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Changes over time for: Section 265


Timeline of Changes
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Version Superseded: 06/04/2024
Status:
Point in time view as at 06/04/2007. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 265.

Changes to Legislation
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265Winding-up to facilitate payment of lump sumsU.K.
(1)This section applies where the winding-up of a registered pension scheme has begun and the Inland Revenue considers the pension scheme is being wound up wholly or mainly for the purpose specified in subsection (2).
(2)That purpose is facilitating the payment of winding-up lump sums or winding-up lump sum death benefits (or both) under the pension scheme.
(3)The scheme administrator is liable to a penalty not exceeding the relevant amount.
(4)The relevant amount is £3,000 in respect of—
(a)each member to whom a winding-up lump sum is paid under the pension scheme, and
(b)each member in respect of whom a winding-up lump sum death benefit is paid under the pension scheme.
Modifications etc. (not altering text)
Commencement Information
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