Return of contributions: further provisions32A

1

Paragraph (2) of this regulation applies where—

a

payment is made in respect of a scheme bona fide established for the sole purpose of providing relevant benefits;

b

earnings-related contributions have been paid by a person or a secondary contributor in respect of any such payment;

c

that payment is made prior to the approval of that scheme for the purposes of Chapter I of Part XIV of the Income and Corporation Taxes Act 1988 (retirement benefit schemes); and

d

the scheme is subsequently approved by the Board of Inland Revenue.

2

The earnings-related contributions paid in respect of any payment referred to in paragraph (1)(a) of this regulation for the period in respect of which the approval referred to in paragraph (1)(d) of this regulation operates, shall be returned to the person or secondary contributor who paid them if an application to that effect is made in writing to the Secretary of State within the period of six years from the date from which the Board of Inland Revenue’s approval of that scheme operates.

3

For the purposes of this regulation “relevant benefits” has the meaning assigned to it in section 612 of the Income and Corporation Taxes Act 1988.