Finance Act 2004

Finance Act 2004 An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance. Most Gracious Sovereign WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute— This section shall be deemed to have come into force at 6 o'clock in the evening of 17th March 2004. In section 36(1AA)(a) of the Alcoholic Liquor Duties Act 1979 (c. 4) (rate of duty on beer) for “£12.22” substitute “ £12.59 ”. This section shall be deemed to have come into force at midnight on 21st March 2004. For Part 1 of the Table of rates of duty in Schedule 1 to the Alcoholic Liquor Duties Act 1979 (rates of duty on wine and made-wine) substitute— At the beginning of Part 6 of the Alcoholic Liquor Duties Act 1979 (c. 4) (general control provisions) under the heading “Sale of dutiable alcoholic liquors” insert— Schedule 2A to this Act (duty stamps) has effect. Before Schedule 3 to that Act insert the Schedule 2A set out in Schedule 1 to this Act. In section 12(2) of the Finance Act 1994 (c. 9) (defaults engaging Commissioners' power to assess excise duty to the best of their judgement) after paragraph (c) insert— any failure by any person to comply with a requirement to which he is made subject by or under Schedule 2A to the Alcoholic Liquor Duties Act 1979 (duty stamps); In section 14(1) of that Act (reviewable decisions) after paragraph (bc) insert— any decision by the Commissioners as to whether or not any person is entitled to any repayment or credit by virtue of regulations under paragraph 4(2)(h) of Schedule 2A to the Alcoholic Liquor Duties Act 1979 (duty stamps), or the amount of the repayment or credit to which any person is so entitled; any decision by the Commissioners made by virtue of regulations under paragraph 4(2)(i) of that Schedule that some or all of a payment made, or security provided, is forfeit, or the amount which is so forfeit; The amendments made by this section have effect in relation to retail containers containing alcoholic liquor if the excise duty point for the alcoholic liquor falls on or after such day as the Treasury may by order made by statutory instrument appoint. An order under subsection (5) may contain such supplemental and transitional provision and savings as the Treasury think fit in connection with the coming into effect of those amendments. In subsection (5) “excise duty point” has the meaning given by section 1 of the Finance (No. 2) Act 1992 (c. 48). In section 6 of the Hydrocarbon Oil Duties Act 1979 (c. 5) (hydrocarbon oil: rates of duty)— in subsection (1A)(a) (ultra low sulphur petrol) for “£0.4710” substitute “ £0.4902 ”, in subsection (1A)(b) (other light oil) for “£0.5620” substitute “ £0.5790 ”, in subsection (1A)(c) (ultra low sulphur diesel) for “£0.4710” substitute “ £0.4902 ”, and in subsection (1A)(d) (other heavy oil) for “£0.5327” substitute “ £0.5487 ”. In section 6AA(3) of that Act (biodiesel: rate of duty) for “£0.2710” substitute “ £0.2852 ”. In section 11(1) of that Act (rebate on heavy oil)— in paragraph (a) (fuel oil) for “£0.0382” substitute “ £0.0624 ”, in paragraph (b) (gas oil: general) for “£0.0422” substitute “ £0.0664 ”, and in paragraph (ba) (ultra low sulphur diesel) for “£0.0422” substitute “ £0.0664 ”. In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0601” substitute “ £0.0620 ”. In section 14(1) of that Act (rebate on light oil for use as furnace fuel) for “£0.0382” substitute “ £0.0624 ”. This section shall come into force on 1st September 2004. At the end of section 5 of the Hydrocarbon Oil Duties Act 1979 (road fuel gas) (which becomes subsection (1)) add— In this Act “natural road fuel gas”is road fuel gas with a methane content of not less than 80%. For section 8(3) of that Act (rate of duty on road fuel gas) substitute— The rate of the duty under this section shall be— in the case of natural road fuel gas, £0.1110 a kilogram, and in any other case, £0.1303 a kilogram. After section 21(2) of that Act (regulations) insert— In the case of regulations made for the purposes mentioned in subsection (1)(c) above, different regulations may be made for different classes of road fuel gas. For section 1(3A) and (3B) of the Hydrocarbon Oil Duties Act 1979 (descriptions of hydrocarbon oil: ultra low sulphur petrol and unleaded petrol) substitute— “Ultra low sulphur petrol” means unleaded petrol— the sulphur content of which does not exceed 0.005 per cent. by weight, the aromatics content of which does not exceed 35 per cent. by volume, and which is not sulphur-free petrol. “Sulphur-free petrol” means unleaded petrol the sulphur content of which does not exceed 0.001 per cent. by weight (or is nil). “Unleaded petrol” means petrol that contains not more than 0.013 grams of lead per litre of petrol; and petrol is “leaded petrol”if it is not unleaded petrol. For section 1(6) of that Act (ultra low sulphur diesel) substitute— “Ultra low sulphur diesel” means gas oil— the density of which does not exceed 835 kilograms per cubic metre at a temperature of 15°C, of which not less than 95 per cent. by volume distils at a temperature not exceeding 345°C, and which is not sulphur-free diesel. “Sulphur-free diesel” means gas oil the sulphur content of which does not exceed 0.001 per cent. by weight (or is nil). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For section 2A(1) of that Act (power to amend definitions) substitute— The Treasury may by order made by statutory instrument amend the definition for the purposes of this Act of— sulphur-free diesel; sulphur-free petrol; ultra low sulphur diesel; ultra low sulphur petrol; unleaded petrol and leaded petrol. In section 6(1A) of that Act (rates of duty)— after paragraph (a) insert— £0.4852 a litre in the case of sulphur-free petrol; in paragraph (b) after “other than ultra low sulphur petrol” insert “ and sulphur-free petrol ”, after paragraph (c) insert— £0.4852 a litre in the case of sulphur-free diesel; in paragraph (d) after “other than ultra low sulphur diesel” insert “ and sulphur-free diesel ”. In section 13AA(6) of that Act (restrictions on use of rebated kerosene) after “which is not ultra low sulphur diesel” insert “ or sulphur-free diesel ”. In section 13A(1) of that Act (rebate on unleaded petrol) after “, other than ultra low sulphur petrol” insert “ and sulphur-free petrol ”. In section 27 of that Act (interpretation)— after the definition of “road vehicle” insert— “sulphur-free diesel” has the meaning given by section 1(7) above; “sulphur-free petrol” has the meaning given by section 1(3B) above; in the definition of “unleaded petrol” and “leaded petrol” for “section 1(3B) above.” substitute “ section 1(3C) above. ” Before section 2A(2) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (power to amend definitions) insert— The Treasury may by order made by statutory instrument amend the definition for the purposes of section 11 of “fuel oil”. For section 20AAA of the Hydrocarbon Oil Duties Act 1979 (mixing of rebated oil) substitute— A duty of excise shall be charged on a mixture which is— produced by mixing fully rebated heavy oil with heavy oil which is not fully rebated, and supplied for use as fuel for any engine, motor or other machinery. produced by mixing partially rebated heavy oil with heavy oil which is not partially rebated, and supplied for use as fuel for any engine, motor or other machinery; but a mixture on which duty is charged under subsection (1) shall not be charged under this subsection. A duty of excise shall be charged on a mixture which is produced by mixing— fully or partially rebated heavy oil, with biodiesel or a substance containing biodiesel. The rate of duty on a mixture under subsection (1) or (2) shall be— in the case of a mixture supplied for use as fuel for a road vehicle, the rate of duty specified in section 6(1A)(d) (general rate for heavy oil), and in any other case, equivalent to the rate of rebate specified in section 11(1)(b) (general rate for gas oil). The rate of duty on a mixture under subsection (3) shall be the rate of duty specified in section 6(1A)(d). For the purposes of this section— oil is fully rebated if a rebate has been allowed in respect of it under section 11(1)(c) (general rebate for heavy oil), oil is partially rebated if a rebate has been allowed in respect of it under any other provision of section 11 or under section 13AA, and a reference to mixing is a reference to non-approved mixing (within the meaning given by section 20A(5)). The person liable to pay duty charged under this section on supply or production of a mixture is the person supplying or producing the mixture. Where duty under a provision of this Act has been paid on an ingredient of a mixture, the duty charged under this section shall be reduced by the amount of any duty that the Commissioners are satisfied has been paid on the ingredient (but not to a negative amount). The Commissioners may exempt a person from liability to pay duty under any provision of this Act in respect of production or supply of a mixture of a kind described in subsection (1)(a), (2)(a) or (3) if satisfied that— the liability was incurred accidentally, and in the circumstances the person should be exempted. In section 20AAB of that Act (mixing of rebated oil: supplementary)— for subsections (1) and (2) substitute— A person who supplies or produces a mixture on which duty is charged under section 20AAA above must notify the Commissioners of the supply or production— in advance, or within the period of seven days beginning with the date of supply or production. in subsection (3) omit “or (2)”. Schedule 2A to that Act shall cease to have effect. This section— in so far as it imposes or relates to the charge specified in section 20AAA(1) or (2) of that Act (as substituted by subsection (1) above), shall have effect in relation to anything supplied on or after the date on which this Act is passed, in so far as it imposes or relates to the charge specified in section 20AAA(3) of that Act (as substituted by subsection (1) above), shall have effect in relation to anything produced on or after the date on which this Act is passed, and in so far as it causes sections 20AAA and 20AAB(1) and (2) of, and Schedule 2A to, that Act to cease to have effect in their present form, shall come into force on the day on which this Act is passed. But no duty shall be charged on the supply of a mixture under section 20AAA(1) or (2) of that Act (as substituted by subsection (1) above) if duty was charged on the production of the mixture under section 20AAA as it had effect before the date on which this Act is passed. After section 2AA of the Hydrocarbon Oil Duties Act 1979 (c. 5) (biodiesel) insert— In this Act “bioethanol” means a liquid fuel— consisting of ethanol produced from biomass, and capable of being used for the same purposes as light oil. In subsection (1)— “liquid” does not include any substance that is gaseous at a temperature of 15°C and under a pressure of 1013.25 millibars, and “biomass” means vegetable and animal substances constituting the biodegradable fraction of— products, wastes and residues from agriculture, forestry and related activities, or industrial and municipal waste. A substance shall be treated as falling within subsection (1)(a) if it— is denatured alcohol for the purposes of section 5 of the Finance Act 1995 (c. 4), and would fall within subsection (1)(a) above (without reliance on this subsection) but for the presence of a component introduced— for the purpose of rendering the substance denatured alcohol, and in the minimum proportion necessary for that purpose. After section 6AC of that Act (biodiesel: application of provisions relating to hydrocarbon oil) insert— A duty of excise shall be charged on the setting aside for a chargeable use by any person, or (where it has not already been charged under this section) on the chargeable use by any person, of bioethanol. In subsection (1) “chargeable use” means use— as fuel for any engine, motor or other machinery, as an additive or extender in any substance so used, or for the production of bioethanol blend. The rate of duty under this section shall be £0.2852 a litre. A duty of excise shall be charged on bioethanol blend— imported into the United Kingdom, or produced in the United Kingdom and delivered for home use from a refinery or other premises used for the production of hydrocarbon oil or from any bonded storage for hydrocarbon oil, not being bioethanol blend chargeable with duty under paragraph (a) above. In this Act “bioethanol blend” means any mixture that is produced by mixing— bioethanol, and hydrocarbon oil not charged with excise duty. The rate at which the duty shall be charged on any bioethanol blend shall be a composite rate representing— in respect of the proportion of the blend that is hydrocarbon oil, the rate that would be applicable to the blend if it consisted entirely of hydrocarbon oil of the description that went into producing the blend, and in respect of the proportion of the blend that is bioethanol, the rate that would be applicable to the blend if it consisted entirely of bioethanol. A reference in subsection (3) to a proportion is to a proportion by volume to the nearest 0.001%. If the Commissioners are not satisfied as to the proportion of bioethanol in any bioethanol blend, the rate of duty chargeable shall be the rate that would be applicable to the blend if it consisted entirely of hydrocarbon oil of the description that went into producing the blend. Where imported bioethanol blend is removed to a refinery, the duty chargeable under subsection (1) above shall, instead of being charged at the time of the importation of the blend, be charged on the delivery of any goods from the refinery for home use and shall be the same as that which would be payable on the importation of like goods. The Commissioners may by regulations provide for— references in this Act, or specified references in this Act, to hydrocarbon oil to be construed as including references to— bioethanol; bioethanol blend; references in this Act, or specified references in this Act, to duty on hydrocarbon oil to be construed as including references to duty under— section 6AD above; section 6AE above; bioethanol, or bioethanol blend, to be treated for the purposes of such of the following provisions of this Act as may be specified as if it fell within a specified description of hydrocarbon oil. Where the effect of provision made under subsection (1) above is to extend any power to make regulations, provision made in exercise of the power as extended may be contained in the same statutory instrument as the provision extending the power. In this section “specified” means specified by regulations under this section. Regulations under this section may make different provision for different cases. Paragraph (b) of subsection (1) above shall not be taken as prejudicing the generality of paragraph (a) of that subsection. In section 6A(1) of that Act (fuel substitutes) for “which is not hydrocarbon oil, biodiesel or bioblend” substitute which is not— hydrocarbon oil, biodiesel, bioblend, bioethanol, or bioethanol blend. At the end of section 11(6) of that Act (rebate on heavy oil: exception) add “ or bioethanol blend ”. At the end of section 13AA of that Act (restrictions on use of rebated kerosene) add— Nothing in this section has the effect of allowing a rebate on bioblend or bioethanol blend. In section 14 of that Act (rebate on light oil for use as furnace fuel) after subsection (1) insert— No rebate shall be allowed under this section in respect of bioethanol blend. In section 22 of that Act (prohibition on use of petrol substitutes on which duty has not been paid)— after subsection (1AA) insert— Where any person— puts any bioethanol to a chargeable use (within the meaning of section 6AD above), and knows or has reasonable cause to believe that there is duty charged under section 6AD above on that bioethanol which has not been paid and is not lawfully deferred, his putting the bioethanol to that use shall attract a penalty under section 9 of the Finance Act 1994 (c. 9) (civil penalties), and any goods in respect of which a person contravenes this section shall be liable to forfeiture. in subsection (1A) for “subsection (1) or (1AA) above.” substitute “ subsection (1), (1AA) or (1AB) above. ” In section 27(1) of that Act (interpretation) after the definition of “biodiesel” insert— “bioethanol” has the meaning given by section 2AB above; “bioethanol blend” has the meaning given by section 6AE(2) above; This section shall come into force on 1st January 2005. But no duty shall be charged under section 6AD or 6AE of that Act (inserted by subsection (3) above) in respect of the chargeable use of any goods, or the setting aside of any goods for a chargeable use, if before 1st January 2005— the goods were used or set aside for a chargeable use within the meaning of section 6A of that Act, and a duty of excise was charged under that section on that use or setting aside. In section 6AA(2) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (excise duty on biodiesel) after paragraph (b) add— for the production of bioblend. For section 6A(2)(b) of the Hydrocarbon Oil Duties Act 1979 (fuel substitutes: additives and extenders) substitute— as an additive or extender in any substance so used. This section shall have effect in relation to anything done on or after the date on which this Act is passed. After section 23B of the Hydrocarbon Oil Duties Act 1979 (regulation of traders in controlled oil) insert— For the purposes of Part VIII of the Customs and Excise Management Act 1979 (c. 2) (warehousing) the substances specified in subsection (4) shall be treated as if they were chargeable with duty (and therefore within the scope of section 92(1)(a) or (c) of that Act) whether or not duty is in fact chargeable. The Commissioners may make regulations under section 93 of that Act (warehousing regulations) that relate to a substance specified in subsection (4). In respect of a substance specified in subsection (4) which has been or is to be deposited in an excise warehouse by virtue of subsection (2), the Commissioners may— treat the substance, or make provision by regulations for treating the substance, as if duty were chargeable in relation to it by virtue of a specified enactment; make any regulations, or do any other thing, of a kind that they could make or do (whether or not by virtue of a provision of Part VIII of that Act) in respect of a substance deposited in an excise warehouse under Part VIII of that Act. The substances referred to in subsection (1) are— petroleum gas, animal fat set aside for use as motor fuel or heating fuel, vegetable fat set aside for use as motor fuel or heating fuel, non-synthetic methanol set aside for use as motor fuel or heating fuel, a mixture of two or more substances specified in paragraphs (a) to (e), and any other substance specified for the purposes of this section in regulations made by the Commissioners. In subsection (4)— “petroleum gas” means any hydrocarbon which— is gaseous at a temperature of 15°C and under a pressure of 1013.25 millibars, and is not natural gas (as defined in paragraph (b) below), “natural gas” means gas with a methane content of not less than 80%, “animal fat” means a triglyceride of animal origin, “vegetable fat” means a triglyceride of vegetable origin, and “non-synthetic methanol” means methyl alcohol of non-synthetic origin. Regulations under subsection (4)(g)— may make provision only if the Commissioners think it necessary or expedient for a purpose connected with Council Directive 92/12/EEC on the general arrangements for products subject to excise duty and on the holding, movement and monitoring of such products, may, in particular, make provision by reference to that Directive or any other EU instrument, and may, in particular, make provision by reference to the purpose for which a substance is intended to be used. Section 10 of the Finance Act 1993 (c. 34) (application of Hydrocarbon Oil Duties Act 1979 to certain substances) shall be amended as follows. In subsection (1) for “mineral oil” substitute “ energy product ”. In subsection (2)— after “as the equivalent of hydrocarbon oil” insert “ or road fuel gas ”, and for “as if it fell within such description of hydrocarbon oil” substitute “ as if it fell within such class or description of substance ”. In subsection (3)— for “a mineral oil” substitute “ an energy product ”, and for “hydrocarbon oil of the description” substitute “ the substance ”. For subsection (4) substitute— In this section “energy product” means a substance which— is an energy product for the purposes of Council Directive 2003/ 96/EC restructuring the Community framework for the taxation of energy products and electricity, and is not (apart from as a result of this section) hydrocarbon oil or road fuel gas within the meaning of the 1979 Act. For subsection (6) substitute— Where a duty of excise is charged on a substance under a provision of the 1979 Act by virtue of an order under this section, no duty shall be charged on the substance under any other provision of that Act. For the heading substitute “ Extension of Hydrocarbon Oil Duties Act 1979 to energy products ”. The Betting and Gaming Duties Act 1981 (c. 63) shall be amended as follows. For section 4 (pool betting, the Tote, &c.) substitute— General betting duty shall be charged on pool betting which— relates only to horse racing or dog racing, and is not on-course betting. But subsection (1) does not apply to pool betting if— the promoter is outside the United Kingdom, and it is conducted otherwise than by means of a totalisator situated in the United Kingdom. The amount of duty charged under subsection (1) in respect of bets made by means of facilities provided by a person in an accounting period shall be 15 per cent. of the amount of his net stake receipts for the period. In section 5(7) (net stake receipts) and section 5B(4) (liability to pay) for “section 4(1) to (3)” substitute “ section 4(1) ”. In section 7B (conditions for charging pool betting duty)— in subsection (2)(b) omit “the bet is made otherwise than by means of a totalisator and”, and for subsection (3)(a) and (b) substitute— made wholly in relation to horse racing or dog racing, In section 9(2)(a) (prohibitions for protection of revenue)— at the end of sub-paragraph (i) add “ or ”, and in sub-paragraph (ii) for “in the case of bets made otherwise than by means of a totalisator,” substitute “ in any case, ”. In section 10(2) (definition of pool betting) for the definition of “totalisator odds” substitute— “totalisator odds” means the odds paid on bets made— by means of a totalisator, and at the scene of the event to which the bets relate. In section 12(4) (interpretation)— for the definition of “bookmaker” substitute— “bookmaker” means a person who— carries on the business of receiving or negotiating bets or conducting pool betting operations (whether as principal or agent and whether regularly or not), or holds himself out or permits himself to be held out, in the course of a business, as a person within paragraph (a); for the definition of “on-course bet” substitute— “on-course bet” has the meaning given by subsection (4A); omit the definition of “sponsored pool betting”. After section 12(4) insert— A bet is an on-course bet for the purposes of this Part of this Act if it— is made by a person present at a horse or dog race meeting or by a bookmaker, is not made through an agent of an individual making the bet or though an intermediary, and is made— with a bookmaker present at the meeting, or by means of a totalisator situated in the United Kingdom, using facilities provided at the meeting by or by arrangement with the person operating the totalisator. In paragraph 10(1) of Schedule 1 (betting duties: power of entry) omit the words “, or that facilities for sponsored pool betting on those events are being or are to be provided,”. The amendments made by this section have effect in relation to accounting periods ending on or after the date of the passing of this Act. For the Table in section 11(2) of the Finance Act 1997 (c. 16) (rates of gaming duty) substitute— This section has effect in relation to accounting periods beginning on or after 1st April 2004. In section 23 of the Betting and Gaming Duties Act 1981 (c. 63) (amount of duty payable on amusement machine licence) for the Table in subsection (2) substitute— This section has effect in relation to any amusement machine licence for which an application is received by the Commissioners of Customs and Excise on or after 22nd March 2004. The Vehicle Excise and Registration Act 1994 (c. 22) is amended as follows. After section 19B insert— This section applies where— a person applies for a vehicle licence or a trade licence, and the Secretary of State, or an authorised body, accepts a credit card payment in respect of the duty payable on the licence. Before issuing the licence, the Secretary of State, or the authorised body, shall require— the applicant, or a person acting on behalf of the applicant, to pay to him, or it, such fee (if any) in respect of the acceptance of the credit card payment as may be prescribed by, or determined in accordance with, regulations. In cases of such descriptions as the Secretary of State may, with the consent of the Treasury, determine, the whole or a part of a fee paid under this section may be refunded. In this section— “authorised body” means a body (other than a Northern Ireland department) which is authorised by the Secretary of State to act as his agent for the purpose of issuing licences; “credit card” has such meaning as may be prescribed by regulations; “regulations” means regulations made by the Secretary of State. In section 58 (fees prescribed by regulations) in subsection (1) (fees prescribed by regulations under certain provisions to be of amount approved by Treasury) for “or 14(4)(b)” substitute “ , 14(4)(b) or 19C(2) ”. This section has effect in relation to licences issued on or after such day as the Secretary of State may by order made by statutory instrument appoint. Schedule 2 (which relates to the disclosure of schemes for the avoidance of value added tax) has effect. Subsection (1) and that Schedule— come into force on the passing of this Act, so far as is necessary for enabling the making of any orders or regulations by virtue of that Schedule, and otherwise, come into force on such day as the Treasury may by order made by statutory instrument appoint. After section 43A of the Value Added Tax Act 1994 (c. 23) (groups: eligibility) insert— The Treasury may by order provide for section 43A to have effect with specified modifications in relation to a specified class of person. An order under subsection (1) may, in particular— make provision by reference to generally accepted accounting practice; define generally accepted accounting practice for that purpose by reference to a specified document or instrument (and may provide for the reference to be read as including a reference to any later document or instrument that amends or replaces the first); adopt any statutory or other definition of generally accepted accounting practice (with or without modification); make provision by reference to what would be required or permitted by generally accepted accounting practice if accounts, or accounts of a specified kind, were prepared for a person. An order under subsection (1) may also, in particular, make provision by reference to— the nature of a person; past or intended future activities of a person; the relationship between a number of persons; the effect of including a person within a group or of excluding a person from a group. An order under subsection (1) may— make provision which applies generally or only in specified circumstances; make different provision for different circumstances; include supplementary, incidental, consequential or transitional provision. After section 43C of that Act insert— A body corporate may not be treated as a member of more than one group at a time. A body which is a member of one group is not eligible by virtue of section 43A to be treated as a member of another group. If— an application under section 43B(1) would have effect from a time in accordance with section 43B(4), but at that time one or more of the bodies specified in the application is a member of a group (other than that to which the application relates), the application shall have effect from that time, but with the exclusion of the body or bodies mentioned in paragraph (b). an application under section 43B(2)(a) would have effect from a time in accordance with section 43B(4), but at that time the body specified in the application is a member of a group (other than that to which the application relates), the application shall have no effect. Where a body is a subject of two or more applications under section 43B(1) or (2)(a) that have not been granted or refused, the applications shall have no effect. In section 43(1) of that Act (effect of treatment as group) for “sections 43A to 43C” substitute “ sections 43A to 43D ”. In section 43B(1), (2)(a), (5)(a) and (5)(b) and section 43C(3)(b) of that Act (groups: applications for membership and termination of membership) for “under section 43A(1)” substitute “ by virtue of section 43A ”. In section 97(4) of that Act (orders, &c.: affirmative resolution) after paragraph (c) insert— an order under section 43AA(1) if as a result of the order any bodies would cease to be eligible to be treated as members of a group; After section 9 of the Value Added Tax Act 1994 (c. 23) insert— This section applies if relevant goods are supplied— by a person who is outside the United Kingdom, to a person who is registered under this Act, for the purposes of any business carried on by the recipient. The same consequences follow under this Act (and particularly so much as charges VAT on a supply and entitles a taxable person to credit for input tax) as if— the recipient had himself supplied the relevant goods in the course or furtherance of his business, and that supply were a taxable supply. But supplies which are treated as made by the recipient under subsection (2) are not to be taken into account as supplies made by him when determining any allowance of input tax in his case under section 26(1). In applying subsection (2) the supply of relevant goods treated as made by the recipient shall be assumed to have been made at a time to be determined in accordance with regulations prescribing rules for attributing a time of supply in cases to which this section applies. “Relevant goods” means gas supplied through the natural gas distribution network, and electricity. Whether a person is outside the United Kingdom is to be determined in accordance with an order made by the Treasury. This section has effect in relation to supplies made on or after 1st January 2005. The Value Added Tax Act 1994 (c. 23) is amended as follows. In Schedule 6 (valuation: special cases) after paragraph 1 (supply to connected person at less than market value etc) insert— Where— the value of a supply made by a taxable person for a consideration is (apart from this sub-paragraph) less than its open market value, the taxable person is a motor manufacturer or motor dealer, the person to whom the supply is made is— an employee of the taxable person, a person who, under the terms of his employment, provides services to the taxable person, or a relative of a person falling within