C3C9C10C7C6C1C5C4C2C8Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C5

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)

C2

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

C8

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

C2C8Chapter 5Registered pension schemes: tax charges

Scheme sanction charge

I1241Scheme chargeable payment

1

In this Part “scheme chargeable payment”, in relation to a registered pension scheme, means—

a

an unauthorised payment by the pension scheme, other than one which is exempt from being scheme chargeable, and

F1aa

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

a scheme chargeable payment which the pension scheme is to be treated as having made by section 183 or 185 (unauthorised borrowing)F2, and

c

a scheme chargeable payment which the pension scheme is to be treated as having made by section 185A (income from taxable property) or 185F (gains from taxable property).

2

An unauthorised payment is exempt from being scheme chargeable if—

a

it is treated as having been made by section 173 (use of scheme assets to provide benefits) and the asset used to provide the benefit in question is not a wasting asset,

b

it is a compensation payment (see section 178),

c

it is made to comply with an order of a court or of a person or body with power to order the making of the payment,

d

it is made on the ground that a court or any such person or body is likely to order the making of the payment (or would be were it asked to do so), or

e

it is of a description prescribed by regulations made by the Board of Inland Revenue.

3

“Wasting asset” has the same meaning as in section 44 of TCGA 1992.

4

Schedule 36 contains (in Part 3) transitional provision about scheme chargeable payments.