PART 2 U.K. Pensions and Banking (Special Provisions) Act 2008 Bodies

Supplementary U.K.

117 Taxation U.K.

(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—

  (a)

  income tax;

  (b)

  capital gains tax;

  (c)

  corporation tax;

  (d)

  inheritance tax;

  (e)

  stamp duty and stamp duty reserve tax;

  (f)

  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.

Commencement Information

I1 S. 117 in force at 10.5.2022, see s. 131(3)