sub-paragraph (i) or (ii) above, the supply is a supply of services by virtue of sub-paragraph (4) of paragraph 5 of Schedule 4 (business goods put to private use etc), the goods mentioned in that sub-paragraph consist of a motor car (whether or not any particular motor car) that forms part of the stock in trade of the taxable person, and the supply is not one to which paragraph 1 above applies, the Commissioners may direct that the value of the supply shall be taken to be its open market value. A direction under this paragraph shall be given by notice in writing to the person making the supply, but no direction may be given more than 3 years after the time of the supply. A direction given to a person under this paragraph in respect of a supply made by him may include a direction that the value of any supply— which is made by him after the giving of the notice, or after such later date as may be specified in the notice, and as to which the conditions in paragraphs (a) to (f) of sub-paragraph (1) above are satisfied, shall be taken to be its open market value. In this paragraph— “motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either— is constructed or adapted solely or mainly for the carriage of passengers, or has to the rear of the driver’s seat roofed accommodation which is fitted with side windows or which is constructed or adapted for the fitting of side windows, but does not include any vehicle excluded by sub-paragraph (5) below; “motor dealer” means a person whose business consists in whole or in part of obtaining supplies of, or acquiring from another member State or importing, new or second-hand motor cars for resale with a view to making an overall profit on the sale of them (whether or not a profit is made on each sale); “motor manufacturer” means a person whose business consists in whole or in part of producing motor cars including producing motor cars by conversion of a vehicle (whether a motor car or not); “relative” means husband, wife, brother, sister, ancestor or lineal descendant; “stock in trade” means new or second-hand motor cars (other than second-hand motor cars which are not qualifying motor cars within sub-paragraph (6) below) which are— produced by a motor manufacturer or, as the case may require, supplied to or acquired from another member State or imported by a motor dealer, for the purpose of resale, and intended to be sold— by a motor manufacturer within 12 months of their production, or by a motor dealer within 12 months of their supply, acquisition from another member State or importation, as the case may require, and such motor cars shall not cease to be stock in trade where they are temporarily put to a use in the motor manufacturer’s or, as the case may be, the motor dealer’s business which involves making them available for private use. The vehicles excluded by this sub-paragraph are— vehicles capable of accommodating only one person; vehicles which meet the requirements of Schedule 6 to the Road Vehicles (Construction and Use) Regulations 1986 and are capable of carrying twelve or more seated persons; vehicles of not less than three tonnes unladen weight (as defined in the Table to regulation 3(2) of the Road Vehicles (Construction and Use) Regulations 1986); vehicles constructed to carry a payload (the difference between— a vehicle’s kerb weight (as defined in the Table to regulation 3(2) of the Road Vehicles (Construction and Use) Regulations 1986), and its maximum gross weight (as defined in that Table)), of one tonne or more; caravans, ambulances and prison vans; vehicles constructed for a special purpose other than the carriage of persons and having no other accommodation for carrying persons than such as is incidental to that purpose. For the purposes of this paragraph a motor car is a “qualifying motor car”if— it has never been supplied, acquired from another member State, or imported in circumstances in which the VAT on that supply, acquisition or importation was wholly excluded from credit as input tax by virtue of an order under section 25(7) (as at 17th March 2004 see article 7 of the Value Added Tax (Input Tax) Order 1992); or a taxable person has elected under such an order for it to be treated as such. The Treasury may by order amend any of the definitions in this paragraph. In section 83(v) (appeal to tribunal with respect to any direction under paragraph 1 or 2 of Schedule 6 etc) after “paragraph 1” insert “ , 1A ”. In section 97 (orders, rules and regulations) in subsection (4) (orders to which the House of Commons affirmative procedure in subsection (3) applies) after paragraph (e) insert— an order under paragraph 1A(7) of Schedule 6; The amendment made by subsection (2) applies in relation to any use or availability for use on or after the appointed day (whatever the date of the directions mentioned in paragraph 5(4) of Schedule 4 to the Value Added Tax Act 1994 (c. 23)). In subsection (5) “the appointed day” means such day as the Treasury may by order made by statutory instrument appoint. Corporation tax shall be charged for the financial year 2005 at the rate of 30%. For the financial year 2004— the corporation tax starting rate shall be 0%, and the fraction mentioned in section 13AA of the Taxes Act 1988 (marginal relief for small companies) shall be 19/400ths. This section has effect in relation to— the years of assessment 2004-05 and 2005-06, and accounting periods beginning on or after 1st January 2004 and ending on or before 31st March 2006, and in the following provisions of this section “relevant period” means any of those years of assessment or accounting periods. In this section “records relating to an arm’s length provision” means such records as might have been requisite for the purpose of making and delivering a correct and complete return, so far as relating to the determination of the provision asserted to be the arm’s length provision for the purposes of Schedule 28AA to the Taxes Act 1988 in a case where that Schedule applies. In relation to any relevant period, the following provisions (which provide for penalties for failure to keep and preserve records for purposes of returns)— section 12B(5) of the Taxes Management Act 1970 (c. 9), and paragraph 23 of Schedule 18 to the Finance Act 1998 (c. 36), do not apply if the records which the person in question fails to keep or preserve are records relating to an arm’s length provision. In the application of subsection (2) in relation to paragraph 23 of Schedule 18 to the Finance Act 1998— for “requisite” substitute “ needed ”, and for “making and delivering” substitute “ delivering ”. Where a person delivers an incorrect return for any relevant period, he shall not be regarded as doing so negligently for the purposes of— section 95 of the Taxes Management Act 1970, or paragraph 20 of Schedule 18 to the Finance Act 1998, by reason only of his failure, or the failure of any other person, to keep or preserve records relating to an arm’s length provision. For the purposes of section 95A of the Taxes Management Act 1970, where a partner delivers an incorrect partnership return for any relevant period— he shall not be regarded as doing so negligently, and his doing so shall not be regarded as attributable to negligent conduct on the part of any relevant partner, For the purposes of section 99 of the Taxes Management Act 1970 (penalty for assisting in preparation of incorrect documents) a person shall not be taken to know that a return is incorrect by reason only of his failure, or the failure of any other person, to keep or preserve records relating to an arm’s length provision. In section 209 of the Taxes Act 1988 (meaning of “distribution”) the following provisions shall cease to have effect— in subsection (2), paragraph (da) (interest etc in respect of securities where issuing company is 75% subsidiary of holder etc and the interest represents an amount that would not have been paid but for a special relationship etc); and subsections (8A) to (8F) (application of section 808A(2) to (4) for purposes of paragraph (da) of subsection (2)). In this section “the amending provisions” means— sections 30 to 32 (transfer pricing); sections 34 to 36 (thin capitalisation); Schedule 5 (provision not at arm’s length: related amendments). The amendments made by those provisions have effect in relation to chargeable periods beginning on or after 1st April 2004 (whenever the actual provision, within the meaning of Schedule 28AA to the Taxes Act 1988, is or was made or imposed). Where an accounting period of a company begins before, and ends on or after, 1st April 2004, it shall be assumed for the purposes of the amending provisions, the amendments which they make and subsection (2) that that accounting period (“the straddling period”) consists of two separate accounting periods— the first beginning with the straddling period and ending with 31st March 2004, and the second beginning with 1st April 2004 and ending with the straddling period, and the company’s profits and losses shall be computed accordingly for tax purposes. Where a period of account of any person within the charge to income tax begins before, and ends on or after, 6th April 2004, it shall be assumed for the purposes of the amending provisions, the amendments which they make and subsection (2) that that period (“the straddling period of account”) consists of two separate periods of account— the first beginning with the straddling period of account and ending with 5th April 2004, and the second beginning with 6th April 2004 and ending with the straddling period of account, and the person’s profits and losses shall be computed accordingly for the purposes of income tax. The amendments made by sections 38 to 41 and Schedule 6 have effect for accounting periods beginning on or after 1st April 2004. This is subject to the transitional provisions in sections 43 and 44 and that Schedule. Any amount which, apart from this subsection, would have fallen to be treated under the old section 75(3) as if it had been disbursed as expenses of management for the first new accounting period of a company shall instead be treated as if it were expenses of management deductible for that period by virtue of the new section 75(9). To the extent that any amount was deductible under subsection (1) of section 75 for an old accounting period, the amount shall not again be deductible under that subsection for a new accounting period. Subsection (2) is without prejudice to the old section 75(3) and the new section 75(9) (carry forward of unrelieved excess to later accounting period). To the extent that an amount— was not deductible under section 75(1) by an investment company for any old accounting period, but would have been deductible under the new section 75(1) for an old accounting period if the amendments made by sections 38 and 39 and Schedule 6 or any order under section 46 (so far as having effect in relation to the first new accounting period) had been in force in relation to that period, the amount shall be deductible under section 75(1) for the first new accounting period of the company. Where there is an accounting period that begins before, and ends on or after, 1st April 2004 (“the commencement date”), it shall be assumed, for the purpose of determining the amounts that are deductible for that period under section 75(1) of the Taxes Act 1988, that that accounting period (the “straddling period”) consists of two separate accounting periods— the first beginning with the straddling period and ending with the day preceding the commencement date, and the second beginning with the commencement date and ending with the straddling period, but this is subject to subsection (6). In the case of an investment company, subsection (5) does not have effect for the purpose of determining the amounts that are deductible for the straddling period under section 75(1) by virtue of— subsection (3) of the old section 75, or any provision of the Corporation Tax Acts, apart from section 75 and this section. Where, for the purposes of section 768B or 768C of the Taxes Act 1988, there is a change in the ownership of a company during the straddling period, then for the purposes of the section in question (and Schedule 28A to that Act), before making any such division as is required by section 768B(4) or 768C(3) of that Act,— the straddling period shall be divided into two parts in accordance with subsection (5), and those parts shall be treated in accordance with that subsection as two separate accounting periods, but subsection (6) shall be disregarded, and section 768B or 768C of, and Schedule 28A to, the Taxes Act 1988 shall have effect accordingly. “the commencement date” shall be construed in accordance with subsection (5); “investment company” has the same meaning as in Part 4 of the Taxes Act 1988 (see section 130 of that Act); “new accounting period” means an accounting period beginning on or after the commencement date; “old accounting period” means an accounting period beginning before the commencement date; “the new section 75” means section 75 as it has effect in relation to a new accounting period; “the old section 75” means section 75 as it has effect (apart from subsection (5) above) in relation to an old accounting period; “section 75” means section 75 of the Taxes Act 1988. The Treasury may by order make such amendments, repeals or revocations in any enactment (including an enactment amended by this Act) as appear to them to be appropriate in consequence of sections 38 to 40 and 45 and Schedule 6. The power conferred by subsection (1) to make an order includes power— to make different provision for different cases, and to make incidental, consequential, supplemental or transitional provision and savings. Any order made under this section on or before 31st December 2004 may make provision having effect in relation to accounting periods ending before the date on which the order is made (but not before 1st April 2004). “enactment” includes an enactment comprised in subordinate legislation; “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30) (see section 21 of that Act). Schedule 7 to this Act (which makes provision about insurance companies and companies which have ceased to be insurance companies after a transfer of business) shall have effect. Schedule 9 to this Act (which makes amendments relating to derivative contracts) shall have effect. Schedule 10 makes amendments of provisions of the Tax Acts that operate by reference to accounting practice. In that Schedule— Part 1 makes amendments relating to loan relationships; Part 2 makes amendments relating to derivative contracts; Part 3 makes amendments relating to intangible fixed assets; Part 4 makes amendments relating to foreign currency accounting. The amendments have effect in relation to— periods of account beginning on or after 1st January 2005, ... Expenditure by a company on research and development, if not of a capital nature, is not prevented from being regarded for tax purposes as deductible in computing profits by reason of the fact that for accounting purposes it is brought into account by the company in determining the value of an intangible asset. Subsection (1) applies, in particular, for the purposes of— section 82A of the Taxes Act 1988 (deduction of expenditure on research and development), Schedule 20 to the Finance Act 2000 (c.

17) (R&D tax relief), Schedule 12 to the Finance Act 2002 (c. 23) (tax relief for expenditure on research and development), and Schedule 13 to that Act (tax relief for expenditure on vaccine research etc.). Where expenditure is brought into account by a company for tax purposes in accordance with subsection (1), no deduction may be made in computing for tax purposes the profits of the company in respect of the writing down of so much of the value of an intangible asset as is attributable to that expenditure. Expenditure shall not be regarded by virtue of subsection (1) as deductible in computing a company’s profits for an accounting period to the extent that— a deduction has been made in respect of it in computing the company’s profits for a previous accounting period, or the company has benefited from a tax relief in respect of it for a previous accounting period under any of the provisions specified in subsection (2). “intangible asset” has the meaning it has for accounting purposes; and “research and development” has the meaning given by section 837A of the Taxes Act 1988. This section shall come into force in accordance with provision made by the Treasury by order made by statutory instrument. A company must give notice to the Board— of the beginning of its first accounting period, and of the beginning of any subsequent accounting period that does not immediately follow the end of a previous accounting period. The notice required by this section— must be in writing; must state when the accounting period began; must contain such other information as may be prescribed; may be given to any officer of the Board; and must be given not later than three months after the beginning of the accounting period. “Prescribed” in subsection (2)(c) means prescribed by regulations made by the Board. A company that has a reasonable excuse for failing to give notice as required by this section— is not to be regarded as having failed to comply with this section until the excuse ceases, and after the excuse ceases is not to be regarded as having failed to comply with this section if the required notice is given without unreasonable delay after the excuse ceases. “accounting period” means an accounting period for the purposes of corporation tax; “company” means a body corporate and does not include an unincorporated association or a partnership; and “the Board” means the Commissioners of Inland Revenue. In the second column of the Table in section 98 of the Taxes Management Act 1970 (c. 9) (penalty for failure to provide information), at the appropriate place insert— “ section 55 of the Finance Act 2004 ”. This section applies in relation to accounting periods beginning on or after the day on which this Act is passed. A company is not required to give notice under section 55 of the beginning of an accounting period if it reasonably expects that— all the income on which it will be chargeable to corporation tax for the period will consist of payments on which it bears income tax by deduction, ... it will have no chargeable gains for the period , and in consequence of the deduction of the income tax mentioned in paragraph (a) at the fourth step in paragraph 8 of Schedule 18 to the Finance Act 1998 (calculation of tax payable), the amount of tax payable for the period will be nil. Subsection (3) applies if— by reason of subsection (1) a company is not required to give notice under section 55 of the beginning of an accounting period (“the unreported period”), and a subsequent accounting period immediately follows the end of the unreported period. The subsequent accounting period is to be treated for the purposes of section 55 as if it does not immediately follow the end of a previous accounting period. If by reason of subsection (1) ceasing to apply a company becomes subject to the duty to give notice under section 55 of the beginning of an accounting period the notice must be given not later than three months after the date on which it becomes subject to that duty. Where subsection (1) would apply as regards a company if the company were to make a claim to obtain relief under section 6(2)(a) or (3)(a) of TIOPA 2010 in respect of a disposal that has an appropriate connection to a collective investment vehicle for the purposes of paragraph 6 of Schedule 5AAA to TCGA 1992, the company is not required to make such a claim in order to obtain relief in respect of the disposal (despite section 6(6) of TIOPA 2010). This Chapter provides for certain payments (see section 60) under construction contracts to be made under deduction of sums on account of tax (see sections 61 and 62). In this Chapter “construction contract” means a contract relating to construction operations (see section 74) which is not a contract of employment but where— one party to the contract is a sub-contractor (see section 58); and another party to the contract (“the contractor”) either— is a sub-contractor under another such contract relating to all or any of the construction operations, or is a person to whom section 59 applies. In sections 60 and 61 “the contractor” has the meaning given by this section. In this Chapter— references to registration for gross payment are to registration under section 63(2), references to registration for payment under deduction are to registration under section 63(3), and references to registration under section 63 are to registration for gross payment or registration for payment under deduction. To the extent that any provision of this Chapter would not, apart from this subsection, form part of the Tax Acts, it shall be taken to form part of those Acts. For the purposes of this Chapter a party to a contract relating to construction operations is a sub-contractor if, under the contract— he is under a duty to the contractor to carry out the operations, or to furnish his own labour (in the case of a company, the labour of employees or officers of the company) or the labour of others in the carrying out of the operations or to arrange for the labour of others to be furnished in the carrying out of the operations; or he is answerable to the contractor for the carrying out of the operations by others, whether under a contract or under other arrangements made or to be made by him. This section applies to the following bodies or persons— any person carrying on a business which includes construction operations; any public office or department of the Crown (including any Northern Ireland department, the Welsh Assembly Government and any part of the Scottish Administration); the Corporate Officer of the House of Lords, the Corporate Officer of the House of Commons, the Scottish Parliamentary Corporate Body and the National Assembly for Wales Commission; any local authority; any development corporation or new town commission; the Homes and Communities Agency; the Greater London Authority in the exercise of its functions relating to housing or regeneration or its new towns and urban development functions; the Secretary of State if the contract is made by him under section 89 of the Housing Associations Act 1985 (c. 69); the Regulator of Social Housing, a housing association, a housing trust, Scottish Homes, and the Northern Ireland Housing Executive; any NHS trust; any HSS trust; any such body or person, being a body or person (in addition to those falling within paragraphs (b) to (j)) which has been established for the purpose of carrying out functions conferred on it by or under any enactment, as may be designated as a body or person to which this section applies in regulations made by the Board of Inland Revenue; a person carrying on a business at any time if, in the period of one year ending with that time, the person's expenditure on construction operations exceeds £3,000,000. But this section only applies to a body or person falling within any of paragraphs (b) to (fa) or (h) to (k) of subsection (1) at any time if, in the period of one year ending with that time, the body or person's expenditure on construction operations exceeds £3,000,000. Where the condition in subsection (1)(l) or (2) is met in relation to a body or person at any time, the body or person may elect for the condition to be treated as no longer being met if, at that time, the body or person is not expected to make any further expenditure on construction operations. Where the condition in subsection (1)(l) or (2) ceases to be met in relation to a body or person at any time, the body or person may elect for the condition to be treated as continuing to be met until the body or person is not expected to make any further expenditure on construction operations. Subsections (3) and (3A) do not prevent the condition in subsection (1)(l) or (2) from being met again in relation to the body or person. Where the whole or part of a trade is transferred by a company (“the transferor”) to another company (“the transferee”) and Chapter 1 of Part 22 of the Corporation Tax Act 2010 has effect in relation to the transfer, then in determining for the purposes of this section the amount of expenditure incurred by the transferee— the whole or, as the case may be, a proportionate part of any expenditure incurred by the transferor at a time before the transfer is to be treated as if it had been incurred at that time by the transferee; and where only a part of the trade is transferred, the expenditure is to be apportioned in such manner as appears to the Board of Inland Revenue, or on appeal to the tribunal, to be just and reasonable. “development corporation” has the same meaning as in— the New Towns Act 1981 (c. 64), or the New Towns (Scotland) Act 1968 (c. 16); “enactment” includes an enactment comprised in an Act of the Scottish Parliament and a provision comprised in Northern Ireland legislation; “housing association” has the same meaning as in— the Housing Associations Act 1985 (c. 69), or Part 2 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/ 1725 (N.I. 15)); “housing trust” has the same meaning as in the Housing Associations Act 1985; “HSS trust” means a Health and Social Services trust established under the Health and Personal Social Services (Northern Ireland) Order 1991 (S.I. 1991/194 (N.I. 1)); “new town commission” has the same meaning as in the New Towns Act (Northern Ireland) 1965 (c. 13 (N.I.)); “NHS trust” means a National Health Service trust— established under section 25 of the National Health Service Act 2006 or section 18 of the National Health Service (Wales) Act 2006, or constituted under section 12A of the National Health Service (Scotland) Act 1978 (c. 29). In this section references to a body or person include references to an office or department. The Board of Inland Revenue may make regulations amending this section for the purpose of removing references to bodies which have ceased to exist. This section is subject to section 73A (designated international organisations: exemption from section 59). In this Chapter “contract payment” means any payment which is made under a construction contract and is so made by the contractor (see section 57(3)) to— the sub-contractor, a person nominated by the sub-contractor or the contractor, or a person nominated by a person who is a sub-contractor under another such contract relating to all or any of the construction operations. But a payment made under a construction contract is not a contract payment if any of the following exceptions applies in relation to it. This exception applies if the payment is treated as earnings from an employment by virtue of Chapter 7 of Part 2 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (agency workers). This exception applies in so far as— the payment can reasonably be taken to be for the services of an individual, and the provision of those services gives rise to an engagement to which Chapter 10 of Part 2 of ITEPA 2003 applies (workers' services provided through intermediaries to public authorities or medium or large clients). But the exception in subsection (3A) does not apply if, in the case of the engagement mentioned in paragraph (b) of that subsection, the client for the purposes of section 61M(1) of ITEPA 2003— is not a public authority, and either— does not qualify as medium or large for the tax year in which the payment concerned is made, or does not have a UK connection for the tax year in which the payment concerned is made. Sections 60I (when a person has a UK connection for a tax year), 61K(3) (when a person qualifies as medium or large for a tax year) and 61L (meaning of public authority) of ITEPA 2003 apply for the purposes of subsection (3B). This exception applies if the person to whom the payment is made or, in the case of a payment made to a nominee, each of the following persons— the nominee, the person who nominated him, and the person for whose labour (or, where that person is a company, for whose employees' or officers' labour) the payment is made, is registered for gross payment when the payment is made. But this is subject to subsections (5) and (6). Where a person is registered for gross payment as a partner in a firm (see section 64), subsection (4) applies only in relation to payments made under contracts under which— the firm is a sub-contractor, or where a person has nominated the firm to receive payments, the person who has nominated the firm is a sub-contractor. Where a person is registered for gross payment otherwise than as a partner in a firm but he is or becomes a partner in a firm, subsection (4) does not apply in relation to payments made under contracts under which— This exception applies if such conditions as may be prescribed in regulations made by the Board of Inland Revenue for the purposes of this subsection are satisfied; and those conditions may relate to any one or more of the following— the payment, the person making it, and the person receiving it. For the purposes of this Chapter a payment (including a payment by way of loan) that has the effect of discharging an obligation under a contract relating to construction operations is to be taken to be made under the contract; and if— the obligation is to make a payment to a person (“A”) within paragraph (a) to (c) of subsection (1), but the payment discharging that obligation is made to a person (“B”) not within those paragraphs, the payment is for those purposes to be taken to be made to A. On making a contract payment the contractor (see section 57(3)) must deduct from it a sum equal to the relevant percentage of so much of the payment as is not shown to represent the direct cost to the sub-contractor of materials used or to be used in carrying out the construction operations to which the contract under which the payment is to be made relates. In subsection (1) “the relevant percentage” means such percentage as the Treasury may by order determine. That percentage must not exceed— if the person for whose labour (or for whose employees' or officers' labour) the payment in question is made is registered for payment under deduction, the percentage which is the basic rate for the year of assessment in which the payment is made, or if that person is not so registered, the percentage which is the higher rate for that year of assessment. Subsection (5) applies where the contractor is a person falling within section 59(1)(l). An officer of Revenue and Customs may, if the officer considers it appropriate to do so, by notice in writing— exempt the contractor from the requirement to deduct sums from contract payments under subsection (1) for a specified period; treat the contractor as if such an exemption had applied in relation to— specified contract payments made before the date of the notice, or contract payments made during a specified period before the date of the notice. The period referred to in subsection (5)(a)— must not exceed 90 days, but may be extended by one or more further notices under subsection (5). In subsection (5) “specified” means specified in the notice. A sum deducted under section 61 from a payment made by a contractor— must be paid to the Board of Inland Revenue, and is to be treated for the purposes of income tax or, as the case may be, corporation