Version Superseded: 21/07/2009
Point in time view as at 19/07/2006. This version of this provision has been superseded.
There are currently no known outstanding effects for the Finance Act 2004, Section 242.
(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income tax, to be known as the de-registration charge, arises where the registration of a registered pension scheme is withdrawn.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the person who was, or each of the persons who were, the scheme administrator immediately before the registration was withdrawn.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.
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. 242 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 24
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
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
