Citation and commencement1
1
These Regulations may be cited as the Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) Regulations 2007 and come into force on 8th January 2008.
2
These Regulations have effect for the tax year 2006-07 and subsequent tax years.
Interpretation2
1
In these Regulations—
“employee” includes a former employee;
“employer” includes—
- a
a former employer; and
- b
a person who has assumed the responsibility for providing a benefit in place of the person who employed the employee;
- a
“ill-health” means physical or mental impairment;
“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;
“relevant benefit” means a benefit to which Chapter 2 of Part 6 of ITEPA 2003 applies.
2
References to a member of a person’s family shall be construed in accordance with section 721(4) of ITEPA 20032, but this is subject to regulation 3(4).
Excluded benefits3
1
A relevant benefit—
a
that is provided (or to be provided) in any of the circumstances mentioned in paragraphs (a) to (c) of section 393B(1) of ITEPA 2003;
b
that is described in the Schedule; and
c
that is provided to a qualifying person,
is an excluded benefit for the purposes of section 393B(3)(d) of ITEPA 2003.
2
The following are qualifying persons for the purposes of paragraph (1)—
a
in the case of the benefit described in paragraph 2 (accommodation provided for performance of duties - employees) or paragraph 16 (equipment for disabled employees) of the Schedule, the employee,
b
in the case of the benefit described in paragraph 3 of the Schedule (accommodation provided for performance of duties – members of employees’ families), a member of the employee’s family,
c
in the case of any other benefit described in Part 1 of the Schedule—
i
the employee, and
ii
after any of the events specified in paragraph (3), a member of the employee’s family,
d
in the case of any other benefit described in Part 3 of the Schedule—
i
the employee, and
ii
after the employee’s death, a member of the employee’s family.
3
The events mentioned in paragraph (2)(c)(ii) are—
a
the employee’s death;
b
the employee’s taking up residence elsewhere (than in the living accommodation concerned) as a result of ill-health;
c
the employee’s taking up residence elsewhere (than in the living accommodation concerned) following—
i
a separation,
ii
the annulment or divorce of a marriage, or
iii
the nullity or dissolution of a civil partnership.
4
Where the event mentioned in paragraph (3)(c)(ii) or (iii) has occurred, the ex-spouse or ex-civil partner shall be treated as a member of the employee’s family.