tax as not diminishing the amount of the payment. If the sub-contractor is not a company a sum deducted under section 61 and paid to the Board is to be treated as being income tax paid in respect of the sub-contractor’s relevant profits. If the sum is more than sufficient to discharge his liability to income tax in respect of those profits, so much of the excess as is required to discharge any liability of his for Class 4 contributions is to be treated as being Class 4 contributions paid in respect of those profits. If the sub-contractor is a company— a sum deducted under section 61 and paid to the Board is to be treated, in accordance with regulations, as paid on account of any relevant liabilities of the sub-contractor; regulations must provide for the sum to be applied in discharging relevant liabilities of the year of assessment in which the deduction is made; if the amount is more than sufficient to discharge the sub-contractor’s relevant liabilities, the excess may be treated, in accordance with the regulations, as being corporation tax paid in respect of the sub-contractor’s relevant profits; and regulations must provide for the repayment to the sub-contractor of any amount not required for the purposes mentioned in paragraphs (b) and (c). Regulations under subsection (3) may include provision authorising an officer of Revenue and Customs to— correct an error or omission relating to a set-off claim; remove a set-off claim; prohibit a person from making a further set-off claim, for a specified period or indefinitely. Regulations under subsection (3) that include provision of the kind mentioned in subsection (3A) may, for example, include provision— allowing the things mentioned in subsection (3A)(a) to (c) to be done by amending a return (including a return not made under the regulations) or otherwise; allowing a set-off claim to be removed where the claimant is not eligible to make the claim (including where the claimant is not a company, not a sub-contractor, or is registered for gross payment); requiring information to be given to the Commissioners of Revenue and Customs, at such times as may be specified in the regulations. In subsections (3A) and (3B), “set-off claim” means a claim for treating a sum deducted under section 61 as paid on account of any relevant liabilities. For the purposes of this section the “relevant liabilities”of a sub-contractor are any liabilities of the sub-contractor, whether arising before or after the deduction is made, to make a payment to the Inland Revenue in pursuance of an obligation as an employer or contractor. “the sub-contractor” means the person for whose labour (or for whose employees' or officers' labour) the payment is made; references to the sub-contractor’s “relevant profits” are to the profits from the trade, profession or vocation carried on by him in the course of which the payment was received; “Class 4 contributions” means Class 4 contributions within the meaning of the Social Security Contributions and Benefits Act 1992 (c. 4) or the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7). References in this section to regulations are to regulations made by the Board of Inland Revenue. Regulations under this section may contain such supplementary, incidental or consequential provision as appears to the Board to be appropriate. This section applies to a person who— has made a payment under a construction contract, and before making a payment, knew or should have known that a connected party had deliberately failed, or would deliberately fail, to comply with a requirement to— deduct a sum under section 61, pay a sum to the Commissioners under section 62, or deduct or pay an amount to His Majesty’s Revenue and Customs under PAYE regulations. If this section applies, an officer of Revenue and Customs may determine that the person is liable to pay to the Commissioners an amount equal to 20% of the payment referred to in subsection (1). In this section, a “connected party” is another party to the construction contract referred to in subsection (1)(a), or a party to another construction contract relating to the same construction operations as the construction contract referred to in subsection (1)(a). makes a return which treats a sum as deducted and paid on account of the person’s liabilities under section 62(2) or (3), and before doing so, knew or should have known that the sum— had not been deducted, or had deliberately not been, or would deliberately not be, paid on account of the person’s liabilities. If this section applies, an officer of Revenue and Customs may determine that the person is liable to pay to the Commissioners an amount equal to the sum which the return treats as paid on account of the person’s liabilities. The Commissioners may make regulations with respect to the determination, collection and recovery of amounts described in sections 62A(2) and 62B(2). If the Board of Inland Revenue are satisfied, on the application of an individual or a company, that the applicant has provided— such documents, records and information as may be required by or in accordance with regulations made by the Board, and such additional documents, records and information as may be required by the Inland Revenue in connection with the application, the Board must register the individual or company under this section. If the Board are satisfied that the requirements of subsection (2), (3) or (4) of section 64 are met, the Board must register— the individual or company, or in a case falling within subsection (3) of that section, the individual or company as a partner in the firm in question, for gross payment. In any other case, the Board must register the individual or company for payment under deduction. This section sets out the requirements (in addition to that in subsection (1) of section 63) for an applicant to be registered for gross payment. Where the application is for the registration for gross payment of an individual (otherwise than as a partner in a firm), he must satisfy the conditions in Part 1 of Schedule 11 to this Act. Where the application is for the registration for gross payment of an individual or a company as a partner in a firm— the applicant must satisfy the conditions in Part 1 of Schedule 11 to this Act (if an individual) or Part 3 of that Schedule (if a company), and in either case, the firm itself must satisfy the conditions in Part 2 of that Schedule. Where the application is for the registration for gross payment of a company (otherwise than as a partner in a firm)— the company must satisfy the conditions in Part 3 of Schedule 11 to this Act, and if the Board of Inland Revenue have given a direction under subsection (5), each of the persons to whom any of the conditions in Part 1 of that Schedule applies in accordance with the direction must satisfy the conditions which so apply to him. Where the applicant is a company, the Board may direct that the conditions in Part 1 of Schedule 11 to this Act or such of them as are specified in the direction shall apply to— the directors of the company, if the company is a close company, the persons who are the beneficial owners of shares in the company, or such of those directors or persons as are so specified, as if each of them were an applicant for registration for gross payment. See also section 65(1) (power of Board to make direction under subsection (5) on change in control of company applying for registration etc). In subsection (5) “director” has the meaning given by section 67 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1). Where it appears to the Board of Inland Revenue that there has been a change in the control of a company— registered for gross payment, or applying to be so registered, the Board may make a direction under section 64(5). The Board may make regulations requiring the furnishing of information with respect to changes in the control of a company— applying to be so registered. In this section references to a change in the control of a company are references to such a change determined in accordance with section 995 of the Income Tax Act 2007. The Board of Inland Revenue may at any time make a determination cancelling a person’s registration for gross payment if it appears to them that— if an application to register the person for gross payment were to be made at that time, the Board would refuse so to register him, he has made an incorrect return or provided incorrect information (whether as a contractor or as a sub-contractor) in connection with an obligation arising under any provision of this Chapter or of regulations made under it, or he has failed to comply (whether as a contractor or as a sub-contractor) with an obligation arising under or in connection with any provision of this Chapter or of regulations made under it. Where the Board make a determination under subsection (1), the person’s registration for gross payment is cancelled with effect from the end of a prescribed period after the making of the determination (but see section 67(5)). The Board of Inland Revenue may at any time make a determination cancelling a person’s registration for gross payment if they have reasonable grounds to suspect that the person— became registered for gross payment on the basis of information which was false, has fraudulently made an incorrect return or has fraudulently provided incorrect information (whether as a contractor or a sub-contractor) in connection with an obligation— arising under any provision of this Chapter or of regulations made under it; arising under any provision of PAYE regulations; to submit a self-assessment return; arising under any provision of the Value Added Tax Act 1994 or of regulations made under it, or has knowingly failed to comply (whether as a contractor or as a sub-contractor) with an obligation arising under or in connection with any provision of this Chapter or of regulations made under it. The Commissioners may at any time make a determination cancelling a person’s registration for gross payment if— section 62A (payments made in the knowledge of deliberate failures to comply), or section 62B (returns made in the knowledge of deliberate failures to comply), applies to the person. Where the Commissioners make a determination under subsection (3) or subsection (3A), the person’s registration for gross payment is cancelled with immediate effect. On making a determination under this section cancelling a person’s registration for gross payment, the Board must without delay give the person notice stating the reasons for the cancellation. Where a person’s registration for gross payment is cancelled by virtue of a determination under subsection (1), the person must be registered for payment under deduction , and the person may not, within the period of one year beginning with the day on which the cancellation takes effect (see subsection (2) and section 67(5)), apply for registration for gross payment. Where a person’s registration for gross payment is cancelled by virtue of a determination under subsection (3) or subsection (3A), the person may, if the Commissioners think fit, be registered for payment under deduction, and the person may not, within the period of five years beginning with the day on which the cancellation takes effect (see subsection (4)), apply for registration for gross payment. In this section “a prescribed period” means a period prescribed by regulations made by the Board. A person aggrieved by— the refusal of an application for registration for gross payment, or the cancellation of his registration for gross payment, may by notice appeal .... The notice must be given to the Board of Inland Revenue within 30 days after the refusal or cancellation. The notice must state the person’s reasons for believing that— the application should not have been refused, or his registration for gross payment should not have been cancelled. The jurisdiction of the tribunal on such an appeal that is notified to the tribunal shall include jurisdiction to review any relevant decision taken by the Board of Inland Revenue in the exercise of their functions under section 63, 64, 65 or 66. Where a person appeals against the cancellation of his registration for gross payment by virtue of a determination under section 66(1), the cancellation of his registration does not take effect until whichever is the latest of the following— the abandonment of the appeal, the determination of the appeal by the tribunal, or the determination of the appeal by the Upper Tribunal or a court. The Board of Inland Revenue may make regulations providing for— the cancellation, in such circumstances as may be prescribed by the regulations, of a person’s registration for payment under deduction; appeals against a refusal to register a person for payment under deduction or the cancellation of such registration. The Board of Inland Revenue may make regulations requiring persons who make payments under contracts relating to construction operations, except in prescribed circumstances, to verify with the Board whether a person to whom they are proposing to make— a contract payment, or a payment which would be a contract payment but for section 60(4), is registered for gross payment or for payment under deduction. The provision that may be made by regulations under subsection (1) includes provision— for preventing a person from verifying unless such conditions as may be prescribed have been satisfied; as to the period for which the verification remains valid. The Board of Inland Revenue may make regulations requiring the Board to notify persons of a prescribed description who make payments under contracts relating to construction operations that— a person registered for gross payment has become registered for payment under deduction or has ceased to be registered under section 63, or a person registered for payment under deduction has become registered for gross payment or has ceased to be registered under section 63. The provision that may be made by regulations under subsection (1) or (3) includes provision for a person to be entitled to assume, except in prescribed circumstances, that— a person verified or notified as being registered for gross payment, or a person verified or notified as being registered for payment under deduction, has not subsequently ceased to be so registered. In this section “prescribed” means prescribed by regulations under this section. The Board of Inland Revenue may make regulations requiring persons who make payments under construction contracts— to make to the Board, at such times and in respect of such periods as may be prescribed, returns relating to such payments; to keep such records as may be prescribed relating to such payments; to provide such information as may be prescribed, at such times as may be prescribed, to persons to whom such payments are made or to such of those persons as are of a prescribed description. The provision that may be made by regulations under subsection (1)(a) includes provision requiring, except in such circumstances as may be prescribed,— the person making a return to declare in the return that none of the contracts to which the return relates is a contract of employment; the person making a return to declare in the return that, in the case of each person to whom a payment to which the return relates is made, he has complied with the requirements of any regulations made under section 69(1) (verification of registration status); returns to contain such other information and to be in such form as may be prescribed; a return to be made where no payments have been made in the period to which the return relates. The Board of Inland Revenue may make regulations with respect to— the production, copying and removal of, and the making of extracts from, any records kept by virtue of any such requirement as is referred to in subsection (1)(b), and rights of access to, or copies of, any such records which are removed. Regulations under this section may make provision— for or in connection with enabling a person who makes payments under construction contracts to appoint another person (a “scheme representative”) to act on his behalf in connection with any requirements imposed on him by regulations under this section, and as to the rights, obligations or liabilities of scheme representatives. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for and in connection with requiring the giving, by prescribed persons and in prescribed circumstances, of security for the payment of amounts that a person is or may be liable to pay to the Commissioners under this Chapter. Regulations under this section must provide that security may be required only where an officer of Revenue and Customs considers it necessary for the protection of the revenue. Regulations under this section must provide for a right of appeal against— decisions to require security to be given; decisions as to the amount, terms or duration of any security required. A person commits an offence if— the person fails to comply with a requirement to give security that is imposed by regulations under this section, and the failure continues for such period as is prescribed. A person who commits an offence under subsection (4) is liable on summary conviction— in England and Wales, to a fine; in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale. “prescribed” means prescribed in regulations under this section; “security” includes further security. The Board of Inland Revenue must make regulations with respect to the collection and recovery, whether by assessment or otherwise, of sums required to be deducted from any payments under section 61. The regulations may include any matters with respect to which PAYE regulations may be made. Interest required to be paid by the regulations— is to be paid without any deduction of income tax, ... This section applies in a case within subsection (2), (3) or (4). A case is within this subsection if a person (“A”)— makes a statement, or furnishes a document, which A knows to be false in a material particular, or recklessly makes a statement, or furnishes a document, which is false in a material particular, for the purpose of becoming registered for gross payment or for payment under deduction. A case is within this subsection if a person (“A”) who exercises influence or control over another person (“B”) or is in a position to do so — for the purpose of enabling or facilitating B to become registered for gross payment or for payment under deduction. A case is within this subsection if a person (“A”) who exercises influence or control over another person (“B”) or is in a position to do so— encourages B to make a statement, or furnish a document, which A knows to be false in a material particular, or encourages B to make a statement or furnish a document— which is false in a material particular, and where A is reckless as to whether the statement or document is false in a material particular, In a case where this section applies, A is liable to a penalty not exceeding £3,000. A person is liable to a penalty not exceeding 30% of any amount that they are determined to be liable to pay under section 62A (payments made in the knowledge of deliberate failures to comply) or 62B (returns made in the knowledge of deliberate failures to comply). A penalty under this section may not be determined more than three years after the date on which the determination under section 62A or 62B becomes final. For the purposes of subsection (2) and section 72B(3), a determination becomes final at the time when the period for any appeal or further appeal relating to the determination expires or, if later, when any appeal or final appeal relating to the penalty is finally determined. Section 103(4) TMA 1970 (time limits) does not apply to a penalty under this section. a company is liable to a penalty under section 72A, and the actions of the company which give rise to that liability were attributable to an officer of the company, the officer is liable to pay such portion of the penalty (which may be equal to or less than 100%) as the Commissioners may specify in a notice given to the officer (a “decision notice”). Before giving the officer a decision notice, the Commissioners must— inform the officer that they are considering doing so, and afford the officer the opportunity to make representations about whether a decision notice should be given or the portion that should be specified. A decision notice— may not be given before the amount of the penalty due from the company has been determined (but it may be given immediately after that has happened), and may not be given more than three years after the date on which the determination mentioned in section 72A(1) becomes final. Where the Commissioners have specified a portion of the penalty in a decision notice given to the officer— the officer must pay the specified portion before the end of the period of 30 days beginning with the day on which the notice is given, the specified portion shall be recoverable as if it were tax due from the officer, and a further decision notice may be given in respect of a portion of any additional penalty for which the company is determined to be liable. The Commissioners may not recover more than 100% of the penalty through issuing decision notices in relation to two or more persons. A person is not liable to pay an amount by virtue of this section if the actions of the company concerned are attributable to the person by reference to conduct for which the person has been convicted of an offence. In this subsection “conduct” includes omissions. In this section and section 72C— “company” means a body corporate or unincorporated association; “officer” means— in relation to a body corporate other than one whose affairs are managed by its members— a director, manager, secretary or other similar officer of the body, or a person purporting to act in such a capacity, or a shadow director within the meaning of section 251 of the Companies Act 2006; in relation to a limited liability partnership or other body corporate whose affairs are managed by its members— a member who exercises management functions with respect to it, or purports to do so, or in the case of a limited liability partnership, a shadow member; in relation to an unincorporated association, a person who exercises functions of management with respect to it, or purports to do so; “shadow member” means a person in accordance with whose directions or instructions the members of a limited liability partnership are accustomed to act, save that a person is not a shadow member by reason only of the fact that the members act on advice given by that person in a professional capacity. An officer may appeal— the decision to give a decision notice under section 72B, including on the grounds that the company is not liable to the penalty under section 72A to which the decision notice relates; the amount of the specified portion. Notice of an appeal must— state the ground of appeal, and be given in writing to HMRC before the end of the period of 30 days beginning with the day on which the decision notice was given to the officer. The provisions of Part 5 of TMA 1970 relating to appeals have effect in relation to appeals under this section as they have effect in relation to an appeal against an assessment to income tax. The Board of Inland Revenue may by regulations make such other provision for giving effect to this Chapter as they consider necessary or expedient. The provision that may be made by regulations under subsection (1) includes provision for or in connection with modifying the application of this Chapter in circumstances where— a person acts as the agent of a contractor or sub-contractor; a person’s right to payments under a construction contract is assigned or otherwise transferred to another person. Regulations under this Chapter may make different provision for different cases. Any power under this Chapter to make regulations authorising or requiring a document (whether or not of a particular description), or any records or information, to be given or requested by or to be sent or produced to the Board of Inland Revenue includes power— to authorise the Board to nominate a person who is not an officer of the Board to be the person who on behalf of the Board— gives or requests the document, records or information; or is the recipient of the document, records or information; and to require the document, records or information, in cases prescribed by or determined under the regulations, to be sent or produced to the address (determined in accordance with the regulations) of the person nominated by the Board to receive it on their behalf. The Treasury may by order designate for the purposes of this section any international organisation of which the United Kingdom is a member. Section 59 does not apply to an organisation which is so designated. In this Chapter “construction operations” means operations of a description specified in subsection (2), not being operations of a description specified in subsection (3); and references to construction operations— except where the context otherwise requires, include references to the work of individuals participating in the carrying out of such operations; and do not include references to operations carried out or to be carried out otherwise than in the United Kingdom (or the territorial sea of the United Kingdom). The following operations are, subject to subsection (3), construction operations for the purposes of this Chapter— construction, alteration, repair, extension, demolition or dismantling of buildings or structures (whether permanent or not), including offshore installations; construction, alteration, repair, extension or demolition of any works forming, or to form, part of the land, including (in particular) walls, roadworks, power-lines, electronic communications apparatus, aircraft runways, docks and harbours, railways, inland waterways, pipe-lines, reservoirs, water-mains, wells, sewers, industrial plant and installations for purposes of land drainage, coast protection or defence; installation in any building or structure of systems of heating, lighting, air-conditioning, ventilation, power supply, drainage, sanitation, water supply or fire protection; internal cleaning of buildings and structures, so far as carried out in the course of their construction, alteration, repair, extension or restoration; painting or decorating the internal or external surfaces of any building or structure; operations which form an integral part of, or are preparatory to, or are for rendering complete, such operations as are previously described in this subsection, including site clearance, earth-moving, excavation, tunnelling and boring, laying of foundations, erection of scaffolding, site restoration, landscaping and the provision of roadways and other access works. The following operations are not construction operations for the purposes of this Chapter— drilling for, or extraction of, oil or natural gas; extraction (whether by underground or surface working) of minerals and tunnelling or boring, or construction of underground works, for this purpose; manufacture of building or engineering components or equipment, materials, plant or machinery, or delivery of any of these things to site; manufacture of components for systems of heating, lighting, air-conditioning, ventilation, power supply, drainage, sanitation, water supply or fire protection, or delivery of any of these things to site; the professional work of architects or surveyors, or of consultants in building, engineering, interior or exterior decoration or in the laying-out of landscape; the making, installation and repair of artistic works, being sculptures, murals and other works which are wholly artistic in nature; signwriting and erecting, installing and repairing signboards and advertisements; the installation of seating, blinds and shutters; the installation of security systems, including burglar alarms, closed circuit television and public address systems. The Treasury may by order made by statutory instrument amend either or both of subsections (2) and (3) by— adding, varying, or removing, any description of operations. No statutory instrument containing an order under subsection (4) shall be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons. In this Chapter “the Inland Revenue” means any officer of the Board of Inland Revenue. In this Chapter “the Board of Inland Revenue” means the Commissioners of Inland Revenue (as to which, see in particular the Inland Revenue Regulation Act 1890 (c. 21)). The Board of Inland Revenue may make regulations providing for any of the following to be done on behalf of the Board— the registration of persons under section 63; the giving of directions under section 64(5); and the cancellation under section 66 of a person’s registration for gross payment. In this Chapter “the Commissioners” means the Commissioners for His Majesty’s Revenue and Customs. Schedule 12 to this Act (which makes consequential amendments) has effect. This Chapter has effect in relation to payments made on or after the appointed day under contracts relating to construction operations. Where a certificate issued to a person under section 561 of the Taxes Act 1988 is in force immediately before the appointed day, the person is to be treated as if, on the appointed day, the Board of Inland Revenue had registered him for gross payment. Where a registration card issued to a person in accordance with regulations made under section 566(2A) of the Taxes Act 1988 is in force immediately before the appointed day, the person is to be treated as if, on the appointed day, the Board of Inland Revenue had registered him for payment under deduction. Subsection (5) applies in relation to the first payment (“the relevant payment”) made after the appointed day by a person (“C”) to a sub-contractor (“SC”) under a contract relating to construction operations if— before the appointed day, C had made one or more payments to SC under the contract or another such contract, the last of those payments (“the last payment”) was made in the year of assessment in which the relevant payment was made or in either of the two years of assessment before that, at the time of the last payment— a certificate issued to SC under section 561 of the Taxes Act 1988 was in force, or a registration card issued to SC in accordance with regulations made under section 566(2A) of that Act was in force, and on making the relevant payment, C has no reason to believe that SC— did not become registered for gross payment or (as the case may be) for payment under deduction by virtue of subsection (2) or (3), and is not still so registered. Where this subsection applies, regulations under section 69(1) shall not require C, before making the relevant payment, to verify whether SC is registered for gross payment or for payment under deduction. Where subsection (5) applies, C shall be entitled to assume, on making any further payments to SC under a contract relating to construction operations, that SC has not subsequently ceased to be so registered, unless notified to the contrary in accordance with regulations made under section 69(3). In this section “the appointed day” means such day as the Treasury may by order appoint. The Treasury may by order make such further supplemental and transitional provision and savings as they think fit in connection with the coming into effect of this Chapter.

