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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to—
(a)a new public scheme;
(b)members of a new public scheme;
(c)persons who have survived a member of a new public scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;
(d)a company within section 115(1)(b).
(2)Regulations under subsection (1) may include provision for treating a new public scheme as a registered pension scheme.
(3)The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to, or in connection with, anything done by or under, or in consequence of, regulations made under this Part in relation to—
(a)the BBS Pension Scheme;
(b)the NRAM Pension Scheme;
(c)members of the BBS Pension Scheme or the NRAM Pension Scheme;
(d)persons who have survived a member of one of those schemes and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;
(e)UK Asset Resolution Limited;
(f)persons in respect of whom there is a qualifying liability.
(4)Regulations under subsection (1) or (3) may include provision for any of the following—
(a)a tax provision not to apply or to apply with modifications;
(b)anything done to have or not to have a specified consequence for the purposes of a tax provision;
(c)the withdrawal of relief and the charging of a relevant tax.
(5)Provision made by regulations under subsection (1) or (3), other than provision withdrawing a relief or charging a relevant tax, may make retrospective provision.
(6)In this section—
“relevant tax” means—
income tax;
capital gains tax;
corporation tax;
inheritance tax;
stamp duty and stamp duty reserve tax;
stamp duty land tax;
“registered pension scheme” has the meaning given in Part 4 of the Finance Act 2004;
“tax provision” means any provision made by or under an enactment relating to a relevant tax.
(1)The Treasury may by regulations make provision requiring a person specified or described in the regulations to give the Treasury a document or other information specified or described in the regulations.
(2)Regulations under subsection (1) may only make provision in respect of documents or other information which the Treasury reasonably require for the purposes of—
(a)making regulations under this Part,
(b)establishing or administering a new public scheme, including transferring qualifying accrued rights to such a scheme, or
(c)administering arrangements under which a qualifying liability arises.
(3)Regulations under subsection (1) may, among other things, include—
(a)provision about the time when the document or other information must be given;
(b)provision about the form and manner in which it must be given;
(c)provision for the imposition of a financial penalty on a person who, without reasonable excuse, fails to comply with a requirement imposed by the regulations (including provision for appeals to a court or tribunal).
(4)For the purposes of facilitating the establishment or administration of a new public scheme, including the transfer of qualifying accrued rights to such a scheme—
(a)information described in subsection (5)(a) may be shared among persons listed in subsection (5)(b), and
(b)information described in subsection (6)(a) may be shared among persons listed in subsection (6)(b).
(5)For the purposes of subsection (4)(a)—
(a)the information is information relating to—
(i)rights or entitlements to pensions or other benefits under the BBS Pension Scheme;
(ii)the administration of the BBS Pension Scheme;
(iii)rights or entitlements to pensions or other benefits under a new public scheme, so far as they are rights or entitlements of, or in respect of, persons who were members of the BBS Pension Scheme;
(iv)the administration of a new public scheme, so far as relevant to rights or entitlements described in sub-paragraph (iii);
(b)the persons are—
(i)the Treasury;
(ii)UK Asset Resolution Limited;
(iii)a trustee of the BBS Pension Scheme;
(iv)a person who exercises functions under the BBS Pension Scheme;
(v)a person who administers, or exercises functions under, a new public scheme.
(6)For the purposes of subsection (4)(b)—
(a)the information is information relating to—
(i)rights or entitlements to pensions or other benefits under the NRAM Pension Scheme;
(ii)the administration of the NRAM Pension Scheme;
(iii)rights or entitlements to pensions or other benefits under a new public scheme, so far as they are rights or entitlements of, or in respect of, persons who were members of the NRAM Pension Scheme;
(iv)the administration of a new public scheme, so far as relevant to rights or entitlements described in sub-paragraph (iii);
(b)the persons are—
(i)the Treasury;
(ii)UK Asset Resolution Limited;
(iii)a trustee of the NRAM Pension Scheme;
(iv)a person who exercises functions under the NRAM Pension Scheme;
(v)a person who administers, or exercises functions under, a new public scheme.
(7)For the purposes of facilitating the transfer of qualifying liabilities or the administration of an arrangement under which such liabilities arise—
(a)information relating to qualifying liabilities of UK Asset Resolution Limited may be shared among persons listed in subsection (8)(a) and (b),
(b)information relating to qualifying liabilities of Bradford & Bingley Limited may be shared among persons listed in subsection (8)(a), (b) and (c), and
(c)information qualifying liabilities of NRAM Limited may be shared among persons listed in subsection (8)(a), (b) and (d).
(8)For the purposes of subsection (7), the persons are—
(a)the Treasury;
(b)UK Asset Resolution Limited;
(c)Bradford & Bingley Limited;
(d)NRAM Limited.
(9)Except as provided by subsection (10), the disclosure of information in accordance with this section, or regulations made under this section, does not breach—
(a)any obligation of confidence owed by a person in relation to that information, or
(b)any other restriction on the disclosure of information (however imposed).
(10)This section and regulations made under this section do not require or authorise a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure would do so, take into account a duty imposed or power conferred by this section or the regulations).
(11)In this section, “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).
(1)The Treasury must consult the relevant trustees before making—
(a)regulations under section 111 which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or
(b)regulations under section 115 which make provision for the transfer of assets or liabilities.
(2)In this section, “the relevant trustees” are—
(a)the trustees of the BBS Pension Scheme, where the regulations affect—
(i)persons who are members of that scheme, or
(ii)persons who have survived a member of that scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;
(b)the trustees of the NRAM Pension Scheme, where the regulations affect—
(i)persons who are members of that scheme, or
(ii)persons who have survived a member of that scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member.
(3)Regulations under section 111 are subject to the affirmative procedure if—
(a)the making of the regulations is subject to the consent requirements (see section 114(1)(a) and (2)), or
(b)the regulations make provision which has retrospective effect.
(4)Regulations under section 118(1) are subject to the affirmative procedure if they make provision about the amount of a financial penalty.
(5)A statutory instrument containing regulations under section 117 is subject to annulment in pursuance of a resolution of the House of Commons.
(6)Any other regulations under this Part are subject to the negative procedure.
In this Part—
“BBS Pension Scheme” means the Bradford & Bingley Staff Pension Scheme;
“enactment” includes—
an enactment comprised in subordinate legislation (within the meaning given by section 21 of the Interpretation Act 1978),
an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru,
an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and
an enactment comprised in, or in an instrument made under, Northern Ireland legislation;
“member” has the meaning given by section 124(1) of the Pensions Act 1995;
“money purchase benefits” has the meaning given by section 181 of the Pension Schemes Act 1993;
“new public scheme” has the meaning given by section 111(1);
“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;
“pension credit right” has the meaning given by section 124(1) of the Pensions Act 1995;
“qualifying liability” has the meaning given by section 116(2).
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