C1C2C3C4C5C6C7C8C9C11C12C13C14C15C16Part 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

C11

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

C12

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)

C13

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

C14

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

C15

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

C16

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

Chapter 7Compliance

Penalties

I1C10261Enhanced F2... allowance regulations: documents and information

1

This section applies where an individual fraudulently or negligently—

a

produces or makes available an F1inaccurate document, or produces an F1inaccurate certificate, in connection with any matter registered in accordance with enhanced F3... allowance regulations, or

b

provides false information in connection with any such matter,

and the condition in subsection (2) is met.

2

The condition is that—

a

the amount of the individual’s F4lump sum allowance or lump sum and death benefit allowance at the time which is relevant for the purposes of this paragraph, or

b

the amount of the pension commencement lump sums F5or the uncrystallised funds pension lump sums to which the individual may be entitled at the time which is relevant for the purposes of this paragraph,

would be greater than it actually is were the document or certificate correct or the information true.

3

The individual is liable to a penalty not exceeding 25% of the relevant excess.

4

In a case within paragraph (a) of subsection (2), the relevant excess is the difference between what would be the amount of the individual’s F6lump sum and death benefit allowance at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true) and F7the actual amount of the individual’s lump sum and death benefit allowance at that time.

5

The time which is relevant for the purposes of paragraph (a) of subsection (2)—

a

where F8a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) has occurred in relation to the individual since the document was produced or made available, the certificate produced or the information provided (but before a penalty under this section is imposed), is the time when F9the relevant benefit crystallisation event occurred, and

b

otherwise, is the time when the document was produced or made available, the certificate produced or the information provided.

6

In a case within paragraph (b) of subsection (2), the relevant excess is the difference between—

a

what would be the amount of the pension commencement lump sums F10or the uncrystallised funds pension lump sums to which the individual may be entitled at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true), and

b

the actual amount at that time of the pension commencement lump sums F11or the uncrystallised funds pension lump sums to which the individual may be entitled.

7

The time which is relevant for the purposes of paragraph (b) of subsection (2) is the time when the document was produced or made available, the certificate produced or the information provided.