Schedule 13 to this Act contains amendments of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) relating to childcare and childcare vouchers. The amendments have effect for the year 2005-06 and subsequent years of assessment. Schedule 14 to this Act contains amendments of the Income Tax (Earnings and Pensions) Act 2003 relating to vans. In the Income Tax (Earnings and Pensions) Act 2003, after section 248 insert— an emergency vehicle is made available to a person employed in an emergency service for the person’s private use, the terms on which it is made available prohibit its private use otherwise than when the person is on call or engaged in on-call commuting, and the person does not make private use of it otherwise than in such circumstances. No liability to income tax arises by virtue of Chapter 6 or 10 of Part 3 (taxable benefits: cars, vans etc. and residual liability to charge) in respect of the benefit. “Emergency vehicle” means a vehicle which is used to respond to emergencies and which either— has fixed to it a lamp designed to emit a flashing light for use in emergencies, or would have such a lamp fixed to it but for the fact that (if it did) a special threat to the personal physical security of those using it would arise by reason of it being apparent that they were employed in an emergency service. The following are “employed in an emergency service”— constables and other persons employed for police purposes, persons employed for the purposes of a fire, or fire and rescue, service, and persons employed in the provision of ambulance or paramedic services. The Treasury may by order amend subsection (4). “Private use”, in relation to a person, means any use other than for the person’s business travel; and “business travel” has the same meaning as in Chapter 6 of Part 3 (see section 171(1)). A person to whom an emergency vehicle is made available is on call when liable, as part of normal duties, to be called on to use the emergency vehicle to respond to emergencies. A person to whom an emergency vehicle is made available is engaged in on-call commuting when the person— is using it for ordinary commuting or for travel between two places that is for practical purposes substantially ordinary commuting, and is required to do so in order that it is available for use by the person, as part of normal duties, for responding to emergencies. In section 236(2)(c) of that Act (mileage allowance and passenger payments: meaning of “company vehicle”), after “vans)” insert “ and section 248A (emergency vehicles) ”. This section has effect for the year 2004-05 and subsequent years of assessment. The Income Tax (Earnings and Pensions) Act 2003 (c. 1) is amended as follows. In section 294 (EU travel expenses of MPs and other representatives) in subsection (1) (exemption from income tax in respect of sums paid to Members of the House of Commons and other representatives in respect of EU travel expenses) for “EU” (in both places) substitute “ European ”. In that section, for subsections (2) to (4) substitute— “European travel expenses” means the cost of, and any additional expenses incurred in, travelling between the United Kingdom and a relevant European location. “Relevant European location” means— a European Union institution or agency, or the national parliament of— another member State, a candidate or applicant country, or a member State of the European Free Trade Association. The Treasury may by order amend subsection (3) by— adding a European location, removing a European location, or varying the description of a European location. In the heading of that section, “EU” accordingly becomes “European”. This section has effect in relation to sums paid in respect of costs or expenses incurred on or after 6th April 2004. Schedule 15 (which contains provisions imposing a charge to income tax by reference to benefits received in certain circumstances by a former owner of property) has effect. That Schedule has effect for the year 2005-06 and subsequent years of assessment. Schedule 16 to this Act provides— for income tax relief in certain cases where national insurance contributions are met by an employee, and for consequential amendments. This section (and that Schedule) come into force in accordance with provision made by the Treasury by order made by statutory instrument. Each of the provisions of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (employment income: securities) specified in subsection (2) (exception from charges for certain company shares) is amended in accordance with subsections (3) to (5). The provisions are— section 429 (restricted securities), section 443 (convertible securities), section 446R (securities acquired for less than market value), and section 449 (post-acquisition benefits from securities). In subsection (1) of each of those sections, after paragraph (b) (but before the word “and” where that word features at the end) insert— subsection (1A) is satisfied, In subsection (4) of sections 429, 443 and 446R, and in subsection (3) of section 449, for the words after “are not” substitute “ employment-related securities. ”; and accordingly omit sections 429(5), 443(5), 446R(5) and 449(4). In Chapter 3A of that Part of that Act (securities with artificially depressed market value), after section 446I insert— Section 429 (exception from charge under section 426 for certain company shares) does not prevent section 426 (restricted securities: chargeable events) applying in relation to an event if section 446E or 446I(1)(a) would have effect in relation to the event. Section 443 (exception from charge under section 438 for certain company shares) does not prevent section 438 (convertible securities: chargeable events) applying in relation to an event if section 446G, 446H or 446I(1)(b) would have effect in relation to the event. Section 446R (exception from charge under Chapter 3C for certain company shares) does not prevent that Chapter (securities acquired for less than market value) applying in relation to employment-related securities if section 446B would have effect in relation to them. Section 449 (exception from charge under Chapter 4 for certain company shares) does not prevent that Chapter (benefits from securities) applying in relation to a benefit if section 446I(1)(e) would have effect in relation to the benefit. In Chapter 3B of that Part of that Act (securities with artificially enhanced market value), after section 446N insert— None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition. If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities. This section applies on and after 7th May 2004. Section 446E of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (employee securities with artificially depressed market value: charge on restricted securities) is amended as follows. In subsection (1), after “on restricted securities),” insert— immediately before the employment-related securities are disposed of (in circumstances which do not constitute such an event) or are cancelled without being disposed of, For subsections (3) to (6) substitute— “The relevant period”is the period beginning— if section 425(2) (no charge on acquisition of certain restricted securities or restricted interests in securities) applied in relation to the employment-related securities, 7 years before the acquisition, and in any other case, 7 years before the relevant date, and ending with the relevant date. “The relevant date”is— in a case within subsection (1)(a), the date on which the chargeable event concerned occurs, in a case within subsection (1)(aa), the date on which the disposal or cancellation concerned occurs, and in a case within subsection (1)(b), the 5th April concerned. Where this section applies in a case within subsection (1)(aa) or (b), a chargeable event within section 427(3)(a) (lifting of restrictions) is to be treated as occurring in relation to the employment-related securities on the relevant date. In every case where this section applies, subsection (1) of section 428 (amount of charge on restricted securities) applies as if the reference in subsection (2) of that section to what would be the market value of the employment-related securities immediately after the chargeable event but for any restrictions were to what would be their market value at the appropriate time but for the matters to be disregarded. “The appropriate time”is— in a case within subsection (1)(a) or (b), the time immediately after the chargeable event concerned, and in a case within subsection (1)(aa), the time immediately before the chargeable event concerned. “The matters to be disregarded” are— any restrictions, the things done as mentioned in subsection (2), and if the employment-related securities are about to be disposed of or cancelled, that fact. Where this section applies in a case within subsection (1)(aa), section 428(1) applies with the omission of the reference to OP. Where this section applies in a case within subsection (1)(a) and the chargeable event concerned is within section 427(3)(c) (disposal for consideration), section 428 applies with the omission of subsection (9) (case where consideration is less than actual market value). But if the employment-related securities were acquired before that date, section 446E of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) does not apply by virtue of the amendment made by subsection (2) of this section unless their market value would be artificially low immediately before the disposal or cancellation if the date on which the relevant period began were the later of— that on which it did begin, and 7th May 2004. The Income Tax (Earnings and Pensions) Act 2003 is amended as follows. Omit section 421G (exclusion from Chapters 2 to 4 of Part 7 of shares awarded or acquired under approved plan or scheme). In Chapter 2 of Part 7 (restricted securities), after section 431 insert— Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies. Subsection (1) applies to— shares awarded or acquired under an approved share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises, shares acquired by the exercise of a share option granted under an approved SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance with section 519) no liability to income tax arises, shares acquired by the exercise of a share option granted under an approved CSOP scheme (within the meaning of Chapter 8 of this Part) in circumstances in which (in accordance with section 524) no liability to income tax arises, and shares acquired by the exercise of a qualifying option within the meaning of section 527(4) (enterprise management incentives) in circumstances in which (in accordance with section 530) no liability to income tax arises. In section 489 (operation of tax advantages in connection with approved share incentive plans), after subsection (3) insert— And those sections do not apply if the main purpose (or one of the main purposes) of the arrangements under which the shares in question are awarded or acquired is the avoidance of tax or national insurance contributions. In sections 505 and 506 (charge on shares ceasing to be subject to approved share incentive plan), after subsection (4) insert— Any tax due under subsection (2) or (3) is reduced by the amount or aggregate amount of any tax paid by virtue of Chapter 3B of this Part in relation to the shares. In section 519(1) (approved SAYE option schemes: no charge in respect of exercise of option) insert at the end and the avoidance of tax or national insurance contributions is not the main purpose (or one of the main purposes) of any arrangements under which the option was granted or is exercised. In section 524(1) (approved CSOP schemes: no charge in respect of exercise of option) insert at the end Section 701 (PAYE: meaning of “asset”) is amended as follows. In subsection (2)(c)— in sub-paragraph (ia), for the words after “employee” substitute “ under a scheme approved under Schedule 4 (approved CSOP schemes) in circumstances in which Condition A or B as set out in section 524(2) or (2A) is met; ”, omit sub-paragraph (ii), and in sub-paragraph (iii), after “1996” insert “ where the avoidance of tax or national insurance contributions is not the main purpose (or one of the main purposes) of any arrangements under which the right was obtained or is exercised ”. After subsection (3) insert— Paragraph (c) of subsection (2) does not apply to shares after their acquisition as mentioned in that paragraph. This section has effect on and after 18th June 2004 and (so far as it does not relate to the award or acquisition of shares) applies in relation to shares awarded or acquired before that date as well as in relation to those awarded or acquired on or after that date. Where section 431A(1) of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (as inserted by subsection (3)) has effect (by virtue of subsection (11)) in relation to shares acquired before 18th June 2004, it applies in relation to them so as to treat an election under section 431(1) of that Act as made in relation to them on that date. For the purposes of the application of Chapter 3B of Part 7 of that Act (securities with artificially enhanced market value) by reason of subsections (2) and (11) in relation to shares acquired before 18th June 2004, section 446O of that Act (meaning of “relevant period”) has effect as if they were acquired on that date. Section 421F of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (exclusion from Chapters 2 to 4 of Part 7 of shares acquired under terms of offer to the public) is amended as follows. In subsection (1), for “Chapters 2 to 4” substitute “ Chapters 2, 3 and 3C ”. After that subsection insert— But subsection (1) does not disapply those Chapters if the main purpose (or one of the main purposes)— of the arrangements under which the right or opportunity under which the shares were acquired, or for which the shares are held, is the avoidance of tax or national insurance contributions. This section has effect on and after 18th June 2004 and applies in relation to shares acquired before that date as well as in relation to those acquired on or after that date. For the purposes of the application of Chapter 3B of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (securities with artificially enhanced market value) by reason of subsections (2) and (4) in relation to shares acquired before that date, section 446O of that Act (meaning of “relevant period”) has effect as if they were acquired on that date. Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (employment income: securities) is amended as follows. In section 421C(2) (meaning of “relevant linked person” for purposes of Chapters 1 to 4), for “are connected or, although not connected, are” substitute “ are or have been connected or (without being or having been connected) are or have been ”. In section 472(2) (meaning of “relevant linked person” for purposes of Chapter 5), for “are connected or, although not connected, are” substitute “ are or have been connected or (without being or having been connected) are or have been ”. In section 477(3)(c) (chargeable events in relation to employment-related securities options), for the words after “benefit” substitute “ in connection with the employment-related securities option (other than one within paragraph (a) or (b)). ” This section has effect on and after 18th June 2004 and applies in relation to securities, interests and options that were employment-related securities or employment-related securities options on that date (as well as those acquired on or after that date). Schedule 17 to this Act contains minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003 (c. 1). Schedule 18 (which makes amendments to the enterprise investment scheme) has effect. Schedule 19 (which makes amendments relating to venture capital trusts) has effect. Schedule 20 (which makes amendments relating to the corporate venturing scheme) has effect. Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (enterprise management incentives) is amended as follows. In paragraph 8 (qualifying companies: introduction) after “having only qualifying subsidiaries (see paragraphs 10 and 11),” insert— “ property managing subsidiaries (see paragraphs 11A and 11B), ”. In paragraph 10 (the qualifying subsidiaries requirement) for sub-paragraph (2) substitute— In this paragraph “subsidiary” means any company which the company controls, either on its own or together with any person connected with it. For the purpose of sub-paragraph (2), the question whether a person controls a company is to be determined in accordance with section 416(2) to (6) of ICTA (“control” in the context of close companies). In paragraph 11 (meaning of “qualifying subsidiary”)— in sub-paragraph (2), omit paragraphs (a) to (c), before paragraph (d) of that sub-paragraph insert— that the subsidiary is a 51% subsidiary of the holding company; in paragraph (d) of that sub-paragraph, after “company” insert “ or another of its subsidiaries ”, in paragraph (e) of that sub-paragraph, for “the conditions in paragraphs (a) to” substitute “ either of the conditions in paragraphs (ca) and ”, omit sub-paragraph (3), after sub-paragraph (7) insert— Sub-paragraph (9) applies at a time when the subsidiary or another company is in administration or receivership. The subsidiary is not to be regarded, by reason only of anything done as a consequence of the company concerned being in administration or receivership, as having ceased to be a company in relation to which the conditions in sub-paragraph (2) are met if— the entry into administration or receivership, and everything done as a consequence of the company concerned being in administration or receivership, is for commercial reasons and is not part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax. Section 312(2A) of ICTA (meaning of being in administration or receivership) applies for the purposes of sub-paragraphs (8) and (9) as it applies for the purposes of Chapter 3 of Part 7 of ICTA (enterprise investment scheme). After paragraph 11 insert— A company is not a qualifying company if it has a property managing subsidiary which is not a qualifying 90% subsidiary of the company (see paragraph 11B). “Property managing subsidiary” means a qualifying subsidiary of a company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land. In sub-paragraph (2) “land” and “property deriving its value from land” have the same meaning as in section 776 of ICTA. A company (“the subsidiary”) is a qualifying 90% subsidiary of a company (“the holding company”) if the following conditions are met. The conditions are— that the holding company possesses not less than 90% of the issued share capital of, and not less than 90% of the voting power in, the subsidiary; that the holding company would— in the event of a winding up of the subsidiary, or in any other circumstances, be beneficially entitled to not less than 90% of the assets of the subsidiary which would then be available for distribution to the shareholders of the subsidiary; that the holding company is beneficially entitled to not less than 90% of any profits of the subsidiary which are available for distribution to the shareholders of the subsidiary; that no person other than the holding company has control of the subsidiary; and that no arrangements are in existence by virtue of which any of the conditions in paragraphs (a) to (d) would cease to be met. Sub-paragraphs (4) to (10) of paragraph 11 (but not sub-paragraph (6)(b)) apply in relation to the conditions in sub-paragraph (2) above as they apply in relation to the conditions in sub-paragraph (2) of that paragraph. The amendments made by this section have effect in relation to any right to acquire shares granted on or after 17th March 2004. Section 98 of the Taxes Management Act 1970 (c. 9) (special returns etc) is amended as follows. In subsection (4A)(b), after “(4D)” insert “ , (4DA) ”. After subsection (4D) insert— A payment is within this subsection if— it is a payment to which section 349(1) of the principal Act (requirement to deduct tax) applies, a company, purporting to rely on section 101 of the Finance Act 2004 (payment of royalties without deduction at source), makes the payment without deduction of tax under section 349(1) of the principal Act, and at the time the payment is made section 98 of the Finance Act 2004 does not apply to the payment and the company— does not believe that that section does so apply, or if it does so believe, cannot reasonably do so. In section 18 of the Taxes Act 1988 (Schedule D) after subsection (5) insert— This section is subject to Chapter 6 of Part 3 of the Finance Act 2004 (exemption from income tax for certain interest and royalty payments). In section 349 of the Taxes Act 1988 (certain payments to be made subject to deduction of income tax) after subsection (6) insert— Section 795 of the Taxes Act 1988 (double taxation relief: computation of income subject to foreign tax) is amended as follows. In subsection (1) (remittance basis: grossing up) after “increased by” insert “ — (a) ” and at the end insert— , and the amount of any special withholding tax levied in respect of the income. In subsection (2)(a) (other cases: no deduction for foreign tax) after “foreign tax” insert “ or special withholding tax ”. After subsection (4) insert— “special withholding tax” has the same meaning as in Chapter 7 of Part 3 of the Finance Act 2004 (see section 107(3) of that Act); and references to special withholding tax are to special withholding tax in respect of which a claim has been made under that Chapter. Section 277 of the Taxation of Chargeable Gains Act 1992 (c. 12) (which applies Chapters 1 and 2 of Part 18 of the Taxes Act 1988 in relation to capital gains tax) is amended as follows. After subsection (1) insert— Subsection (1B) below applies where— a chargeable gain accrues to a person on a disposal by him of assets in circumstances where the consideration for the disposal consists of or includes an amount of savings income, and special withholding tax is levied in respect of the whole or any part of the consideration for the disposal. In section 795 of the Taxes Act, as applied by this section, for the reference in subsection (1)(b) to the amount of any special withholding tax levied in respect of the income, there shall be substituted a reference to an amount equal to— where— SWT is the amount of special withholding tax levied in respect of the whole or the part of the consideration for the disposal, GUK is the amount of the chargeable gain received in the United Kingdom, and G is the amount of the chargeable gain accruing to the person on the disposal. In subsections (1A) and (1B) above “savings income” and “special withholding tax” have the same meaning as in Chapter 7 of Part 3 of the Finance Act 2004 (see section 107 of that Act); and references to special withholding tax are to special withholding tax in respect of which a claim has been made under that Chapter. In section 792 of the Taxes Act 1988 (double taxation relief: interpretation of the credit code) in subsection (1), in the definition of “foreign tax”, at the end insert “ (other than special withholding tax within the meaning of Chapter 7 of Part 3 of the Finance Act 2004) ”. In section 811 of the Taxes Act 1988 (deduction for foreign tax where no credit allowable) in subsection (2), at the end insert “ and to section 111 of the Finance Act 2004 (computation of income subject to special withholding tax) ”. In section 278 of the Taxation of Chargeable Gains Act 1992 (c. 12) (allowance for foreign tax) in subsection (1), after “section 277” insert “ and to section 111 of the Finance Act 2004 (computation of chargeable gains subject to special withholding tax) ”. Schedule 21 (which makes provision for relief under section 165 or 260 of the Taxation of Chargeable Gains Act 1992 (c. 12) not to be available on certain transfers to settlor-interested settlements etc or on transfers of shares etc to companies, and makes minor amendments in sections 79 and 281 of that Act) has effect. Schedule 22 (which makes provision about private residence relief) has effect. The Taxation of Chargeable Gains Act 1992 is amended as follows. In section 99(2) (application of Act to unit trust schemes: definitions)— in the opening words, after “Subject to subsection (3)” insert “ and section 99A ”; and for paragraph (b) substitute— “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme; “authorised unit trust” means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period. After that section insert— In this section an “umbrella scheme” means an authorised unit trust— which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and under which the participants are entitled to exchange rights in one pool for rights in another, and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool. For the purposes of this Act (except subsection (1))— each of the parts of an umbrella scheme shall be regarded as an authorised unit trust, and the scheme as a whole shall not be regarded as an authorised unit trust or as any other form of collective investment scheme. In this Act, in relation to a part of an umbrella scheme, any reference to a unit holder is to a person for the time being having rights in the separate pool to which the part of the umbrella scheme relates. Nothing in subsections (2) or (3) shall prevent— gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc); a transfer of business to an umbrella scheme being regarded as a transfer to an authorised unit trust for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc); a disposal by a unit holder of units in an umbrella scheme being regarded as a disposal by him of units in an authorised unit trust for the purposes of section 271(1)(j) (exemption for disposal of units in an authorised unit trust which is also an approved personal pension scheme etc). In section 288 (interpretation)— in subsection (1), in the definition of “collective investment scheme”, at the end insert “ (subject to section 99A) ”; in the table in subsection (8) (index of general definitions)— in the first column after “Unit trust scheme” insert “ and “unit holder” ”; in the second column for “s 99” substitute “ ss 99 and 99A ”. The amendments made by this section have effect in relation to years of assessment and accounting periods beginning on or after 1st April 2004. After section 228 of the Capital Allowances Act 2001 (c. 2) (sale and leaseback: election) insert— Sections 228B to 228E apply where— plant or machinery is the subject of a sale and finance leaseback for the purposes of section 221, and section 222 (restriction of disposal value) applies. Sections 228B to 228D also apply, with the modifications set out in section 228F, where plant or machinery is the subject of a lease and finance leaseback (as defined in section 228F). For the purpose of income tax or corporation tax, in calculating the lessee’s income or profits for a period of account the amount deducted in respect of amounts payable under the leaseback may not exceed the permitted maximum. The permitted maximum is the total of— finance charges shown in the accounts, and depreciation, taking the value of the plant or machinery at the beginning of the leaseback to be the restricted disposal value. In relation to a period of account during which the leaseback terminates, the permitted maximum shall also include an amount calculated in accordance with subsection (4). The calculation is— “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, “Original Consideration” means the consideration payable to S for entering into the relevant transaction, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. Subsection (2) applies where the leaseback terminates. For the purpose of the calculation of income tax or corporation tax, the income or profits of the lessee from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3). “Net Consideration” means— (a) the consideration payable to S for entering into the relevant transaction, minus (b) the restricted disposal value, “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination. Section 228B has no effect on the treatment for the purposes of income tax or corporation tax of amounts received by way of refund on the termination of a leaseback of amounts payable under it. In subsection (5), “amounts received by way of refund” includes any amount that would be so received in respect of the lessee’s interest under the leaseback if any amounts due to the lessor under the leaseback were disregarded. This section applies in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax. an amount receivable in respect of the lessor’s interest under the leaseback falls to be taken into account in that calculation, and that amount is reduced by an amount due to the lessee under the leaseback, that reduction shall be disregarded when taking the amount receivable into account. The amounts receivable in respect of the lessor’s interest under the leaseback that fall to be taken into account in that calculation may be disregarded to the extent that they exceed the permitted threshold (whether or not subsection (2) applies). The permitted threshold is the total of— gross earnings, and the allowable proportion of the capital repayment. In subsection (4)(a) “gross earnings” means the amount shown in the lessor’s accounts in respect of the lessor’s gross earnings under the leaseback. In subsection (4)(b) “allowable proportion of the capital repayment” means the amount obtained by this calculation— “Investment Reduction For Period” means the amount shown in the lessor’s accounts in respect of the reduction in net investment in the leaseback, and “Net Investment” means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term. This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004. Subsection (2) applies where— the leaseback terminates, the lessor disposes of the plant or machinery, and the amount of the disposal value required to be brought into account because of that disposal is limited by section 62. For the purpose of income tax or corporation tax, in calculating the lessor’s income or profits for the period in which the termination occurs the amount deducted in respect of any amount refunded to the lessee may not exceed the amount to which the disposal value is limited by section 62. Sections 228B, 228C and 228D apply, with the following modifications, where plant or machinery is the subject of a lease and finance leaseback. In determining the permitted maximum for the purposes of section 228B, depreciation shall be disregarded. In the calculation under section 228C(3), the amount of the consideration referred to in subsection (6)(b) of this section shall be substituted for the Net Consideration. In determining the permitted threshold for the purposes of section 228D, the allowable proportion of the capital repayment shall be disregarded. Plant or machinery is the subject of a lease and finance leaseback if— a person (“S”) leases the plant or machinery to another (“B”), after the date of that transaction, the use of the plant or machinery falls within sub-paragraph (i), (ii) or (iii) of section 221(1)(b), and it is directly as a consequence of having been leased under a finance lease that the plant or machinery is available to be so used after that date. For the purposes of subsection (5), S leases the plant or machinery to B only if— S grants B rights over the plant or machinery, consideration is given for that grant, and S is not required to bring all of that consideration into account under this Part. Plant or machinery is not the subject of a lease and finance leaseback for the purposes of this section in any case where the condition in subsection (6)(c) is met only because of an election under section 199 made before 18 May 2004. In the application of sections 228B to 228D in relation to a lease and finance leaseback— references to the lessee are references to the person referred to as S in this section, and references to the lessor are references to the person referred to as B in this section or, where appropriate, to an assignee of that person. Sections 228B and 228C are subject to this section in their application in relation to a leaseback that is not accounted for as a finance lease in the accounts of the lessee. Subsection (3) applies where the leaseback is accounted for as a finance lease in the accounts of a person connected with the lessee; and in that subsection “relevant calculation” means the calculation of— the permitted maximum for the purposes of section 228B, or the amount by which the income or profits of the lessee are to be increased in accordance with section 228C. Where an amount that falls to be used for the purposes of a relevant calculation— cannot be ascertained by reference to the lessee’s accounts because the leaseback is not accounted for as a finance lease in those accounts, but can be ascertained by reference to the connected person’s accounts for one or more periods, that amount as ascertained by reference to the connected person’s accounts shall be used for the purposes of the relevant calculation. Subsections (5) and (6) apply in a case where the leaseback is not accounted for as a finance lease in the accounts of a person connected with the lessee. Sections 228B and 228C do not apply in relation to the leaseback. If the term of the leaseback begins on or after 18 May 2004 then, for the purposes of income tax or corporation tax, the income or profits of the lessee from the relevant qualifying activity for the period of account during which the term of the leaseback begins shall be increased by— the net consideration for the purposes of section 228C(3) (in the case of a sale and finance leaseback), or the consideration referred to in section 228F(6)(b) (in the case of a lease and finance leaseback). For the purposes of this section the leaseback is accounted for as a finance lease in a person’s accounts if— the leaseback falls, under generally accepted accounting practice, to be treated in that person’s accounts as a finance lease or loan, or in a case where the leaseback is comprised in other arrangements, those arrangements fall, under generally accepted accounting practice, to be so treated. In sections 228A to 228G— “lessee” does not include a person who is lessee by way of an assignment; the “net book value”of leased plant or machinery means the book value of the plant or machinery having regard to any relevant entry in the lessee’s accounts, but— also having regard to depreciation up to the time in question, and disregarding any revaluation gains or losses and any impairments; “restricted disposal value” means the disposal value under section 222; “termination” in relation to a leaseback includes (except in section 228E)— the assignment of the lessee’s interest, the making of any arrangements (apart from an assignment of the lessee’s interest) under which a person other than the lessee becomes liable to make some or all payments under the leaseback, and a variation as a result of which the leaseback ceases to be a finance lease. In a case where accounts drawn up are not correct accounts, or no accounts are drawn up— the provisions of sections 228A to 228G apply as if correct accounts had been drawn up, and amounts referred to in any of those sections as shown in accounts are those that would have been shown in correct accounts. In a case where accounts are drawn up in reliance upon amounts derived from an earlier period of account for which correct accounts were not drawn up, or no accounts were drawn up, amounts referred to in sections 228A to 228G as shown in the accounts for the later period are those that would have been shown if correct accounts had been drawn up for the earlier period. In subsections (2) and (3) “correct accounts” means accounts drawn up in accordance with generally accepted accounting practice. plant or machinery is the subject of— a sale and finance leaseback, or a lease and finance leaseback, and some or all of the plant or machinery becomes, while the subject of the leaseback, also the subject of a lease in relation to which the following conditions are met— the term of the lease begins on or after 18 May 2004; S, or a person connected with S, is the lessee under the lease; the lease is not accounted for as a finance lease in the accounts of the lessee. For the purpose of income tax or corporation tax, in calculating the lessee’s income or profits for a period of account the amount deducted in respect of amounts payable under the operating lease shall not exceed the relevant amount. Subsections (4) and (5) apply in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax. an amount receivable in respect of the lessor’s interest under the operating lease falls to be taken into account in that calculation, and that amount is reduced by an amount due to the lessee under the operating lease, The amounts receivable in respect of the lessor’s interest under the operating lease that fall to be taken into account in that calculation may be disregarded to the extent that they exceed the relevant amount (whether or not subsection (4) applies). Where only some of the plant or machinery is the subject of the operating lease, subsections (2) to (5) shall apply subject to such apportionments as may be just and reasonable. For the purposes of this section a lease is accounted for as a finance lease in a person’s accounts if— the lease falls, under generally accepted accounting practice, to be treated in that person’s accounts as a finance lease or loan, or in a case where the lease is comprised in other arrangements, those arrangements fall, under generally accepted accounting practice, to be so treated. “lease and finance leaseback” has the meaning given in section 228F; “lessee” means the lessee under the operating lease; “lessor” means the lessor under the operating lease; “operating lease” means the lease referred to in subsection (1)(b); “relevant amount” means an amount equal to the permitted maximum under section 228B as it applies in relation to the leaseback. In sections 228A to 228J of the Capital Allowances Act 2001 (c. 2) (as inserted by subsection (1) above), a reference to a provision of that Act includes a reference to an equivalent provision of the Capital Allowances Act 1990 (c. 1) (with any necessary modification). This section applies to income tax and corporation tax chargeable in relation to periods that end on or after 17 March 2004. Schedule 23 contains transitional provision. Schedule 24 to this Act (which makes provision in relation to cases where payments are or have been made, or treated as made, which are representative of dividends on shares of companies resident in the United Kingdom) has effect. Schedule 25 to this Act (which makes provision for certain reliefs to be available where a member of Lloyd’s converts to limited liability underwriting) has effect. The provisions of the Taxes Act 1988 relating to offshore funds are amended in accordance with Schedule 26 to this Act. Except as otherwise provided— the amendments have effect for account periods (within the meaning of Chapter 5 of Part 17 of that Act) ending on or after the day on which this Act is passed, and regulations made under a power conferred by virtue of any of the amendments may be made so as to have effect in relation to any such account period. Schedule 27 to this Act (which makes amendments relating to the meaning of “offshore installation”) has effect. This Part contains tax provision about pension schemes and other similar schemes. This Chapter defines some basic concepts. As for the rest of this Part— Chapter 2 is about the registration and de-registration of pension schemes, Chapter 3 is about the payments that may be made by registered pension schemes and related matters, Chapter 4 deals with tax reliefs and exemptions in connection with registered pension schemes, Chapter 5 imposes tax charges in connection with registered pension schemes, Chapter 6 is about some schemes that are not registered pension schemes, Chapter 7 makes provision about compliance,and Chapter 8 contains interpretation and other supplementary provisions. In this Part “pension scheme” means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of persons— on retirement, on death, on having reached a particular age, on the onset of serious ill-health or incapacity, or in similar circumstances. A pension scheme is a registered pension scheme for the purposes of this Part at any time if it is at that time registered under Chapter 2. In this Part “public service pension scheme” means a pension scheme— established by or under any enactment, approved by a relevant governmental or Parliamentary person or body, or specified in an order made by the Treasury. In subsection (3) “a relevant governmental or Parliamentary person or body” means— a Minister of the Crown or a government department, the Scottish Parliament, the Scottish Parliamentary Corporate Body or a member of the Scottish Executive, the National Assembly for Wales, the National Assembly for Wales Commission or the Welsh Ministers, or the Northern Ireland Assembly, the Northern Ireland Assembly Commission, a Northern Ireland Minister, the head of a Northern Ireland department or a Northern Ireland department. In this Part “occupational pension scheme” means a pension scheme established by an employer or employers and having or capable of having effect so as to provide benefits to or in respect of any or all of the employees of— that employer or those employers, or any other employer, (whether or not it also has or is capable of having effect so as to provide benefits to or in respect of other persons). This Part applies in relation to certain pension schemes that are not occupational pension schemes as it applies in relation to occupational pension schemes (see section 274ZA and paragraph 1(4A) of Schedule 36). In this Part “sponsoring employer”, in relation to an occupational pension scheme, means the employer, or any of the employers, to or in respect of any or all of whose employees the pension scheme has, or is capable of having, effect so as to provide benefits. In this Part “overseas pension scheme” means a pension scheme (other than a registered pension scheme) which— is established in a country or territory outside the United Kingdom, and satisfies any requirements prescribed for the purposes of this subsection by regulations made by the Board of Inland Revenue. In this Part “recognised overseas pension scheme” means an overseas pension scheme which satisfies any requirements prescribed for the purposes of this subsection by regulations made by the Commissioners for Her Majesty's Revenue and Customs. In this Part “member” in relation to a pension scheme, means any active member, pensioner member, deferred member or pension credit member of the pension scheme. For the purposes of this Part a person is an active member of a pension scheme if there are presently arrangements made under the pension scheme for the accrual of benefits to or in respect of the person. For the purposes of this Part a person is a pensioner member of a pension scheme if the person is entitled to the present payment of benefits under the pension scheme and is not an active member. A person is a deferred member of a pension scheme if the person has accrued rights under the pension scheme and is neither an active member nor a pensioner member. A person is a pension credit member of a pension scheme if the person has rights under the pension scheme which are attributable (directly or indirectly) to pension credits; and, if a person dies having become entitled to pension credits but without having rights attributable to them, the person is to be treated as having acquired, immediately before death, the rights by virtue of which the liability in respect of the pension credits is subsequently discharged. In this Part “arrangement”, in relation to a member of a pension scheme, means an arrangement relating to the member under the pension scheme. For the purposes of this Part an arrangement is a “money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits , collective money purchase benefits or other money purchase benefits. For the purposes of this Part a money purchase arrangement is a “cash balance arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits. For the purposes of this Part a money purchase arrangement is a “collective money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are collective money purchase benefits. In this Part “money purchase benefits”, in relation to a member of a pension scheme, means benefits the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made under the pension scheme by the member or any other person in respect of the member or any other factor).

