- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations amend the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 (“the principal Regulations”) and will come into force on 1st July 2007.
The principal Regulations impose various requirements that need to be met in order for a scheme to be an overseas pension scheme and a recognised overseas pension scheme.
One of the requirements in regulation 2 of the principal Regulations for being an overseas pension scheme is that the scheme must be recognised for tax purposes by meeting primary conditions 1 and 2 and one of Conditions A and B. These Regulations amend primary condition 2. Primary condition 2 provided that the pension scheme must be established in a country or territory with a system of taxation of personal income under which tax relief is available in respect of pensions, but under which either tax relief is not available to the individual member on contributions made to the scheme or all or most of the pension benefits paid by the scheme are subject to taxation. These Regulations amend this condition to provide a third way of satisfying it, namely that the scheme is liable to taxation on its income and gains and must also be of a kind specified in the Schedule to the Regulations.
This amendment is necessary as Australia has introduced a new way of taxing pensions which will be introduced on 1st July 2007. This amendment will mean that Australian schemes can continue to be overseas pension schemes and that they can continue to be capable of being qualifying recognised overseas pension scheme within section 169(2) (recognised transfers) of the Finance Act 2004 and qualifying overseas pension schemes within paragraph 5 of Schedule 33 (overseas pension schemes: migrant member relief) to the Finance Act 2004.
The Australian legislation referred to in this instrument can be found at the website, http://law.ato.gov.au.
A Regulatory Impact Assessment has not been prepared for this instrument as it is expected to have only a negligible administrative impact on business, charities or voluntary bodies.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: