The Financial Assistance Scheme (Tax) Regulations 2010
Income tax
Tax
Illnesses
Benefits
en
King's Printer of Acts of Parliament
2018-03-02
INCOME TAX
The Financial Assistance Scheme Regulations 2005 (“the 2005 Regulations”) establish a financial assistance scheme (“FAS”) which allows payments to be made to, or in respect of, certain members or former members of certain occupational pension schemes where the liabilities of the scheme to those members have not been satisfied in full. The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (“the 2010 Regulations”) amended the 2005 Regulations so that, amongst other things—the property, rights and liabilities of those occupational pension schemes are to be transferred to the Secretary of State in certain circumstances, andthe FAS will be able to pay lump sums that are similar to some of the lump sums that registered pension schemes are permitted to pay.
PART 2Tax reliefs, etc
Transfer of registered pension scheme assets, etc, to the Secretary of State2
A transfer of the property, rights and liabilities of a registered pension scheme9 to the Secretary of State is to be treated as if it were a payment authorised by section 164(1) of the FA 200410 (authorised member payments).