The reference in subsection (4) to an amount available for the provision of benefits to or in respect of the member includes, in relation to a collective money purchase arrangement, an amount available for the provision of benefits to or in respect of members collectively. In this Part “cash balance benefits” means benefits the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member calculated otherwise than wholly by reference to payments made under the arrangement by the member or by any other person in respect of the member (or transfers or other credits) , and that are not collective money purchase benefits. In this Part “collective money purchase benefits” means benefits that are collective money purchase benefits within the meaning of Part 1 or 2 of the Pension Schemes Act 2021 , or payments of CMP periodic income. For the purposes of this Part an arrangement is a “defined benefits arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are defined benefits. In this Part “defined benefits”, in relation to a member of a pension scheme, means benefits which are not money purchase benefits (but which are calculated by reference to earnings or service of the member or any other factor other than an amount available for their provision). For the purposes of this Part an arrangement is a “hybrid arrangement” at any time if, at that time, all of the benefits that may be provided to or in respect of the member under the arrangement are, depending on the circumstances, to be of one of any two, three or four of the varieties specified in subsection (10). Where not all of the benefits that may be provided under an arrangement to or in respect of the member are of the same one of the varieties of benefits specified in subsection (10), the arrangement is to be treated for the purposes of this Part as being two, three or four separate arrangements one of which relates to each of the two, three or four varieties of benefits that may be so provided. The varieties of benefits mentioned in subsections (8) and (9) are— cash balance benefits, collective money purchase benefits, money purchase benefits that are neither cash balance benefits nor collective money purchase benefits, and defined benefits. An application may be made to the Inland Revenue for a pension scheme to be registered. The application— must contain any information which is reasonably required by the Inland Revenue in any form specified by the Board of Inland Revenue, and must be accompanied by a declaration that the application is made by the scheme administrator (see section 270) and any other declarations by the scheme administrator which are reasonably required by the Inland Revenue. The declarations which the Inland Revenue may require to accompany an application for the registration of a pension scheme include, in particular, a declaration that the instruments or agreements by which it is constituted do not entitle any person to unauthorised payments (see section 160(5)). Following receipt of an application for a pension scheme to be registered the Inland Revenue must decide whether or not to register the pension scheme. The Inland Revenue’s decision must be to register the pension scheme unless it appears that— any information falling within subsection (5A) is inaccurate in a material respect, any document falling within subsection (5B) contains a material inaccuracy, any declaration accompanying the application is false, the scheme administrator has failed to comply with an information notice under section 153A given in connection with the application (including any declaration accompanying it), the scheme administrator has deliberately obstructed an officer of Revenue and Customs in the course of an inspection under section 153B carried out in connection with the application (including any declaration accompanying it) where the inspection has been approved by the tribunal, the pension scheme has not been established, or is not being maintained, wholly or mainly for the purpose of making payments falling within section 164(1)(a) or (b) (authorised payments of pensions and lump sums), ... the person who is, or any of the persons who are, the scheme administrator is not a fit and proper person to be, as the case may be— the scheme administrator, or one of the persons who are the scheme administrator , ... the pension scheme is an occupational pension scheme, and a sponsoring employer in relation to the scheme is a body corporate that has been dormant during a continuous period of one month that falls within the period of one year ending with the day on which the decision is made, ... the pension scheme is an unauthorised Master Trust scheme , or the pension scheme is an unauthorised collective money purchase scheme. The information falling within this subsection is any information— contained in the application, or otherwise provided to an officer of Revenue and Customs by the scheme administrator (whether under section 153A or otherwise) in connection with the application (including any declaration accompanying it). The documents falling within this subsection are any documents produced to an officer of Revenue and Customs by the scheme administrator (whether under section 153A or otherwise) in connection with the application (including any declaration accompanying it). The reference in subsection (5)(d) to the scheme administrator having failed to comply with an information notice under section 153A includes a case where the scheme administrator has concealed, destroyed or otherwise disposed of, or has arranged for the concealment, destruction or disposal of, a document in breach of paragraph 42 or 43 of Schedule 36 to the Finance Act 2008 as applied by section 153A(3). The Inland Revenue must notify the scheme administrator of the decision on the application. Unless the Inland Revenue’s decision is not to register the pension scheme, the notification must state the day on and after which the pension scheme will be a registered pension scheme. An annuity contract made with an insurance company— by means of which benefits under a registered pension scheme have been secured, but which does not provide for the immediate payment of benefits, is to be treated as having become a registered pension scheme on the day on which it is made. Where an order has been made under section 19(4) or 21(2)(a) of the Pensions Act 2004 or Article 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (restitution by order of court or Pensions Regulator) that property or money be transferred, or a sum be paid, towards an annuity contract made with an insurance company, the annuity contract is to be treated as having become a registered pension scheme on the day on which it is made. Schedule 36 contains (in Part 1) provisions treating certain pension schemes in existence immediately before 6th April 2006 as registered pension schemes (and related provisions). This section applies where an application for a pension scheme to be registered is made. An officer of Revenue and Customs may by notice (an “information notice”) require the scheme administrator or any other person— to provide the officer with any information, or to produce a document to the officer, if the officer reasonably requires the information or document in connection with the application (including any declaration accompanying it). Paragraphs 6(2), 7, 8, 15, 16, 18 to 20, 23 to 27, 42 and 43 of Schedule 36 to the Finance Act 2008 (information notices etc) apply in relation to information notices under this section as they apply in relation to information notices under that Schedule. Where an information notice under this section is given to a person other than the scheme administrator, an officer of Revenue and Customs must give a copy of the notice to the scheme administrator. A person, other than the scheme administrator, who is given an information notice under this section may appeal against the notice or any requirement in the notice. Paragraph 32 of Schedule 36 to the Finance Act 2008 (procedures for appeals against information notices) applies for the purposes of an appeal under subsection (5) as it applies for the purposes of an appeal under Part 5 of that Schedule. An officer of Revenue and Customs may— enter any business premises of the scheme administrator or any other person, and inspect documents that are on the premises, if the officer reasonably requires to inspect the documents in connection with the application (including any declaration accompanying it). In subsection (2)(a) “business premises” has the meaning given by paragraph 10(3) of Schedule 36 to the Finance Act 2008 (power to inspect business premises etc). Paragraphs 10(2), 12, 15 and 16 of Schedule 36 to the Finance Act 2008 apply in relation to the power of inspection conferred by this section as they apply in relation to the power of inspection conferred by paragraph 10 of that Schedule. An officer of Revenue and Customs may not inspect a document under this section if or to the extent that, by virtue of a provision of Part 4 of Schedule 36 to the Finance Act 2008 (restrictions on powers) applied by section 153A(3), an information notice under section 153A given at the time of the inspection to the occupier of the premises could not require the occupier to produce the document. An officer of Revenue and Customs may ask the tribunal to approve an inspection under this section. Paragraph 13(1A), (2) and (3) of Schedule 36 to the Finance Act 2008 (approval of tribunal for inspections) applies in relation to an application under subsection (6) as it applies in relation to an application under paragraph 13 of that Schedule in relation to an inspection under paragraph 10 of that Schedule. This section applies where a person other than the scheme administrator— fails to comply with an information notice under section 153A, or deliberately obstructs an officer of Revenue and Customs in the course of an inspection under section 153B that has been approved by the tribunal. The reference in subsection (1)(a) to a person who fails to comply with an information notice includes a person who conceals, destroys or otherwise disposes of, or arranges for the concealment, destruction or disposal of, a document in breach of paragraph 42 or 43 of Schedule 36 to the Finance Act 2008 as applied by section 153A(3). Paragraphs 39(2), 40 and 44 to 49 of Schedule 36 to the Finance Act 2008 (penalties for failure to comply with information notice etc) apply in relation to the failure or obstruction as they apply in relation to a failure or obstruction mentioned in paragraph 39(1) of that Schedule. an application under section 153 contains information which is inaccurate, the inaccuracy is material, and condition A, B or C is met. Condition A is that the inaccuracy is careless or deliberate. An inaccuracy is careless if it is due to a failure by the scheme administrator to take reasonable care. Condition B is that the scheme administrator knows of the inaccuracy at the time the application is made but does not inform an officer of Revenue and Customs at that time. Condition C is that the scheme administrator— discovers the inaccuracy some time later, and fails to take reasonable steps to inform an officer of Revenue and Customs. The scheme administrator is liable to a penalty not exceeding the maximum penalty for which the scheme administrator could have been liable under paragraph 40A of Schedule 36 to the Finance Act 2008 (penalties for inaccurate information and documents) had that paragraph applied in relation to the inaccuracy. Where the information contains more than one material inaccuracy, a penalty is payable for each inaccuracy. Paragraphs 46 to 49 of Schedule 36 to the Finance Act 2008 (assessment of penalties etc) apply in relation to a penalty under this section as they apply in relation to a penalty under paragraph 40A of that Schedule. in complying with an information notice under section 153A, a person provides inaccurate information or produces a document that contains an inaccuracy, and the inaccuracy is material. Paragraphs 40A and 46 to 49 of Schedule 36 to the Finance Act 2008 (penalties for inaccurate information and documents) apply in relation to the inaccuracy as they apply in relation to an inaccuracy connected with an information notice under that Schedule. a declaration accompanying an application under section 153 is false, and at least one of conditions A to C in section 153D is met (reading references to an inaccuracy as references to a falsehood and references to the scheme administrator as references to the person who made the declaration). The person who made the declaration is liable to a penalty not exceeding the maximum penalty for which the person could have been liable under paragraph 40A of Schedule 36 to the Finance Act 2008 (penalties for inaccurate information and documents) had that paragraph applied in relation to the falsehood. Where the declaration contains more than one falsehood, a penalty is payable in relation to each falsehood. An application to register a pension scheme may be made only if the pension scheme— is an occupational pension scheme, or has been established by a person with permission under FISMA 2000 to establish in the United Kingdom a personal pension scheme or a stakeholder pension scheme. But subsection (1) does not apply to a public service pension scheme. Subsection (1) is to be construed in accordance with section 22 of FISMA 2000, any relevant order under that section and Schedule 2 to that Act. The Treasury may by order amend this section .... This section applies where, on an application for a pension scheme to be registered, the Inland Revenue’s decision is not to register the pension scheme. The scheme administrator may appeal against the decision. An appeal under this section against a decision must be brought within the period of 30 days beginning with the day on which the scheme administrator was notified of the decision. On an appeal under this section that is notified to the tribunal, the tribunal must consider whether the pension scheme ought to have been registered by the Inland Revenue. If the tribunal decides that the pension scheme ought not to have been registered by the Inland Revenue, the tribunal must dismiss the appeal. If the tribunal decides that the pension scheme ought to have been registered by the Inland Revenue, the pension scheme is to be treated as having been registered on such date as the tribunal determines (but subject to any further appeal ...). an application for a pension scheme to be registered is made, but the scheme administrator is not notified under section 153(6) within the period of 6 months after the day on which the application is made. The scheme administrator may appeal to the tribunal as if, at the end of that period of 6 months, the scheme administrator had been notified under section 153(6) of a decision not to register the scheme; and section 156(5) to (8) applies accordingly. The Inland Revenue may withdraw the registration of a pension scheme. If the Inland Revenue withdraws the registration of a pension scheme the Inland Revenue must notify the scheme administrator. If there is no-one who is the scheme administrator, the Inland Revenue must instead notify any person or persons— who has or have responsibility for the discharge of any obligation relating to the pension scheme under section 271(4) (continuation of liability where no scheme administrator), section 272 (trustees etc.) or section 273 (members), and whom it is reasonably practicable for the Inland Revenue to identify. The notification must state the date on and after which the pension scheme will not be a registered pension scheme. The registration of a pension scheme may be withdrawn under section 157 only if it appears to the Inland Revenue— that the pension scheme has not been established, or is not being maintained, wholly or mainly for the purpose of making payments falling within section 164(1)(a) or (b) (authorised payments of pensions and lump sums), that the person who is, or any of the persons who are, the scheme administrator is not a fit and proper person to be, as the case may be— one of the persons who are the scheme administrator, that the amount of the scheme chargeable payments (see section 241) made by the pension scheme during any period of 12 months exceeds the de-registration threshold, that the scheme administrator fails to pay a substantial amount of tax (or interest on tax) due from the scheme administrator by virtue of this Part, that the scheme administrator fails to provide information required to be provided to the Inland Revenue by virtue of this Part or Part 1 of Schedule 36 to the Finance Act 2008 and the failure is significant, that any information contained in the application to register the pension scheme or otherwise provided to the Inland Revenue is inaccurate in a material particular, that the scheme administrator fails to produce any document required to be produced to an officer of Revenue and Customs by virtue of this Part or Part 1 of Schedule 36 to the Finance Act 2008, that any document produced to an officer of Revenue and Customs by the scheme administrator contains a material inaccuracy in relation to which at least one of conditions A to C in subsections (7) to (10) is met, that any declaration accompanying the application to register the pension scheme, or otherwise made to an officer of Revenue and Customs in connection with the pension scheme, is false in a material particular, that the scheme administrator has deliberately obstructed an officer of Revenue and Customs in the course of an inspection under section 159B or Part 2 of Schedule 36 to the Finance Act 2008 that has been approved by the tribunal, ... that there is no scheme administrator, ... that the pension scheme is an occupational pension scheme, and a sponsoring employer in relation to the scheme is a body corporate that has been dormant during a continuous period of one month that falls within the period of one year ending with the day on which the decision to withdraw registration is made, ... that the pension scheme is an unauthorised Master Trust scheme , or that the pension scheme is an unauthorised collective money purchase scheme. The amount of the scheme chargeable payments made by a pension scheme during any period of 12 months exceeds the de-registration threshold if the scheme chargeable payments percentage is 25% or more. The scheme chargeable payments percentage is— if only one scheme chargeable payment is made during the period of 12 months, the percentage of the pension fund used up on the occasion of that scheme chargeable payment, and if two or more scheme chargeable payments are made during the period of 12 months, the aggregate of the percentages of the pension fund used up on the occasion of each of those scheme chargeable payments. The percentage of the pension fund used up on the occasion of a scheme chargeable payment is— SCP is the amount of the scheme chargeable payment, and AA is an amount equal to the aggregate of the amount of the sums and the market value of the assets held for the purposes of the pension scheme at the time when the scheme chargeable payment is made. A failure by a scheme administrator to provide information required to be provided to the Inland Revenue by or under this Part or Part 1 of Schedule 36 to the Finance Act 2008 is significant if— the amount of information which the scheme administrator fails to provide is substantial, or the failure to provide the information is likely to result in serious prejudice to the assessment or collection of tax. Subsections (7) to (10) apply for the purposes of subsection (1)(db). Condition B is that the scheme administrator knows of the inaccuracy at the time the document is produced to an officer of Revenue and Customs but does not inform such an officer at that time. This section applies where the Inland Revenue decides to withdraw the registration of a pension scheme under section 157. The scheme administrator, or any person notified under that section of the withdrawal of registration, may appeal against the decision. An appeal under this section against a decision must be brought within the period of 30 days beginning with the day on which the appellant was notified of the decision. On an appeal that is notified to the tribunal, the tribunal must consider whether the registration of the pension scheme ought to have been withdrawn. If the tribunal decides that the registration of the pension scheme ought to have been withdrawn, the tribunal must dismiss the appeal. If the tribunal decides that the registration of the pension scheme ought not to have been withdrawn, the pension scheme is to be treated as having remained a registered pension scheme (but subject to any further appeal ...). An officer of Revenue and Customs may by notice (an “information notice”) require the scheme administrator of a registered pension scheme or any other person— if the officer reasonably requires the information or document for the purpose of considering whether the person who is, or any of the persons who are, the scheme administrator is a fit and proper person to be the scheme administrator or one of those persons (as the case may be). A person who is given an information notice under this section may appeal against the notice or any requirement in the notice. Paragraph 32 of Schedule 36 to the Finance Act 2008 (procedures for appeals against information notices) applies for the purposes of an appeal under subsection (4) as it applies for the purposes of an appeal under Part 5 of that Schedule. enter any business premises of the scheme administrator of a registered pension scheme or of any other person, and if the officer reasonably requires to inspect the documents for the purpose of considering whether the person who is, or any of the persons who are, the scheme administrator is a fit and proper person to be the scheme administrator or one of those persons (as the case may be). In subsection (1)(a) “business premises” has the meaning given by paragraph 10(3) of Schedule 36 to the Finance Act 2008 (power to inspect business premises etc). An officer of Revenue and Customs may not inspect a document under this section if or to the extent that, by virtue of a provision of Part 4 of Schedule 36 to the Finance Act 2008 (restrictions on powers) applied by section 159A(2), an information notice under section 159A given at the time of the inspection to the occupier of the premises could not require the occupier to produce the document. Paragraph 13(1A), (2) and (3) of Schedule 36 to the Finance Act 2008 (approval of tribunal for inspections) applies in relation to an application under subsection (5) as it applies in relation to an application under paragraph 13 of that Schedule in relation to an inspection under paragraph 10 of that Schedule. This section applies where a person— fails to comply with an information notice under section 159A, or deliberately obstructs an officer of Revenue and Customs in the course of an inspection under section 159B that has been approved by the tribunal. The reference in subsection (1)(a) to a person who fails to comply with an information notice includes a person who conceals, destroys or otherwise disposes of, or arranges for the concealment, destruction or disposal of, a document in breach of paragraph 42 or 43 of Schedule 36 to the Finance Act 2008 as applied by section 159A(2). in complying with an information notice under section 159A, a person provides inaccurate information or produces a document that contains an inaccuracy, and The only payments which a registered pension scheme is authorised to make to or in respect of a person who is or has been a member of the pension scheme are those specified in section 164. In this Part “unauthorised member payment” means— a payment by a registered pension scheme to or in respect of a person who is or has been a member of the pension scheme which is not authorised by section 164, and anything which is to be treated as an unauthorised payment to or in respect of a person who is or has been a member of the pension scheme under this Part. The only payments which a registered pension scheme that is an occupational pension scheme is authorised to make to or in respect of a person who is or has been a sponsoring employer are those specified in section 175. In this Part “unauthorised employer payment” means— a payment by a registered pension scheme that is an occupational pension scheme, to or in respect of a person who is or has been a sponsoring employer, which is not authorised by section 175, and anything which is to be treated as an unauthorised payment to a person who is or has been a sponsoring employer under section 181. If an unauthorised member payment or unauthorised employer payment made to or in respect of a person would have been greater but for a reduction made in respect of the whole, or any proportion, of the amount which the scheme administrator considers may be the amount of the liability to the scheme sanction charge in respect of it, it is to be regarded for the purposes of this Part as increased by the amount of the reduction. But if the amount, or that proportion of the amount, of that liability is in fact less than the amount of the reduction, a subsequent payment of an amount not exceeding the difference between that amount and the amount of the reduction made— to or in respect of the same person, and before the end of the period of two years beginning with the date on which the unauthorised member payment or unauthorised employer payment was made, is not to be regarded for the purposes of this Part as an unauthorised member payment or unauthorised employer payment. In this Part “unauthorised payment” means— an unauthorised member payment, or an unauthorised employer payment. As well as section 157 (de-registration), the following provisions— section 208 (unauthorised payments charge), section 209 (unauthorised payments surcharge), section 239 (scheme sanction charge), and section 242 (de-registration charge), specify consequences of making unauthorised payments. Sections 182 to 185 contain provision about amounts that a registered pension scheme is not authorised to borrow. Sections 185A to 185I contain provision about the receipt of income and gains from taxable property. As well as section 157, sections 239 and 242 specify consequences of unauthorised borrowing and the receipt of income and gains from taxable property. Schedule 36 contains (in Parts 3 and 4) transitional provision about unauthorised payments. This section applies for the interpretation of this Chapter. “Payment” includes a transfer of assets and any other transfer of money’s worth. Subsection (4) applies to a payment made or benefit provided under or in connection with an investment (including an insurance contract or annuity) acquired using sums or assets held for the purposes of a registered pension scheme. The payment or benefit is to be treated as made or provided from sums or assets held for the purposes of the pension scheme, even if the pension scheme has been wound up since the investment was acquired. A payment made by a registered pension scheme to or in respect of a person who— is connected with a person who is or has been a member or sponsoring employer (or was connected with such a person at the date of the person's death), and is not a person who is or has been a member or sponsoring employer, is to be treated as made in respect of the person who is or has been a member or sponsoring employer. Any asset held by a person connected with a person who is or has been a member or sponsoring employer (or who was connected with such a person at the date of the person's death) is to be treated as held for the benefit of the person who is or has been a member or sponsoring employer. Any increase in the value of an asset held by, or reduction in the liability of, a person connected with a person who is or has been a member or sponsoring employer (or who was connected with such a person at the date of the person's death) is to be treated as an increase or reduction for the benefit of the person who is or has been a member or sponsoring employer. For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. “Loan” does not include the purchase of or subscription to debentures, debenture stock, loan stock, bonds, certificates of deposit or other instruments creating or acknowledging indebtedness which are— listed or dealt in on a recognised stock exchange (within the meaning of section 1005 of ITA 2007), or offered to the public. A guarantee of a loan made to or in respect of a person who is or has been a member or sponsoring employer of a registered pension scheme , or to or in respect of a person who is connected with a person who is or has been a member or sponsoring employer of a registered pension scheme but is not such a person, is to be treated as a loan to or in respect of the person who is or has been a member or sponsoring employer of an amount equal to the amount guaranteed. If a person who is or has been a member or sponsoring employer of a registered pension scheme or a person who is connected with a person who is or has been a member or sponsoring employer of a registered pension scheme but is not such a person— is liable to pay a debt, the right to payment of which constitutes an asset held for the purposes of the pension scheme, but is not required to pay it by the relevant date, the debt is to be treated as a loan made by the pension scheme to the person who is or has been a member or sponsoring employer on that date. The relevant date is the date by which a person at arm’s length from the pension scheme might be expected to be required to pay the debt. Borrowing is borrowing by a registered pension scheme if the amount borrowed is to be repaid from sums or assets held for the purposes of the pension scheme. A liability is a liability of a registered pension scheme if the liability is to be met from sums or assets held for the purposes of the pension scheme. Borrowing by a registered pension scheme is in respect of an arrangement if it is properly attributable to the arrangement in accordance with the provisions of the pension scheme and any just and reasonable apportionment. The only payments a registered pension scheme is authorised to make to or in respect of a person who is or has been a member of the pension scheme are— pensions permitted by the pension rules or the pension death benefit rules to be paid to or in respect of a member (see sections 165 and 167), lump sums permitted by the lump sum rule or the lump sum death benefit rule to be paid to or in respect of a member (see sections 166 and 168), recognised transfers (see section 169), scheme administration member payments (see section 171), payments pursuant to a pension sharing order or provision, payments of inheritance tax under section 226B of the Inheritance Tax Act 1984 (direct payment of tax by scheme administrator), and payments