Search Legislation

Finance Act 2004

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 272

 Help about opening options

Version Superseded: 17/07/2014

Alternative versions:

Status:

Point in time view as at 06/04/2007. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Section 272. Help about Changes to Legislation

272Trustees etc. liable as scheme administratorU.K.

(1)This section applies in relation to a registered pension scheme if—

(a)there is no scheme administrator of the pension scheme and no-one who remains subject to the liabilities of the scheme administrator by virtue of section 271(4) (continuation of liability where no scheme administrator),

(b)the person who is, or all the persons who are, the scheme administrator of the pension scheme or remain so subject cannot be traced, or

(c)the person who is, or all the persons who are, the scheme administrator of the pension scheme or remain so subject are in serious default.

(2)Any person who assumes liability by reason of this section applying in relation to the pension scheme—

(a)is liable to pay any tax (and any interest on tax) due from the scheme administrator of the pension scheme by virtue of this Part, and

(b)is responsible for the discharge of all other obligations imposed on the scheme administrator of the pension scheme by or under this Part.

(3)In subsection (2)—

(a)the references in paragraph (a) to tax, and interest on tax, include any that has become due before this section applied in relation to the pension scheme and remains unpaid, and

(b)the reference in paragraph (b) to obligations includes any that have become due before this section applied in relation to the pension scheme and remain unsatisfied, other than any liability to pay a penalty which has become due before this section so applied.

(4)The following heads specify the persons who assume liability by reason of this section applying in relation to the pension scheme; but if—

(a)a person assumes, or persons assume, liability by virtue of being specified under one head, and

(b)that person, or any of those persons, can be traced and is not in default,

no-one assumes liability by virtue of being specified under a later head.

Head 1

If there are one or more trustees of the pension scheme who are resident in the United Kingdom, that trustee or each of those trustees.

Head 2

If there are one or more persons who control the management of the pension scheme, that person or each of those persons.

Head 3

If alive or still in existence, the person, or any of the persons, who established the pension scheme and any person by whom that person, or any of those persons, has been directly or indirectly succeeded in relation to the provision of benefits under the pension scheme.

Head 4

If the pension scheme is an occupational pension scheme, any sponsoring employer.

Head 5

If there are one or more trustees of the pension scheme who are not resident in the United Kingdom, that trustee or each of those trustees.

(5)Where a person assumes liability by reason of this section applying in relation to the pension scheme, the Inland Revenue must, as soon as is reasonably practicable, notify the person of that fact; but failure to do so does not affect the person’s liability.

(6)For the purposes of this section a person is in default if the person—

(a)has failed to pay all or any of the tax (or interest on tax) due from the person by virtue of this Part, or

(b)has failed to discharge any other obligation imposed on the person by or under this Part,

and a person in default is in serious default if the Inland Revenue considers the failure to be of a serious nature.

Modifications etc. (not altering text)

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

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

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?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?