered pension scheme.
(2)The person liable to the short service refund lump sum charge is the scheme administrator.
(3)The scheme administrator is liable to the short service refund lump sum charge whether or not—
(a)the scheme administrator, and
(b)the person to whom the short service refund lump sum is paid,
are resident, ordinarily resident or domiciled in the United Kingdom.
(4)The rate of the charge is—
(a)20% in respect of so much of the lump sum as does not exceed £10,800, and
(b)40% in respect of so much (if any) of it as exceeds that limit.
(5)The Treasury may by order amend subsection (4) so as to—
(a)increase or decrease either or both of the rates for the time being specified in that subsection, or
(b)increase the limit for the time being specified in paragraph (a) of that subsection.
(6)Tax under this section is to be charged on the amount of the lump sum paid or, if the rules of the pension scheme permit the scheme administrator to deduct the tax before payment, on the amount of the lump sum before deduction of tax.
(7)A short service refund lump sum is not to be treated as income for any purpose of the Tax Acts.
Modifications etc. (not altering text)
C1Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 12
C2Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 13(5)
C3Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 9, 10
C4Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 26
C5S. 205 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
C6S. 205 applied by 2003 c. 1, s. 636A(3) (as inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 31 para. 11 (with Sch. 36))
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
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