1988 No. 504

INCOME TAX

The Occupational Pension Schemes (Rate of Tax under Paragraph 2(2) of Part II of Schedule 5 to the Finance Act 1970) Order 1988

Made

Laid before the House of Commons

Coming into force

The Treasury, in exercise of the powers conferred on them by paragraph 2(3) of Part II of Schedule 5 to the Finance Act 19701, hereby make the following Order:

1

This Order may be cited as the Occupational Pension Schemes (Rate of Tax under Paragraph 2(2) of Part II of Schedule 5 to the Finance Act 1970) Order 1988 and shall come into force on 6th April 1988.

2

The rate of tax under paragraph 2(2) of Part II of Schedule 5 to the Finance Act 19702 is increased from 10 per cent. to 20 per cent.

Tony DurantDavid LightbownTwo of the Lords Commissioners of Her Majesty’s Treasury

(This note is not part of the Order)

This Order increases the rate of tax under paragraph 2(2) of Part II of Schedule 5 to the Finance Act 1970 from 10 per cent. to 20 per cent. with effect from 6th April 1988.

By virtue of sub-paragraph (2) of paragraph 3 of Part II of Schedule 5 to the Finance Act 1970 and of paragraph 8(3) of Schedule 3 to the Finance Act 1971, the rate of tax under paragraph 2(2) also applies for the purposes of paragraph 3 and for the purposes of Regulation 8 (or Regulation 13 with Regulation 8) of the Regulations dated November 10th 1921 made by the Board of Inland Revenue under section 32 of the Finance Act 1921 (c. 32) (S.R. & O. 1921/1699, to which relevant amendments were made by S.R. & O. 1931/638), respectively.