of a description prescribed by regulations made by the Board of Inland Revenue. Regulations under subsection (1)(f) may— provide that for the purposes of Part 9 of ITEPA 2003 all or part of a prescribed payment is to be treated as pension under a registered pension scheme, or as a lump sum of a prescribed description, provide that all or part of a prescribed payment is subject to the short service refund lump sum charge... or the special lump sum death benefits charge, provide that a prescribed event in relation to a prescribed payment is to be treated as a relevant benefit crystallisation event for the purposes of section 637Q or 637S of ITEPA 2003 (availability of individual’s lump sum allowance and lump sum and death benefit allowance), and “prescribed” means prescribed in regulations under subsection (1)(f). The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision— having the effect that the making of a prescribed authorised payment does not (directly or indirectly) result in an individual first flexibly accessing pension rights for the purposes of sections 227B to 227F, having the effect that the making of a prescribed authorised payment is not a relevant withdrawal for the purposes of section 579CA of ITEPA 2003, and having the effect that the making of a prescribed payment by a pension scheme that is not a registered pension scheme, where the payment would be an authorised payment if the scheme were a registered pension scheme, is not a relevant withdrawal for the purposes of section 576A of ITEPA 2003. “authorised payment” means a payment specified in subsection (1), and “prescribed” means prescribed in regulations under subsection (3). These are the rules relating to the payment of pensions by a registered pension scheme to a member of the pension scheme (“the pension rules”). Pension rule 1 No payment of pension may be made before the day on which the member reaches normal minimum pension age, unless the ill-health condition was met immediately before the member became entitled to a pension under the pension scheme. Pension rule 2 If the member dies before the end of the period of ten years beginning with the day on which the member became entitled to a scheme pension or an annuity, and if in the case of an annuity that day was before 6 April 2015, payment of the scheme pension or annuity may continue to be made (to any person) until the end of that period. If the member becomes entitled to an annuity on or after 6 April 2015 and the annuity is payable until the later of the member's death and the end of a term certain, payment of the annuity may continue to be made (to any person) until the end of that term. Except as provided by the preceding provisions of this rule, no payment of the member’s pension may be made after the member’s death. Pension rule 3 No payment of pension other than a scheme pension may be made in respect of a defined benefits arrangement or a collective money purchase arrangement. Pension rule 4 No payment of pension other than— a scheme pension, a lifetime annuity, or drawdown pension may be made in respect of a money purchase arrangement that is not a collective money purchase arrangement; but a scheme pension may only be paid if the member had an opportunity to select a lifetime annuity instead. Pension rule 5 The total amount of drawdown pension paid in each drawdown pension year from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fund in respect of a money purchase arrangement must not exceed 150% of the basis amount for the drawdown pension . In this Part “pension”, in relation to a registered pension scheme, includes— an annuity, and income withdrawal. For the purposes of this Part, a person becomes entitled to a pension under a registered pension scheme— in the case of income withdrawal under the pension scheme, whenever sums or assets held for the purposes of an arrangement under the pension scheme are designated as available for the payment of drawdown pension, and in any other case, when the person first acquires an actual (rather than a prospective) right to receive the pension and, for this purpose, the abatement of a scheme pension under a public service pension scheme is not to be taken to affect the right to receive it. Part 1 of Schedule 28 gives the meaning of expressions used in the pension rules. This is the rule relating to the payment of lump sums by a registered pension scheme to a member of the pension scheme (“the lump sum rule”). Lump sum rule No lump sum may be paid other than— a pension commencement lump sum, a pension commencement excess lump sum, a serious ill-health lump sum, an uncrystallised funds pension lump sum, a short service refund lump sum, a refund of excess contributions lump sum, a trivial commutation lump sum , or a winding-up lump sum, ... For the purposes of this Part, a person becomes entitled to a lump sum under a registered pension scheme— in the case of a pension commencement lump sum or a pension commencement excess lump sum, immediately before the person becomes entitled to the pension in connection with which it is paid (or, if the person dies before becoming entitled to the pension in connection with which it was anticipated it would be paid, immediately before death), in the case of an uncrystallised funds pension lump sum, immediately before it is paid, and in any other case, when the person acquires an actual (rather than a prospective) right to receive the lump sum. Part 1 of Schedule 29 gives the meaning of expressions used in the lump sum rule. Schedule 36 contains (in Part 3) transitional provisions about lump sums. The Commissioners for Her Majesty's Revenue and Customs may by regulations amend Part 1 of Schedule 29, or Part 3 of Schedule 36, in connection with cases involving a lump sum within subsection (6). A lump sum is within this subsection if— the sum is paid on or after 19 September 2013 and before 6 April 2015, or the sum is paid before 19 September 2013, a contract for a lifetime annuity is entered into to provide the pension in connection with which the sum is paid, and on or after 19 March 2014 the contract is cancelled. The provision that may be made under subsection (5) includes provision altering the effect of amendments made by the Finance Act 2014. These are the rules relating to the payment of pension death benefits by a registered pension scheme in respect of a member of the pension scheme (“the pension death benefit rules”). Pension death benefit rule 1 No payment of pension death benefit may be made otherwise than to a dependant, or nominee or successor, of the member. Pension death benefit rule 2 No payment of pension death benefit other than a dependants' scheme pension may be made in respect of a defined benefits arrangement or a collective money purchase arrangement. Pension death benefit rule 3 No payment of pension death benefit other than— a dependants' scheme pension, a dependants' annuity, or dependants’ drawdown pension, may be made to a dependant in respect of a money purchase arrangement that is not a collective money purchase arrangement; but a dependants' scheme pension may only be paid if the member or dependant had an opportunity to select a dependants' annuity instead. Pension death benefit rule 3A No payment of pension death benefit, other than a nominees' annuity in respect of a money purchase arrangement or nominees' drawdown pension in respect of a money purchase arrangement, may be made to a nominee of the member. Pension death benefit rule 3B No payment of pension death benefit, other than a successors' annuity in respect of a money purchase arrangement or successors' drawdown pension in respect of a money purchase arrangement, may be made to a successor of the member. Pension death benefit rule 4 The total amount of dependants’ drawdown pension paid to a dependant in each drawdown pension year from, or under a dependants' short-term annuity purchased using sums or assets out of, the dependant's drawdown pension fund in respect of a money purchase arrangement must not exceed 150% of the basis amount for the drawdown pension year. ... For the purposes of this Part, a person becomes entitled to dependants' income withdrawal, nominees' income withdrawal or successors' income withdrawal under a registered pension scheme whenever sums or assets held for the purposes of an arrangement under the pension scheme are designated as available for the payment of (as the case may be) dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension. In this part “pension death benefit” means a pension payable on the death of the member (other than a member’s pension payable after the member’s death under pension rule 2: see section 165), or a pension payable in respect of the member on the subsequent death of a dependant, nominee or successor of the member. Part 2 of Schedule 28 gives the meaning of expressions used in the pension death benefit rules. This is the rule relating to the payment of lump sum death benefits by a registered pension scheme in respect of a member of the pension scheme (“the lump sum death benefit rule”). Lump sum death benefit rule No lump sum death benefit may be paid other than— a defined benefits lump sum death benefit, a pension protection lump sum death benefit, an uncrystallised funds lump sum death benefit, an annuity protection lump sum death benefit, a drawdown pension fund lump sum death benefit, a flexi-access drawdown fund lump sum death benefit, a charity lump sum death benefit , or a trivial commutation lump sum death benefit, ... In this Part “lump sum death benefit” means a lump sum payable on the death of the member , or a lump sum payable in respect of the member on the subsequent death of a dependant, nominee or successor of the member. Part 2 of Schedule 29 gives the meaning of expressions used in the lump sum death benefit rule. Schedule 36 contains (in Part 3) transitional provision about lump sum death benefits. A “recognised transfer” is a transfer of sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme so as to become held for the purposes of, or to represent rights under— another registered pension scheme, or a qualifying recognised overseas pension scheme, in connection with a member of that pension scheme. A transfer of sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme to an insurance company is to be treated as a recognised transfer if the sums or assets had been applied by the pension scheme towards the provision of a scheme pension or a dependants' scheme pension (but subject to regulations under subsections (1B) and (1C)). The Board of Inland Revenue may by regulations provide that, where any of the sums or assets transferred represent rights in respect of a scheme pension to which a member of a registered pension scheme has become entitled (“the original scheme pension”)— the transfer is not a recognised transfer unless those sums and assets are, after the transfer, applied towards the provision of a scheme pension (a “new scheme pension”), and if they are so applied, the new scheme pension is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original scheme pension. The Board of Inland Revenue may by regulations provide that, where any of the sums or assets transferred represent rights in respect of a dependants' scheme pension to which a dependant of a member of a registered pension scheme has become entitled in respect of the member (“the original dependants' scheme pension”)— the transfer is not a recognised transfer unless those sums and assets are, after the transfer, applied towards the provision of a dependants' scheme pension (a “new dependants' scheme pension”), and if they are so applied, the new dependants' scheme pension is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original dependants' scheme pension. The Board of Inland Revenue may by regulations provide that, where any of the sums or assets transferred represent— a member's drawdown pension fund or dependant's drawdown pension fund, ... or a member's flexi-access drawdown fund or dependant's flexi-access drawdown fund, or a nominee's flexi-access drawdown fund, or a successor's flexi-access drawdown fund, under an arrangement (“the old arrangement”), the transfer is not a recognised transfer unless all of those sums and assets become held under an arrangement under which no other sums or assets are held (“the new arrangement”). If regulations so provide they may make in relation to cases in which the sums and assets become so held provision as to the treatment for the purposes of any provision of this Part of— the sums and assets transferred, and the new arrangement, including provision for treating the sums and assets transferred as remaining, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, sums and assets held under the old arrangement. The Commissioners for His Majesty’s Revenue and Customs may by regulations make provision as to the treatment for the purposes of any provision of this Part of— sums or assets that— were transferred in accordance with section 36 of the Pension Schemes Act 2021 and regulations made under that section (collective money purchase scheme pursuing continuity option 1: discharge of liabilities and winding up (Great Britain)), were transferred in accordance with section 87 of the Pension Schemes Act 2021 and regulations made under that section (collective money purchase scheme pursuing continuity option 1: discharge of liabilities and winding up (Northern Ireland)), or are derived from sums or assets within sub-paragraph (i) or (ii); any pension or other benefits provided from sums or assets within paragraph (a). The provision that may be made under subsection (1F) includes provision for treating sums or assets within paragraph (a) of that subsection as remaining, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, held for the purposes of the collective money purchase arrangement under the pension scheme from which they were transferred. For the purposes of this Part a recognised overseas pension scheme is a qualifying recognised overseas pension scheme if— the scheme manager has given to the Inland Revenue notification that it is a recognised overseas pension scheme and has provided any such evidence that it is a recognised overseas pension scheme as the Inland Revenue may require, the scheme manager has undertaken to the Inland Revenue to inform the Inland Revenue if it ceases to be a recognised overseas pension scheme, the scheme manager has confirmed to an officer of Revenue and Customs that the scheme manager understands the scheme manager's potential liability to overseas transfer charge and has undertaken to such an officer to operate the charge including by meeting the scheme manager's liabilities to the charge, the scheme manager has undertaken to the Inland Revenue to comply with any requirements imposed under subsection (4), and the recognised overseas pension scheme is not excluded from being a qualifying recognised overseas pension scheme by subsection (5). Regulations may make provision as to— information that is to be included in, or is to accompany, a notification under subsection (2)(a); the way and form in which such a notification, or any required information or evidence, is to be given or provided. In this Part “scheme manager”, in relation to a pension scheme, means the person or persons administering, or responsible for the management of, the pension scheme.

Regulations may require the scheme manager of a QROPS or former QROPS to— give the Commissioners information of a prescribed description, give the Commissioners such evidence as they may require of a prescribed matter, give information of a prescribed description to the scheme manager of a QROPS or former QROPS, give information of a prescribed description to the scheme administrator of a registered pension scheme, give information of a prescribed description to a member, or former member, of the QROPS or former QROPS, and give a prescribed authority, in prescribed circumstances, information of a prescribed description. Regulations may require a member, or former member, of a QROPS or former QROPS to give information of a prescribed description to the scheme manager of a QROPS or former QROPS. Regulations under subsection (4) or (4ZA) may make provision as to— the way and form in which information or evidence is to be given, and the times or intervals at which information or evidence is to be given. The regulations may apply any provision of Part 7 of Schedule 36 to FA 2008 (penalties), with or without modifications, in relation to requirements imposed under the regulations on a former QROPS. Provision under subsection (2A)(b) or (4A)(a) may, in particular, provide for use of a way or form specified by the Commissioners. A recognised overseas pension scheme is excluded from being a qualifying recognised overseas pension scheme by this subsection if the Commissioners have decided that— any of the following conditions is met in relation to the scheme— there has been a failure to comply with a relevant requirement and the failure is significant, any information given pursuant to a relevant requirement is inaccurate in a material respect, any declaration given pursuant to a relevant requirement is false in a material respect, there is no scheme manager, and by reason of that condition being met it is not appropriate that transfers of sums or assets held for the purposes of, or representing accrued rights under, registered pension schemes so as to become held for the purposes of, or to represent rights under, the recognised overseas pension scheme should be recognised transfers, and has notified the person or persons appearing to be the scheme manager of that decision (but subject to subsection (7) and section 170). A failure to comply with a requirement is significant if— it is a failure to give information or evidence that is (or may be) of significance, or there are reasonable grounds for believing that the failure prejudices (or might prejudice) the assessment or collection of tax by the Commissioners. The Inland Revenue— may at any time after a recognised overseas pension scheme becomes excluded from being a qualifying recognised overseas pension scheme decide that the pension scheme is to cease to be so excluded, and must notify the scheme manager of the decision. Regulations may, in a case where— any of the sums and assets transferred by a relevant overseas transfer represent rights in respect of a pension to which a person has become entitled under the transferring scheme (“the original pension”), and those sums and assets are, after the transfer, applied towards the provision of a pension under the other scheme (“the new pension”), provide that the new pension is to be treated, to such extent as is prescribed and for such of the purposes of this Part as are prescribed, as if it were the original pension. For the purposes of subsection (7A), a “relevant overseas transfer” is a transfer of sums or assets held for the purposes of, or representing accrued rights under, a relevant overseas scheme (“the transferring scheme”) so as to become held for the purposes of, or to represent rights under— another relevant overseas scheme, or a registered pension scheme, In subsection (7B) “relevant overseas scheme” means— a QROPS, or a relevant non-UK scheme (see paragraph 1(5) of Schedule 34). Regulations under subsection (7A) may— apply generally or only in specified cases, and make different provision for different cases. In subsections (4) to (6) , (7A) to (7D) and this subsection— “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs; “prescribed” means prescribed by regulations; “QROPS” means a qualifying recognised overseas pension scheme, and “former QROPS” means a scheme that has at any time been a QROPS; “regulations” means regulations made by the Commissioners; “relevant requirement” means— a requirement imposed by regulations under subsection (4), or a requirement imposed by virtue of Part 1 of Schedule 36 to FA 2008 (powers to obtain information and documents), or a requirement to pay overseas transfer charge, or interest on overseas transfer charge, imposed by regulations under section 244L(2) or by an assessment under such regulations. This section applies where a recognised overseas pension scheme is excluded from being a qualifying recognised overseas pension scheme by a decision of the Inland Revenue under section 169(5). The scheme manager may appeal against the decision. An appeal under this section against a decision must be brought within the period of 30 days beginning with the day on which the notification of the decision was given. On an appeal that is notified to the tribunal, the tribunal must consider whether the recognised overseas pension scheme ought to have been excluded from being a qualifying recognised overseas pension scheme. If the tribunal decides that the recognised overseas pension scheme ought to have been excluded from being a qualifying recognised overseas pension scheme, the tribunal must dismiss the appeal. If the tribunal decides that the recognised overseas pension scheme ought not to have been excluded from being a qualifying recognised overseas pension scheme, the recognised overseas pension scheme is to be treated as having remained a qualifying recognised overseas pension scheme (but subject to any further appeal ...). A “scheme administration member payment” is a payment by a registered pension scheme to or in respect of a person who is or has been a member of the pension scheme which is made for the purposes of the administration or management of the pension scheme. But if a payment falling within subsection (1) exceeds the amount which might be expected to be paid to a person who was at arm’s length, the excess is not a scheme administration member payment. Scheme administration member payments include in particular— the payment of wages, salaries or fees to persons engaged in administering the pension scheme, and payments made for the purchase of assets to be held for the purposes of the pension scheme. A loan to or in respect of a person who is or has been a member of the pension scheme is not a scheme administration member payment. Regulations made by the Board of Inland Revenue may provide that payments of a description specified in the regulations are, or are not, scheme administration member payments. Subsection (2) applies if a member of a registered pension scheme (or the member’s personal representatives) assigns or agrees to assign any benefit, other than an excluded pension, to which the member (or any dependant, nominee or successor of the member) has an actual or prospective entitlement under the pension scheme, or any right in respect of any sums or assets held for the purposes of any arrangement under the pension scheme. Unless the assignment or agreement is pursuant to a pension sharing order or provision, the pension scheme is to be treated as making an unauthorised payment to the member (or to the member’s personal representatives in respect of the member). Subsection (4) applies if a person (or a person’s personal representatives) assigns or agrees to assign any benefit, other than an excluded pension, to which the person has a prospective entitlement under the pension scheme in respect of a member of the pension scheme, or any right in respect of any sums or assets held for the purposes of any arrangement relating to a member of the pension scheme under the pension scheme. Unless the assignment or agreement is pursuant to a pension sharing order or provision, the pension scheme is to be treated as making an unauthorised payment to the person (or the person’s personal representatives) in respect of the member. The amount of the unauthorised payment is the greater of— the consideration received in respect of the assignment or agreement, and the consideration which might be expected to be received in respect of the assignment or agreement if the parties to the transaction were at arm’s length and any power to reduce the entitlement to the benefit or right did not exist. Where a pension scheme is treated by this section as having made an unauthorised payment in relation to an assignment (or an agreement to assign), payments by the pension scheme of the benefit or right assigned (or agreed to be assigned) are not unauthorised payments. References in this section to a benefit to which the member or a person has an entitlement under the pension scheme includes rights to payments under— a scheme pension or dependants' scheme pension provided by the scheme administrator or as a result of the application of sums or assets held for the purposes of the pension scheme, or a lifetime annuity or dependants' annuity, or nominees' annuity or successors' annuity, purchased by the application of sums or assets held for the purposes of the pension scheme. An excluded pension is so much of any pension which under pension rule 2 may continue to be paid after the member's death as may be so paid. “Assignment” includes assignation and related expressions are to be read accordingly. Subsection (2) applies if a member of a registered pension scheme surrenders or agrees to surrender— any benefit, other than an excluded pension, to which the member (or any dependant, nominee or successor of the member) has a prospective entitlement under an arrangement under the pension scheme, any rights to payments under a lifetime annuity or dependants' annuity, or nominees' annuity or successors' annuity, purchased by the application of sums or assets held for the purposes of the pension scheme, or The pension scheme is to be treated as making an unauthorised payment to the member. Subsection (4) applies if a person surrenders or agrees to surrender— any benefit, other than an excluded pension, to which the person has a prospective entitlement under an arrangement under the pension scheme in respect of a member of a pension scheme, or any right in respect of any sums or assets held for the purposes of any arrangement relating to a member of the pension scheme under the pension scheme. The pension scheme is to be treated as making an unauthorised payment to the person in respect of the member. Subsections (2) and (4) do not apply to— a surrender pursuant to a pension sharing order or provision, a surrender (or agreement to surrender) by the member in return for the conferring on a dependant, or nominee, of an entitlement to benefits after the member's death, a surrender (or agreement to surrender) by a dependant, nominee or successor of the member (“the beneficiary”) in return for the conferring, on a successor of the member, of an entitlement to benefits after the beneficiary's death, a transfer of (or agreement to transfer) benefits or rights so as to become benefits or rights under another arrangement under the pension scheme relating to the member, dependant, nominee or successor, a surrender of (or agreement to surrender) rights to payments under an annuity in any case covered by regulations under paragraph 3(2B) or 17(3) of Schedule 28; a surrender made as part of a retirement-benefit activities compliance exercise, a surrender of a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) made in order to comply with Part 5 of the Equality Act 2010, so far as relating to age, or the Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations) a surrender (or agreement to surrender) which constitutes an assignment (or agreement to assign) within section 172, or any surrender (or agreement to surrender) of a description prescribed by regulations made by the Board of Inland Revenue. Subsection (5)(b) applies only if the entitlement is held (or is to be held) by the dependant, or nominee, under an arrangement under the pension scheme relating to the member or dependant or nominee. Subsection (5)(ba) applies only if the entitlement is held (or is to be held) by the successor under an arrangement under the pension scheme relating to the beneficiary or successor. Regulations under subsection (5)(f) may include provision having effect in relation to times before they are made. Subsections (2) and (4) do not apply to the surrender of a benefit to which the member (or a dependant or nominee or successor of the member) has a prospective entitlement, or to which the person has a prospective entitlement in respect of a member, under an arrangement that is a defined benefits arrangement or cash balance arrangement unless— in consequence of the surrender, the actual or prospective entitlement of another member (or dependant, or nominee or successor, of another member) of the pension scheme, or of another person in respect of another member, to benefits under the scheme is increased, and the two members are or have been connected persons. The amount of the unauthorised payment is the consideration that might be expected to be received if what is surrendered were assigned by a transaction between parties at arm's length and any power to reduce the entitlement to the benefit or right did not exist. In this section “surrender”, in relation to any benefit or right of a member (or dependant of a member) of a pension scheme or other person, includes any schemes, arrangements or understandings of any kind (whether or not legally enforceable) the main purpose, or one of the main purposes, of which is to reduce the member's (or dependant's), or person's, entitlement to the benefit or right. For the purposes of this section an excluded pension is so much of any pension which under pension rule 2 may continue to be paid after the member's death as may be so paid. For the purposes of this section a surrender relating to an arrangement under the pension scheme (“the old arrangement”) is made as part of a retirement-benefit activities compliance exercise if— it is made in connection with the making of an arrangement under another pension scheme relating to the member (“the new arrangement”), the old arrangement and the new arrangement relate to the same employment, both the rights surrendered and the rights conferred under the new arrangement consist of or include a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both), the surrender and the making of the new arrangement constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and the rights surrendered and the rights conferred under the new arrangement are not significantly different. This section applies if— at any time after the death of a relevant member of a registered pension scheme, there is an increase in the pension rights of another member of the pension scheme which is attributable to the death, and the dead member and other member were connected persons immediately before the death. A member of a registered pension scheme is a relevant member if, immediately before his death, any of his rights under the pension scheme are— rights to benefit to which the member (or any dependant or nominee or successor of the member) has a prospective entitlement under an arrangement under the pension scheme, rights to payments under a scheme pension or