No versions valid at: 01/04/2006
Point in time view as at 01/04/2006. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2004, Section 242.
Valid from 06/04/2006
(1)A charge to income tax, to be known as the de-registration charge, arises where the registration of a registered pension scheme is withdrawn.
(2)The liability to the de-registration charge is a liability of the person who was, or each of the persons who were, the scheme administrator immediately before the registration was withdrawn.
(3)That person, or each of those persons, is liable to the de-registration charge whether or not—
(a)that person, and
(b)any other person who is liable to the de-registration charge,
are resident, ordinarily resident or domiciled in the United Kingdom.
(4)The de-registration charge is a charge at the rate of 40% in respect of the aggregate of—
(a)the amount of any sums held for the purposes of the pension scheme immediately before it ceased to be a registered pension scheme, and
(b)the market value at that time of any assets held for the purposes of the pension scheme.
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