dependants' scheme pension provided by the scheme administrator or as a result of the application of sums or assets held for the purposes of the pension scheme or under a lifetime annuity or dependants' annuity, or nominees' annuity or successors' annuity, purchased by the application of sums or assets held for the purposes of the pension scheme, ... rights representing the nominee's flexi-access drawdown fund or successor's flexi-access drawdown fund in respect of an arrangement under the pension scheme, rights representing the member's drawdown pension fund or dependant's drawdown pension fund in respect of an arrangement under the pension scheme, or rights representing the member's flexi-access drawdown fund or dependant's flexi-access drawdown fund in respect of an arrangement under the pension scheme. There is at any time an increase in the pension rights of the other member of the pension scheme which is attributable to the death if— the consideration which might be expected to be received in respect of an assignment (or assignation) of the benefits to which he has an actual or prospective entitlement under the pension scheme at that time, exceeds the consideration which might be expected to be received in respect of such an assignment (or assignation) immediately before that time, in consequence of the death (ignoring for the purposes of paragraphs (a) and (b) any power to reduce the entitlement to the benefits). The pension scheme is to be treated as making an unauthorised payment to the other member (or to the other member's personal representatives) of an amount equal to the excess (but subject to subsection (5))). The amount which would (apart from this subsection) constitute the unauthorised payment is to be reduced by so much of the excess as arises— from the other member becoming entitled to pension death benefits or lump sum death benefits in respect of the dead member, or in any manner prescribed by regulations made by the Board of Inland Revenue. Regulations under subsection (5)(c) may include provision having effect in relation to times before they are made. This section does not apply if— the benefits to which each of at least 20 members of the pension scheme has an actual or prospective entitlement under the pension scheme are increased at the same rate in consequence of the death. the increase mentioned in subsection (1)(a) is an increase in the rate of a dependants' annuity, nominees' annuity, successors' annuity or dependants' scheme pension or in rights representing a nominee's flexi-access drawdown fund, successor's flexi-access drawdown fund, dependant's drawdown pension fund or dependant's flexi-access drawdown fund, and the increase is attributable to rights of the dead member to payments under a dependants' annuity, nominees' annuity, successors' annuity or dependants' scheme pension or rights representing a nominee's flexi-access drawdown fund, successor's flexi-access drawdown fund, dependant's drawdown pension fund or dependant's flexi-access drawdown fund. This section does not apply if the increase in the pension rights of the other member is brought about by an assignment (or agreement to assign) within section 172. contributions are paid under a registered pension scheme by an employer otherwise than in respect of any individual, in any tax year any of the contributions become held for the purposes of the provision of benefits to or in respect of a member of the pension scheme under any relevant arrangement or arrangements (“the allocated contributions”), the amount of the allocated contributions exceeds the permitted maximum, and the member and the employer, or the member and any person connected with the employer at any time during the tax year, are connected persons at any time during the tax year. An arrangement is a relevant arrangement if it is— a money purchase arrangement that is not a cash balance arrangement or a collective money purchase arrangement, or a hybrid arrangement under which the benefits that may be provided to or in respect of the member are, or include, money purchase benefits that are not cash balance benefits or collective money purchase benefits. “The permitted maximum” is— the maximum amount of relief to which the member is entitled under section 188 (relief for contributions) in respect of relievable pension contributions paid during the tax year (see section 190), less the amount of any contributions paid by employers under any registered pension scheme in respect of the member in the tax year. But if the member is a also a member of one or more other registered pension schemes, the permitted maximum in relation to each of the registered pension schemes of which he is a member is— PM is the amount arrived at under subsection (3), and N is the number of registered pension schemes of which he is a member. The pension scheme is to be treated as making an unauthorised payment to the member (or to the member's personal representatives). The amount of the unauthorised payment is the amount by which the amount of the allocated contributions exceeds the permitted maximum. This section applies where, at any time during any pension input period in respect of a relevant arrangement relating to a member of an occupational pension scheme that is a registered pension scheme, the member and— a sponsoring employer, or a person connected with a sponsoring employer. are connected persons. the pension input amount for the pension input period in respect of the relevant arrangement, exceeds the notional unconnected person input amount for the pension input period in respect of the relevant arrangement, the pension scheme is to be treated as making an unauthorised payment to the member (or to the member's personal representatives) of an amount equal to the excess. A relevant arrangement is an arrangement under the pension scheme that is— a defined benefits arrangement, a cash balance arrangement, or a hybrid arrangement under which the benefits that may be provided to or in respect of the member are, or include, defined benefits or cash balance benefits. The pension input amount for a pension input period in respect of the relevant arrangement is to be determined in accordance with— sections 230 to 232 if the relevant arrangement is a cash balance arrangement, sections 234 to 236A if it is a defined benefits arrangement, and section 237 if it is a hybrid arrangement, treating references in those sections to the individual as to the member and treating section 237 as if the references to input amount B were omitted. The notional unconnected person input amount for the pension input period in respect of the relevant arrangement is what the pension input amount, as so determined, would have been if the member were connected with— a person connected with a sponsoring employer, at no time during the pension input period. A registered pension scheme is to be treated as having made an unauthorised payment to a person who is or has been a member of the pension scheme if an asset held for the purposes of the pension scheme is used to provide a benefit (other than a payment) to— the person, or a member of the person's family or household. If the benefit is received by reason of an employment which is not lower-paid employment as a minister of religion, subsection (1) does not apply. If the benefit is received by reason of an employment which is lower-paid employment as a minister of religion, subsection (1) only applies if— it is a benefit to which Chapter 6 or 10 of the benefits code (cars and vans, and benefits not dealt with elsewhere in benefits code) would apply if the employment were not lower-paid employment as a minister of religion, the pension scheme is an occupational pension scheme, and the person, or a member of the person's family or household, is a director of, and has a material interest in, a sponsoring employer. A registered pension scheme is to be treated as having made an unauthorised payment in respect of a person who is or has been a member of the pension scheme if, after the person's death, an asset held for the purposes of the pension scheme is used to provide a benefit (other than a payment) to a person who, at the date of the person's death, was a member of the person's family or household. The person who receives the benefit is to be treated as having received the unauthorised payment. If the benefit is received by reason of an employment which is not lower-paid employment as a minister of religion, subsections (4) and (5) do not apply. If the benefit is received by reason of an employment which is lower-paid employment as a minister of religion, subsections (4) and (5) only apply if— paragraphs (a) and (b) of subsection (3) apply, and at the date of the person's death the person, or a member of the person's family or household, was a director of, and had a material interest in, a sponsoring employer. the pension scheme is an investment-regulated pension scheme, and the asset consists of taxable property. The amount of an unauthorised payment treated as having been made by this section— in relation to such benefits, and in such circumstances, as may be prescribed by regulations made by the Board of Inland Revenue, is an amount determined in accordance with the regulations, and otherwise, is the amount which would be the cash equivalent of the benefit under the benefits code if the benefit were received by reason of an employment and the benefits code applied to it. For the purposes of subsection (8)— references in the benefits code to the employee are to be treated as references to the person who is or has been a member, and references in the benefits code to the employer are to be treated as references to the pension scheme. “the benefits code” has the meaning given by section 63(1) of ITEPA 2003, “director” has the meaning given by section 67 of that Act, “lower-paid employment as a minister of religion” has the meaning given by section 290D of that Act, and “material interest” has the meaning given by section 68 of that Act. Section 721 of ITEPA 2003 applies for the purposes of determining the members of a person’s family or household. A registered pension scheme is to be treated as having made an unauthorised payment to a person who is or has been a member of the pension scheme if, in connection with any of the events mentioned in subsection (3) or a change in the value of a currency— the value of an asset held for the purposes of the pension scheme is reduced or a liability of the pension scheme is increased, and the value of an asset held by or for the benefit of the person is increased, a liability of the person is reduced, or a liability of another person is reduced for the benefit of the person. But if the event or the change in the value of the currency occurs after the person's death— the pension scheme is to be treated as having made an unauthorised payment in respect of the person (rather than to the person), and the person who holds the asset or is subject to the liability in relation to which subsection (1)(b) is satisfied is to be treated as having received the unauthorised payment. The events are— the creation, alteration, release or extinction of any power, right, option or liability relating to assets held for the purposes of the pension scheme (whether or not provided for in the terms on which the asset is acquired or held), the creation, alteration, release or extinction of any power, right or option relating to a liability of the pension scheme (whether or not provided for in the terms on which the liability is incurred), the exercise of, or failure to exercise, any power, right or option in relation to assets held for the purposes of the pension scheme or a liability of the pension scheme, or the exercise of, or failure to exercise, any power, right or option which constitutes an asset held for the purposes of the pension scheme, in a way which differs from that which might be expected if the parties to the transaction were at arm’s length. The amount of the unauthorised payment is the amount by which the reduction in value of the asset held for the purposes of the pension scheme, or the increase in the liability of the pension scheme, exceeds that which might be expected if the parties to the transaction were at arm’s length. Regulations made by the Board of Inland Revenue may make provision as to how the excess is to be calculated in relation to events of a description specified in the regulations (including provision as to the times at which the asset or liability is to be valued). An investment-regulated pension scheme is to be treated as making an unauthorised payment to a member of the pension scheme if— the pension scheme acquires an interest in taxable property, and the interest is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member. an interest in taxable property is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member, and the property is improved. an interest in property which is not residential property is held by the pension scheme for the purposes of an arrangement under the pension scheme relating to the member, and the property is converted or adapted to become residential property. Schedule 29A makes provision supplementing this section; and in that Schedule— Part 1 defines “investment-regulated pension scheme”, Part 2 defines “taxable property” (and “residential property”), Part 3 explains what it means to acquire, and to hold, an interest in taxable property, and Part 4 contains provision for calculating the amounts of unauthorised payments treated as made by this section and explains when the unauthorised payments are treated as made. The only payments which a registered pension scheme that is an occupational pension scheme is authorised to make to or in respect of a person who is or has been a sponsoring employer are— public service scheme payments (see section 176), authorised surplus payments (see section 177), compensation payments (see section 178), authorised employer loans (see section 179), scheme administration employer payments (see section 180), and A payment is a public service scheme payment if— it is made by a public service pension scheme, and it is not of a description prescribed by regulations made by the Board of Inland Revenue. For the purposes of this Part a payment is an authorised surplus payment if it is of a description prescribed by regulations made by the Board of Inland Revenue. A payment is a compensation payment if it is made in respect of a member’s liability to a sponsoring employer in respect of a criminal, fraudulent or negligent act or omission by the member. A loan made to or in respect of a person who is or has been a sponsoring employer is an authorised employer loan if— the amount loaned does not exceed an amount equal to 50% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme immediately before the loan is made, the loan is secured by a charge which is of adequate value, and the repayment terms comply with subsection (2). The repayment terms comply with this subsection if— the rate of interest payable on the loan is not less than the rate prescribed by regulations made by the Board of Inland Revenue, the loan repayment date is before the end of the period of five years beginning with the date on which the loan is made, or has been postponed to a date after the end of that period under subsection (3), and the amount payable in each period beginning with the date on which the loan is made, and ending with the last day of a loan year, is not less than the required amount. If on a standard loan repayment date any amount (including interest) is owing, the loan repayment date may be postponed to a date before the end of the period of five years beginning with the standard loan repayment date. The loan repayment date may be postponed under subsection (3) only once. If the amount of a loan to or in respect of a person who is or has been a sponsoring employer is increased, the amount of the increase is to be treated as a loan made on the date of the increase. Schedule 30 gives the meaning of expressions used in this section and explains how to calculate the amount of the unauthorised payment when a loan to or in respect of a person who is or has been a sponsoring employer does not comply with subsection (1). In this section and that Schedule “charge” includes a right in security or an agreement to create a right in security; and any reference to assets subject to a charge or assets charged includes a reference to the property over which such a right is granted. Schedule 36 contains (in Part 4) transitional provision about loans to sponsoring employers. A “scheme administration employer payment” is a payment made— by a registered pension scheme that is an occupational pension scheme, and to or in respect of a person who is or has been a sponsoring employer, for the purposes of the administration or management of the pension scheme. But if a payment falling within subsection (1) exceeds the amount which might be expected to be paid to a person who was at arm’s length, the excess is not a scheme administration employer payment. Scheme administration employer payments include in particular— A loan to or in respect of a person who is or has been a sponsoring employer is not a scheme administration employer payment. Payments made to acquire shares in a sponsoring employer are not scheme administration employer payments if, when the payment is made— the market value of shares in the sponsoring employer held for the purposes of the pension scheme is equal to or greater than 5% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme, or the total market value of shares in sponsoring employers held for the purposes of the pension scheme is equal to or greater than 20% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme. Regulations made by the Board of Inland Revenue may provide that payments of a description specified in the regulations are, or are not, scheme administration employer payments. A registered pension scheme that is an occupational pension scheme is to be treated as having made an unauthorised payment to a person who is or has been a sponsoring employer if, in connection with any of the events mentioned in subsection (2) or a change in the value of a currency— A registered pension scheme is not authorised to borrow an amount in respect of a money purchase arrangement that is not a collective money purchase arrangement unless the arrangement borrowing condition is met. The arrangement borrowing condition is met if— APB is the aggregate of the amounts previously borrowed in respect of the arrangement (excluding any amounts which have been repaid), PB is the amount proposed to be borrowed in respect of the arrangement, and VA is the value of the arrangement. The value of the arrangement is the aggregate of— the amount of such of the sums and the market value of such of the assets as represent the member's drawdown pension fund in respect of the arrangement (if any), the amount of such of the sums and the market value of such of the assets as represent the member's flexi-access drawdown fund in respect of the arrangement (if any), the amount of such of the sums and the market value of such of the assets as represent dependants' drawdown pension funds or dependants' flexi-access drawdown funds in respect of the arrangement (if any), the amount of such of the sums and the market value of such of the assets as represent nominees' flexi-access drawdown funds in respect of the arrangement (if any), the amount of such of the sums and the market value of such of the assets as represent successors' flexi-access drawdown funds in respect of the arrangement (if any), the aggregate of the value of each scheme pension or dependants' scheme pension payable in respect of the arrangement, and the value of the uncrystallised rights under the arrangement. The value of a scheme pension or dependants' scheme pension payable in respect of the arrangement is— RVF is the relevant valuation factor (see section 276), and ARP is the annual rate at which the pension is payable. Rights are uncrystallised if no-one has become entitled to the present payment of benefits in respect of the rights; and a person is to be treated as entitled to the present payment of benefits in respect of the sums and assets representing the person’s drawdown pension fund or the person's flexi-access drawdown fund. If the arrangement is a cash balance arrangement, the value of the uncrystallised rights under the arrangement is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits in respect of those rights if a person became entitled to benefits in respect of those rights. If the arrangement is a money purchase arrangement other than a cash balance arrangement, the value of the uncrystallised rights under the arrangement is the aggregate of the amount of such of the sums, and the market value of such of the assets, held for the purposes of the arrangement as represent those rights. If the arrangement is a hybrid arrangement under which either cash balance benefits or other money purchase benefits (but not defined benefits or collective money purchase benefits) may be provided, the value of the uncrystallised rights under the arrangement is the greater of— their value calculated under subsection (6) (on the assumption that cash balance benefits are provided), and their value calculated under subsection (7) (on the assumption that other money purchase benefits are provided). Subsection (2) applies if a registered pension scheme borrows in respect of a money purchase arrangement an amount which it is not authorised to borrow under section 182. The pension scheme is to be treated as having made a scheme chargeable payment— if subsection (3) applies, of an amount calculated in accordance with subsection (4), and otherwise, of the amount borrowed. This subsection applies if, immediately before the amount is borrowed— If subsection (3) applies, the amount of the scheme chargeable payment is— In subsections (3) and (4)— AB is the amount borrowed, and VA is the value of the arrangement, calculated in accordance with section 182(3), immediately before the amount is borrowed. A registered pension scheme is not authorised to borrow an amount in respect of any relevant arrangement unless the scheme borrowing condition is met. In this section “relevant arrangement” means an arrangement that— is not a money purchase arrangement, or is a collective money purchase arrangement. The scheme borrowing condition is met if— APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of relevant arrangements (excluding any amounts which have been repaid), PB is the amount proposed to be borrowed by the pension scheme, and AARA is the aggregate amount of the relevant sums and assets. The aggregate amount of the relevant sums and assets is the aggregate of— the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are relevant arrangements, and the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are relevant arrangements. Subsection (2) applies if a registered pension scheme borrows, in respect of an arrangement which is not a money purchase arrangement, an amount which it is not authorised to borrow under section 184. APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of arrangements which are not money purchase arrangements (excluding any amounts which have been repaid), AARA is the aggregate amount of the relevant sums and assets, calculated in accordance with section 184(3), immediately before the amount is borrowed. An investment-regulated pension scheme is to be treated as having made a scheme chargeable payment if the pension scheme holds an interest in taxable property in a tax year. The amount of the scheme chargeable payment depends on whether a person who holds the interest in the property directly receives profits arising from the interest in the tax year. If a person who holds the interest in the property directly receives such profits in the tax year, the amount of the scheme chargeable payment is the greater of— an amount equal to the amount of the annual profits from the interest in the property (see section 185B(1)), and the amount of the deemed profits from the interest in the property for the year (see sections 185B(2) and 185C). If no person who holds the interest in the property directly receives such profits in the tax year, the amount of the scheme chargeable payment is the amount of the deemed profits from the interest in the property for the year (see sections 185B(2) and 185C). But where section 185D applies, the amount of the scheme chargeable payment is the amount found under subsection (3) or (4) as apportioned to the pension scheme in accordance with that section. Section 185E makes provision for credits against income tax charged under section 239 (scheme sanction charge) in respect of a scheme chargeable payment treated as made by virtue of this section. For the purposes of section 185A(3) the amount of the annual profits from the interest in the property is the total amount of profits received from the interest in the tax year— by each person who holds the interest directly, and at a time when the property is scheme-held taxable property. For the purposes of section 185A(3) and (4) the amount of the deemed profits from the interest in the property for the tax year is— DMV is the deemed market value of the interest in the property for the year (see section 185C), DTP is the number of days in the year for which the property is scheme-held taxable property, and DY is the number of days in the year. In this Part “scheme-held taxable property” means property— which is taxable property, and an interest in which is held by the pension scheme. For the purposes of section 185B(2), where no person who holds the interest in the property directly during the tax year does so by virtue of a lease of residential property, the deemed market value of the interest for the year is— MV is the opening market value (see subsection (2)), UP is the total of any unauthorised payments treated as made by the pension scheme under section 174A in relation to the property in the tax year, other than any such payment treated as made by virtue of the property becoming scheme-held taxable property in the year, and RPI is the figure expressed as a decimal which represents the percentage increase in the retail prices index between the first day in the tax year on which the property is scheme-held taxable property and the last such day (or, if there is no such increase, is nil). In subsection (1) “the opening market value” means— if the property is not scheme-held taxable property immediately before the beginning of the tax year, the market value of the interest in the property immediately after the time during the year when the property first becomes scheme-held taxable property, and otherwise, the deemed market value of the interest for the previous tax year. For the purposes of section 185B(2), where a person who holds the interest in the property directly during the tax year does so by virtue of a lease of residential property, the deemed market value of the interest for the year is the relevant rental value of the property calculated in accordance with paragraph 34 of Schedule 29A on the following assumptions— that the lease was granted when the property first became scheme-held taxable property; that the term of the lease is 50 years; that a fully commercial rent is payable for the first five years of that term; that afterwards the rent is reviewed on an upwards-only basis. This section applies where the pension scheme holds the interest in the property indirectly for the whole of the period in the tax year for which the property is scheme-held taxable property. The amount that would otherwise be the amount of the scheme chargeable payment is to be apportioned to the pension scheme by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made— by the pension scheme, in connection with the acquisition of the interest in the property, and at the end of the last day in the tax year on which the property is scheme-held taxable property. But where— the amount found in relation to the pension scheme on the day mentioned in paragraph (c) of subsection (2), differs from the amount that would be found in relation to the pension scheme under that subsection on another day in the tax year on which the property is scheme-held taxable property, the amount to be apportioned to the pension scheme under this section is the average of the amounts produced by applying subsection (2) in relation to the pension scheme on each day in the tax year on which the property is scheme-held taxable property. the pension scheme holds the interest in the property indirectly in the tax year, a person who holds the interest directly receives profits arising from the interest at a time in the tax year when the property is scheme-held taxable property, tax is payable on those profits by that person (assuming them to be the highest part of the person's income for the tax year in which they are received), and that tax has been paid. The amount determined under subsection (3) is to be allowed as a credit against any income tax charged under section 239 in respect of the scheme chargeable payment treated as made by virtue of the pension scheme holding the interest in the property in the tax year. That amount is a proportion of the tax payable and paid determined by reference to the proportion of the amount that would otherwise be the amount of the scheme chargeable payment that is apportioned to the pension scheme under section 185D. by virtue of this section an amount is allowed as a credit against income tax charged under section 239, and the amount of tax payable and paid by reference to which the amount of the credit was calculated is subsequently varied, the amount of the credit is to be varied accordingly, and any necessary adjustments are to be made to give effect to the variation (whether by making assessments or otherwise). An investment-regulated pension scheme is to be treated as having made a scheme chargeable payment where— in a tax year the pension scheme holds an interest in property which is taxable property or which has been taxable property at any time whilst the interest has been held by the pension scheme (a “taxable interest”), a gain is treated as accruing to the pension scheme in respect of the taxable interest in the tax year, and the total amount of gains treated as accruing to the pension scheme in respect of taxable interests in the tax year exceeds the total amount of losses treated as accruing to the pension scheme in respect of taxable interests in the tax year. The amount of the scheme chargeable payment is an amount equal to the difference between— the total amount of gains treated as accruing to the pension scheme in respect of taxable interests in the tax year, and the total amount of losses treated as accruing to the pension scheme in respect of taxable interests in the tax year, (but this is subject to section 185G(10)).

A gain or loss is treated as accruing to a pension scheme in respect of a taxable interest in a tax year if— by virtue of section 185G a chargeable gain or allowable loss is treated for the purposes of this section as accruing in the tax year to the person who holds the taxable interest directly, or in the tax year the pension scheme or another vehicle ceases to hold all or part of an interest in a vehicle through which the pension scheme holds the taxable interest indirectly (see section 185H). For the purposes of this section the person (“the transferor”) who holds the taxable interest directly is to be treated as holding an asset (a “taxable asset”) consisting of the interest. For the purpose of determining— whether the transferor disposes of the taxable asset, when such a disposal takes place, and whether a chargeable gain or allowable loss is treated for the purposes of section 185F as accruing to the transferor on a disposal of the taxable asset in a tax year and, if so, the amount of the chargeable gain or allowable loss, TCGA 1992 is to be treated as applying to the transferor and the taxable asset, but subject as follows. TCGA 1992 is to be treated as applying as if— throughout the tax year the transferor were resident... ... in the United Kingdom, no allowable losses accrued to the transferor in any previous tax year, notice under section 16(2A) (losses) of that Act were given by the transferor in relation to the year in respect of any loss treated as accruing to the transferor in the year from a disposal of the taxable asset, section 45(1) (wasting assets) of that Act did not apply to a disposal of the taxable asset, for the purposes of section 53 (indexation allowance) of that Act the transferor were not chargeable to corporation tax in respect of any chargeable gain accruing to the transferor from a disposal of the taxable asset, section 171(1) (transfers within a group) of that Act did not apply to a disposal of the taxable asset (so that no election could be made in relation to such a disposal under section 171A (notional transfers within a group) of that Act), and sections 222 to 224 (relief on disposal of private residence) of that Act did not apply to a gain on a disposal of the taxable asset by virtue of section 225 (private residence occupied under terms of settlement) of that Act. Where the taxable asset became taxable property whilst held directly by the pension scheme, TCGA 1992 is to be treated as applying to a disposal of the asset as if— the asset had been acquired by the transferor at the time it became taxable property, and the amount deductible under section 38(1)(a) (consideration for acquisition of asset) of that Act in respect of the disposal were the amount of the unauthorised payment treated as made by the pension scheme at that time. Subsections (6) to (8) apply where the pension scheme holds the taxable asset indirectly. TCGA 1992 is to be treated as applying to a disposal of the asset as if the amount deductible under section 38(1) of that Act in respect of the disposal were— the total amount of unauthorised payments treated as made by the pension scheme in respect of the taxable asset up to the time of the disposal, less the amount found under paragraph (a) to the extent that it has already been taken into account in calculating the gains or losses accruing to the pension scheme in respect of the taxable asset by virtue of this section or section 185H. The amount that would otherwise be the amount of the consideration for which the disposal is made (or treated as made) is to be scaled down by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made— in connection with the acquisition of the interest in the property which constitutes the taxable asset, and at the time of the disposal. Subsection (6) is subject to section 42 of TCGA 1992 (part disposals); but in the application of that section in relation to the taxable asset the amount of the consideration for the disposal is to be taken to be that amount apart from subsection (7). Where the taxable asset was not taxable property for the whole period beginning with— the time when the pension scheme acquired the asset, or if later, the time when the asset first became taxable property, and ending with the disposal, the amount that would otherwise be the amount of any chargeable gain or allowable loss treated as accruing on a disposal of the asset is to be reduced by reference to the proportion of the period for which the asset was not taxable property. the taxable asset is a wasting asset consisting of tangible moveable property, and by virtue of section 185F, a loss is treated as accruing to the pension scheme from a disposal of the asset in a tax year, the loss is only to be allowed as a deduction from any gains treated as accruing to the pension scheme by virtue of that section from other disposals in the year of taxable assets which are wasting assets consisting of tangible moveable property. This section applies for the purposes of section 185F where the pension scheme or another vehicle ceases to hold all or part of an interest in a vehicle through which the pension scheme holds the taxable interest indirectly. The pension scheme is to be treated as disposing of the interest in the vehicle through which the pension scheme holds the taxable interest indirectly. The amount of the gain or loss treated as accruing to the pension scheme on the disposal of the interest in the vehicle is the difference between— the deemed consideration received for the disposal of the interest, and the deemed consideration given for the interest. The deemed consideration received for the disposal of the interest in the vehicle is the difference between— the market value of the taxable interest at the time of the disposal, apportioned to the pension scheme in accordance with subsection (5) immediately before that time, and the market value of the taxable interest at the time of the disposal, apportioned to the pension scheme in accordance with subsection (5) immediately after that time. An amount mentioned in subsection (4) is to be apportioned to the pension scheme by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made— in connection with the acquisition of the taxable interest, and at the time at which the amount is to be apportioned to the pension scheme in accordance with that subsection. The deemed consideration given for the interest in the vehicle is— the total amount of unauthorised payments treated as made by the pension scheme in respect of the taxable interest up to the time of the disposal, less the amount found under paragraph (a) to the extent that it has already been taken into account in calculating the gains or losses accruing to the pension scheme in respect of the taxable interest by virtue of section 185G or this section. This section applies where by virtue of section 185F a pension scheme is to be treated as making a scheme chargeable payment which is to any extent attributable— to a chargeable gain treated by virtue of section 185G as accruing to another person on a disposal of a taxable asset, or to a gain treated by virtue of section 185H as accruing to the pension scheme as a result of another person disposing of an interest in a vehicle through which the pension scheme holds a taxable interest indirectly. tax is payable in respect of the disposal by the person who makes the disposal, and that tax has been paid, the amount determined under subsection (3) or (4) (as appropriate) is to be allowed as a credit against any income tax charged under section 239 in respect of the scheme chargeable payment. In a case within paragraph (a) of subsection (1), that amount is a proportion of the amount of tax paid and payable determined by reference to the proportion of the amount of consideration for the disposal that is apportioned under section 185G(7). In a case within paragraph (b) of subsection (1), that amount is the amount of tax paid and payable apportioned to the pension scheme by applying paragraphs 41 to 43 of Schedule 29A to it as if it were the total taxable amount in relation to an unauthorised payment treated as made— in connection with an acquisition of the taxable interest by the person disposing of the interest in the vehicle, and For the purposes of this Part— a lump sum to which this section applies is treated as never having been paid, and the payment by which it is repaid is treated as not being a payment. This section applies to a lump sum if— the sum is paid by a registered pension scheme to a member of the scheme in respect of a money purchase arrangement, the sum is paid to the member in connection with a pension under the scheme to which it is expected that the member will become entitled (“the expected pension”), the expected pension is income withdrawal, a lifetime annuity or a scheme pension, the sum is paid before the member becomes entitled to the expected pension, the sum is paid on or after 19 September 2013 but before 6 April 2015, or the sum is paid before 19 September 2013, a contract for a lifetime annuity is entered into to provide the expected pension, and on or after 19 March 2014 the contract is cancelled, before the member becomes entitled to the expected pension, the member repays the sum to the pension scheme that paid it, and the repayment is made before 6 October 2015. For the purposes of subsection (2), if the circumstances are as described in subsection (2)(e)(ii), the member is treated as not having become entitled to the expected pension as a result of the cancelled contract having been entered into. No liability to income tax arises in respect of— income derived from investments or deposits held for the purposes of a registered pension scheme, or underwriting commissions applied for the purposes of a registered pension scheme which are not relevant foreign income and which would otherwise be chargeable to income tax under Chapter 8 of Part 5 of ITTOIA 2005 (income not otherwise charged). The exemption provided by subsection (1) does not apply to income derived from investments or deposits held as a member of a property investment LLP; and for this purpose “income” includes relevant stock lending fees, in relation to any investments, to which subsection (1) would apply by virtue of section 129B of ICTA (inclusion of relevant stock lending fees in income). The exemption provided by subsection (1) does not prevent the income from being charged to tax by virtue of section 185A. In this Part “investments”, in relation to a registered pension scheme, includes futures contracts and options contracts; and income derived from transactions relating to futures contracts or options contracts is to be treated as derived from the contracts. For that purpose a contract is not prevented from being a futures contract or an options contract by the fact that a party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets) in full settlement of all obligations. Section 271 of TCGA 1992 (exemptions) is amended as follows. In paragraph (b) of subsection (1), for the words after “part of” substitute “ the Fund mentioned in section 613(4) of the Taxes Act (House of Commons Members' Fund); ”. In subsection (1), omit— paragraph (d) (retirement annuity contracts), paragraph (g) (exempt approved schemes), paragraph (h) (approved personal pension schemes), and paragraph (j) (authorised unit trusts which are also approved personal pension schemes or exempt approved schemes), and the second sentence. A gain accruing to a person on a disposal of investments held for the purposes of a registered pension scheme is not a chargeable gain. Omit subsection (2) (superannuation funds approved before 6th April 1980). In subsection (10)— for “subsections (1)(g) and (h) and (2)” substitute “ subsection (1A) ”, and omit the words after “options contracts”. In subsection (12), for “Subsection (1)(b), (c), (d), (g) and (h) and subsection (2)” substitute “ Subsections (1)(b) and (c) and (1A) ”. An individual who is an active member of a registered pension scheme is entitled to relief under this section in respect of relievable pension contributions paid during a tax year if the individual is a relevant UK individual for that year. In this Part “relievable pension contributions”, in relation to an individual and a pension scheme, means contributions by or on behalf of the individual under the pension scheme other than contributions to which subsection (3) or (3A) applies. This subsection applies to— any contributions paid after the individual has reached the age of 75, any contributions which are life assurance premium contributions (see section 195A), any contributions paid by an employer of the individual (as to which see sections 196 to 201), ... This subsection applies to a contribution if the contribution results from the transfer of property or money, or the payment of a sum, towards the pension scheme pursuant to a relevant order in a case where— section 266A (members' liability in respect of unauthorised member payments) applies, and relief is claimed under that section in respect of the liability mentioned in subsection (1)(a) of that section. In the case of a contribution which is greater than UMP (see section 266A(5)), subsection (3A) does not apply to the contribution so far as it is greater than UMP. In subsection (3A) “relevant order” means an order under any of the following— section 16(1), 19(4) or 21(2)(a) of the Pensions Act 2004 (orders for money etc to be restored to pension schemes), or Article 12(1), 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (corresponding provision for Northern Ireland). For the purposes of this Part a pension credit which increases the rights of the individual under the pension scheme is only to be treated as a contribution on behalf of the individual if it derives from a pension scheme that is not a registered pension scheme. any other transfer of any sum held for the purposes of, or representing accrued rights under, a pension scheme so as to become held for the purposes of, or to represent rights under, another pension scheme, ... is not to be treated as a contribution. References in the Income Tax Acts to relief in respect of life assurance premiums do not include relief under this section. The following sections make further provision about relief under this section— section 189 (relevant UK individual), section 190 (annual limit for relief), sections 191 to 194 (methods of giving relief), and section 195 (transfer of certain shares to be treated as payment of contribution). For the purposes of this Part an individual is a relevant UK individual for a tax year if— the individual has relevant UK earnings chargeable to income tax for that year, the individual is resident in the United Kingdom at some time during that year, the individual was resident in the United Kingdom both at some time during the five tax years immediately before that year and when the individual became a member of the pension scheme, or the individual, or the individual’s spouse or civil partner, has for the tax year general earnings from overseas Crown employment subject to UK tax. In this Part “relevant UK earnings” means— employment income, income which is chargeable under Part 2 of ITTOIA 2005 and is immediately derived from the carrying on or exercise of a trade, profession or vocation (whether individually or as a partner acting personally in a partnership), ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and income to which subsection (2A) applies. This subsection applies to income if— it is patent income, and the individual, alone or jointly, devised the invention for which the patent in question was granted. The income covered by subsection (2)(b) includes— an amount treated as a profit under section 863J(2) of ITTOIA 2005, and income treated as received under section 863J(4) of that Act. For the purposes of this section and section 190 relevant UK earnings are to be treated as not being chargeable to income tax if, in accordance with arrangements having effect by under section 2(1) of the Taxation (International and Other Provisions) Act 2010 (double taxation agreements), they are not taxable in the United Kingdom. “General earnings from overseas Crown employment subject to UK tax” has the meaning given by section 28 of ITEPA 2003. “Patent income” means— royalties or other sums paid in respect of the use of a patent charged to tax under section 579 of ITTOIA 2005, amounts on which tax is payable under section 587 or 593 of ITTOIA 2005, or amounts on which tax is payable under— section 472(5) of the Capital Allowances Act, or paragraph 100 of Schedule 3 to that Act. The maximum amount of relief to which an individual is entitled under section 188 (relief for contributions) for a tax year is (subject as follows) the amount of the individual’s relevant UK earnings which are chargeable to income tax for the tax year. If the amount of the individual’s relevant UK earnings which are chargeable to income tax for the tax year is less than the basic amount, the maximum amount of relief to which the individual is entitled under section 188 for the tax year is increased by the difference between— the amount of the individual’s relevant UK earnings which are so chargeable, and the basic amount, (so that, if the individual has no relevant UK earnings which are so chargeable, the maximum amount of such relief is the basic amount). Subsection (2) is subject to section 191(7) (limit on methods of giving relief to which individual is entitled by virtue of subsection (2)). “The basic amount” is £3,600 or such greater amount as the Treasury may by order specify. Relief to which an individual is entitled under section 188 (relief for contributions) in respect of contributions is to be given as provided by this section. Subject as follows, the relief is to be given in accordance with section 192 (relief at source). Subject to subsection (7), relief in respect of contributions under a pension scheme made by a member of the pension scheme may (instead of being given in accordance with section 192) be given in accordance with section 193 (relief under net pay arrangements) if— the pension scheme is an occupational pension scheme, the member is an employee of a sponsoring employer, and relief in respect of contributions made under the pension scheme by all of the other members of the pension scheme who are employees of the sponsoring employer is given in accordance with that section. Subject to subsection (7), relief in respect of contributions under a pension scheme made by a member of the pension scheme may (instead of being given in accordance with section 192) be given in accordance with section 193 if— the pension scheme is a public service pension scheme or marine pilots' benefits fund, and the member is an employee. Subject to subsection (7), subsection (6) applies where— contributions are made under a public service pension scheme or marine pilots' benefit fund by a member who is not an employee, or contributions are made otherwise than by a member of the pension scheme under a net pay pension scheme. Relief in respect of the contributions— may (but need not) be given in accordance with section 192, but where not so given, is to be given in accordance with section 194 (relief on making of claim). Relief to which an individual is entitled by virtue of section 190(2)— may only be given in accordance with section 192, and is not required to be given in respect of contributions under a net pay pension scheme. In this section “marine pilots' benefits fund” means— a fund established under section 15(1)(i) of the Pilotage Act 1983 (c. 21), or any scheme supplementing or replacing such a fund. In this Part “net pay pension scheme” means a pension scheme in the case of which some or all of the members of the pension scheme are entitled to be given relief in accordance with section 193 in respect of the payment of contributions by them under the pension scheme. Schedule 36 contains (in Part 4) transitional provision about relief in respect of contributions to pre-commencement retirement annuity contracts. Where an individual is entitled to be given relief in accordance with this section in respect of the payment of a contribution under a pension scheme, the individual or other person by whom the contribution is paid is entitled, on making the payment, to deduct and retain out of it a sum equal to income tax on the contribution at the relevant rate . For the purposes of this section and sections 192A and 192B “the relevant rate” is— if the Commissioners for Her Majesty’s Revenue and Customs so notify the scheme administrator, the Scottish basic rate for the tax year in which the payment is made; if the Commissioners for Her Majesty’s Revenue and Customs so notify the scheme administrator, the Welsh basic rate for the tax year in which the payment is made; and the basic rate for that tax year in all other cases. If a sum is deducted from the payment of the contribution— the scheme administrator must allow the deduction on receipt of the residue, the individual or other person is acquitted and discharged of so much money as is represented by the deduction as if the sum had actually been paid, and the sum deducted is to be treated as income tax paid by the scheme administrator. When the payment of the contribution is received— the scheme administrator is entitled to recover from the Board of Inland Revenue the amount which is treated as income tax paid by the scheme administrator in relation to the contribution, and any amount so recovered is to be treated for the purposes of the Tax Acts in the same manner as the payment of the contribution. If (apart from this section) income tax at the higher rate or the additional rate ... is chargeable in respect of any part of the individual's total income for the tax year, on the making of a claim the basic rate limit and the higher rate limit for the tax year in the individual's case are increased by the amount of the contribution. the individual is a Scottish taxpayer for the tax year, (apart from this section) income tax is chargeable in respect of any part of that individual’s total income for the tax year at a Scottish rate, and that rate is higher than the Scottish basic rate for that year, on the making of a claim, the Scottish basic rate limit, and any other Scottish rate limit for the tax year in the individual’s case that is above the Scottish basic rate limit , are increased by the amount of the contribution. the individual is a Welsh taxpayer for the tax year, and (apart from this section) income tax is chargeable in respect of any part of that individual’s total income for the tax year at the Welsh higher rate or Welsh additional rate, on the making of a claim, the basic rate limit and the higher rate limit for the tax year in the individual’s case, are increased by the amount of the contribution. Subsections (1) and (2) have effect subject to such conditions as the Board of Inland Revenue may prescribe by regulations. The Board of Inland Revenue may by regulations make provision for carrying subsections (1) to (3) into effect, in particular by making provision— about how a sum is to be recovered under subsection (3)(a) (including the manner in which a claim for the recovery of a sum is to be made), for the giving of such information, in such form, as may be prescribed by or under the regulations, for the inspection of documents by persons authorised by the Board of Inland Revenue, and specifying the consequences of failure to comply with conditions prescribed by virtue of subsection (6). Regulations under this section may, in particular— modify the operation of any provision of the Tax Acts, or provide for the application of any provision of the Tax Acts (with or without modification). Where, after relief is given to an individual in accordance with this section for a tax year, an assessment, alteration of an assessment or other adjustment of the individual’s liability to tax is made, any appropriate consequential adjustments are to be made in relief given to the individual in accordance with this section. Where relief is given to an individual in accordance with this section for a tax year in respect of a contribution, relief is not to be given— in respect of the contribution under any other provision of the Income Tax Acts, or (in the case of a contribution under an annuity contract) in respect of any other premium or consideration for an annuity under the same contract. Subsection (10) does not apply to prevent the giving of relief in respect of the contribution in accordance with subsection 192A. An individual to whom relief is given in accordance with section 192 in respect of a contribution is entitled to a tax reduction for the tax year in which the payment of the contribution is made if the conditions in subsection (2) , (3A) or (4) are met. The conditions are that— the relevant rate is not the Scottish basic rate for the tax year in which the payment of the contribution is made, the individual is a Scottish taxpayer for that tax year, and the Scottish basic rate for that tax year is higher than the relevant rate. If the conditions in subsection (2) are met, the amount of the tax reduction is an amount equal to the difference between the amount of relief which would have been given if the relevant rate were the Scottish basic rate for the tax year in which the payment is made and the amount of relief given under section 192. the relevant rate is not the Welsh basic rate for the tax year in which the payment of the contribution is made, the individual is a Welsh taxpayer for that tax year, and the Welsh basic rate for that tax year is higher than the relevant rate. If the conditions in subsection (3A) are met, the amount of the tax reduction is an amount equal to the difference between the amount of relief which would have been given if the relevant rate were the Welsh basic rate for the tax year in which the payment is made and the amount of relief given under section 192. the relevant rate is not the basic rate for the tax year in which the payment of the contribution is made, the individual is neither a Scottish taxpayer nor a Welsh taxpayer for that tax year, and the basic rate for that tax year is higher than the relevant rate. If the conditions in subsection (4) are met, the amount of the tax reduction is an amount equal to the difference between the amount of relief which would have been given if the relevant rate were the basic rate for the tax year in which the payment is made and the amount of relief given under section 192. A tax reduction under this section is given effect at Step 6 of the calculation in section 23 of ITA 2007. If relief is given to an individual in accordance with section 192 in respect of a contribution and the conditions in subsection (2) , (3A) or (4) are met, an amount of excessive relief given is treated as an amount of tax for which the individual is liable for the tax year in which the payment of the contribution is made. the Scottish basic rate for that tax year is lower than the relevant rate. If the conditions in subsection (2) are met, the amount of excessive relief given is an amount equal to the difference between the amount of relief given and the amount of relief which would have been given if the relevant rate were the Scottish basic rate for the tax year in which the payment is made. the Welsh basic rate for that tax year is lower than the relevant rate. If the conditions in subsection (3A) are met, the amount of excessive relief given is an amount equal to the difference between the amount of relief given and the amount of relief which would have been given if the relevant rate were the Welsh basic rate for the tax year in which the payment is made. the relevant rate is not the basic rate for the tax year in which the payment of the contribution is made, and the basic rate for that tax year is lower than the relevant rate. If the conditions in subsection (4) are met, the amount of excessive relief given is an amount equal to the difference between the amount of relief given and the amount of relief which would have been given if the relevant rate were the basic rate for the tax year in which the payment is made. An amount of excessive relief treated as an amount of tax under this section is added at Step 7 of the calculation in section 23 of ITA 2007. This section applies where an individual is entitled to be given relief in accordance with this section in respect of the payment of a contribution under a pension scheme. The amount of the contribution is to be allowed to be deducted by the sponsoring employer from the employment income from the individual’s employment with the employer for the tax year in which the payment is made. A deduction may be made only once in respect of the same contribution. A claim for excess relief may be made if— the amount of the contributions paid by an individual under one or more relevant net pay pension schemes in a tax year exceeds the employment income from the individual’s employment or employments with the sponsoring employer or employers for the tax year, or it is not possible for the sponsoring employer or employers for any other reason to deduct the whole amount of the contribution from the individual’s employment income. A net pay pension scheme is a relevant net pay pension scheme if the members of the pension scheme entitled to be given relief in accordance with this section in respect of the payment of contributions by them under the pension scheme include the individual. On the making of the claim for excess relief the amount of the excess may be deducted in calculating the net income of the individual for the tax year (see Step 2 of the calculation in section 23 of ITA 2007). Where relief is given to an individual in accordance with this section for a tax year in respect of a contribution, relief is not to be given in respect of it under any other provision of the Income Tax Acts. an individual is entitled to be given relief in accordance with section 193 in respect of the payment of a contribution under a pension scheme, the individual is entitled to a personal allowance, in accordance with section 35(1) of ITA 2007 (personal allowance), for the tax year in which the payment is made (“the relevant tax year”), and the amount of the individual’s total income for the relevant tax year does not exceed the personal allowance specified in section 35(1) of ITA 2007 for the relevant tax year. The Commissioners for His Majesty’s Revenue and Customs must make arrangements to secure that, so far as reasonably practicable and subject to provision made under subsection (5), they pay to the individual the appropriate amount in relation to the contribution. The appropriate amount is— where the individual’s total income for the relevant tax year plus the contribution does not exceed the personal allowance specified in section 35(1) of ITA 2007 for the relevant tax year, an amount equal to income tax at the relevant rate on the whole of the contribution, and where the individual’s total income for the relevant tax year plus the contribution does exceed the personal allowance specified in section 35(1) of ITA 2007 for the relevant tax year, an amount equal to income tax at the relevant rate on an amount calculated in accordance with this formula— C equals the whole of the contribution, and E equals the amount by which the personal allowance is exceeded by the individual’s total income for the relevant tax year plus the contribution. The arrangements must secure that an amount which the Commissioners are required to pay in relation to a contribution is paid as soon as reasonably practicable after the tax year in which the contribution is paid. The arrangements must include a procedure for the purposes of allowing an individual to whom an amount would otherwise have to be paid under subsection (2) to decline to receive that amount. For the purposes of income tax, apart from determining whether this section applies or calculating the appropriate amount in accordance with subsection (3), an amount paid to an individual in accordance with the arrangements is to be treated as if it were earnings within Chapter 1 of Part 3 of ITEPA 2003— from an employment in the relevant tax year, and in respect of duties performed in the United Kingdom. In subsection (3), “the relevant rate” is— where the individual is a Scottish taxpayer for the relevant tax year, the Scottish basic rate for that year, where the individual is a Welsh taxpayer for the relevant tax year, the Welsh basic rate for that year, and in all other cases, the basic rate for that tax year. In this section, “total income” has the meaning given by section 23 of ITA 2007 (the calculation of income tax liability). The Treasury may by regulations amend or otherwise modify this section. Regulations under subsection (9) may make different provision for different purposes. Where an individual is entitled to be given relief in accordance with this section in respect of the payment of a contribution, on the making of a claim the amount of the contribution may be deducted in calculating the net income of the individual for the tax year in which the payment is made (see Step 2 of the calculation in section 23 of ITA 2007). For the purposes of sections 188 to 194 (relief for contributions) references to contributions paid by an individual include contributions made in the form of the transfer by the individual of eligible shares in a company within the permitted period. For the purposes of those sections the amount of a contribution made by way of a transfer of shares is the market value of the shares at the date of the transfer. “Eligible shares”, in relation to a contribution made by an individual, means shares— which the individual has exercised a right to acquire in accordance with the provisions of an SAYE option scheme, or which have been appropriated to the individual in accordance with the provisions of a share incentive plan. “The permitted period”— in relation to shares which the individual has exercised a right to acquire in accordance with the provisions of an SAYE option scheme, is the period of 90 days following the exercise of that right, and in relation to shares which have been appropriated to the individual in accordance with the provisions of a share incentive plan, is the period of 90 days following the date when the individual directed the trustees of the share incentive plan to transfer the ownership of the shares to the individual. “SAYE option scheme” has the same meaning as in the SAYE code (see section 516 of ITEPA 2003 (... SAYE option schemes)), and “share incentive plan” has the same meaning as in the SIP code (see section 488 of ITEPA 2003 (... share incentive plans)). Contributions paid by or on behalf of an individual under a registered pension scheme are life assurance premium contributions for the purposes of section 188(3)(aa) if— rights under a non-group life policy (see subsection (2)) are (or later become) held for the purposes of the pension scheme, and the contributions are treated by this section as paid in respect of premiums under the non-group life policy (see subsections (3) to (5)). For the purposes of this section a “non-group life policy” is a policy of insurance under which the only benefits which may become payable are benefits payable in consequence, or in anticipation, of— the death of the individual or one of a group of individuals which includes the individual, or the deaths of more than one of a group of individuals— which includes the individual, and the other members of which are connected with the individual. Contributions paid by or on behalf of the individual under the pension scheme are treated as paid in respect of premiums under the non-group life policy if— the payment of the contributions constitutes the payment of premiums under the policy, or the person by whom the contributions are paid intends the contributions (or an amount equivalent to them) to be applied towards paying premiums under the policy. Where the amount of the premiums under the policy in a tax year exceeds the amount of any contributions treated as paid in respect of the premiums by subsection (3), other contributions paid by or on behalf of the individual under the pension scheme in the tax year are treated as paid in respect of premiums under the policy to the extent that their amount does not exceed the difference between the amount of the premiums and the amount of any contributions treated as paid in respect of the premiums by subsection (3). the benefits under the policy relate to the death of one or more of a group of individuals, and contributions are also paid under the pension scheme in the tax year by or on behalf of another member or other members of the group, the amount of the contributions paid by or on behalf of the individual which are treated as paid in respect of premiums under the policy by subsection (4) does not exceed what is just and reasonable having regard to the operation of section 188(3)(aa) in relation to the contributions paid by or on behalf of another member or other members of the group. The Commissioners for Her Majesty's Revenue and Customs may by regulations amend subsections (2) to (5). Regulations under subsection (6) which limit— the policies of insurance which are non-group life assurance policies for the purposes of this section, or the contributions which are treated by this section as paid in respect of premiums under such policies, may be made so as to have effect in relation to times before they are made. For the purposes of this section an individual (“A”) is connected with another individual (“B”) if— A is B's spouse or civil partner, A is a relative of B, A is the spouse or civil partner of a relative of B, A is a relative of B's spouse or civil partner, or A is the spouse or civil partner of a relative of B's spouse or civil partner; and for the purposes of this subsection “relative” means brother, sister, ancestor or lineal descendant. This section makes provision about an employer’s entitlement to relief in respect of contributions paid by the employer under a registered pension scheme in respect of any individual. For the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income) — the contributions are to be treated as not being payments of a capital nature to the extent that they otherwise would be, and if they are allowed to be deducted in computing the amount of the profits of the employer, they are deductible in computing the amount of the profits for the period of account in which they are paid. For the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), the contributions— are to be treated as being expenses of management to the extent that they otherwise would not be, and are referable to the accounting period in which they are paid. For the purposes of section 76 of FA 2012 (expenses of insurance companies), the contributions— are to be treated as meeting the conditions in section 77(2)(a) and (c) of that Act to the extent that they would otherwise not meet them, and This section is subject to sections 197 and 198 (spreading of relief) (and to transitional provision contained in Part 4 of Schedule 36). The Board of Inland Revenue may make regulations for restricting the extent to which contributions paid by an employer under a registered pension scheme in respect of an individual are subject to relief in circumstances in which subsection (2) or (3) applies (or both do). This subsection applies where any of the benefits which will or may be payable to or in respect of the individual under the registered pension scheme will be payable only if relevant benefits expected to be so paid under an employer-financed retirement benefits scheme are not so paid. This subsection applies where, because relevant benefits are or may be payable to or in respect of the individual under an employer-financed retirement benefits scheme, the aggregate of the amount of any sums and the market value of any assets— held for the purposes of, or representing accrued rights under, the registered pension scheme which may be transferred by way of a recognised transfer in respect of the individual will or may be less than it otherwise would be. The reference in subsection (1) to contributions paid by an employer being subject to relief is to— their being deductible in computing the amount of the profits of the employer for the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), their being expenses of management of the employer for the purposes of section 1219 of CTA 2009 (expenses of management: companies with investment business), or their being ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012, (depending on which is appropriate in relation to the employer). “employer-financed retirement benefits scheme”, and “relevant benefits”, have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act). An employer (“E”) is not to be given relief in respect of a contribution (“E's contribution”) paid by E under a registered pension scheme if conditions A, B and C are met. Condition A is that— under an arrangement (“the asset-backed arrangement”)— a person (“the borrower”) receives money or another asset (“the advance”) from another person (“the lender”), the borrower, or a person connected with the borrower, makes a disposal of an asset (“the security”) to or for the benefit of the lender or a person connected with the lender, and the lender, or a person connected with the lender, is entitled to payments in respect of the security, the borrower is E or a person connected with E, and the advance is (wholly or partly) paid or provided by the lender out of E's contribution (directly or indirectly), and the case is not one in relation to which either condition A in section 196D or condition A in section 196F is met. For the purposes of subsection (2)(a)(iii) it does not matter if an entitlement of the lender, or a person connected with the lender, is subject to any condition. Condition B is that the asset-backed arrangement is not an acceptable structured finance arrangement (see section 196C). Condition C is that it is reasonable to suppose that the amount of one or more of the payments mentioned in subsection (2)(a)(iii) has been, or is to be, determined (wholly or partly) on the basis that, in essence, the whole or a part of the advance represents a loan which is (wholly or partly) to be repaid by way of one or more of those payments. For the purposes of subsection (5) it does not matter— that the repayment of the loan might be subject to any condition, or that the accounts of any person do not record a financial liability in respect of the whole or a part of the advance or that the whole or a part of the advance is not otherwise treated as representing a loan for the purposes of the accounts of any person, but, subject to that, all relevant circumstances are to be taken into account in order to get to the essence of the matter. the borrower and the lender are not connected with one another if that would otherwise be the case, if the borrower is not E, references to a person connected with the borrower include a person connected with E who would not otherwise be connected with the borrower, and “loan” includes any advance of money. For the purposes of section 196B the asset-backed arrangement is an “acceptable structured finance arrangement” if conditions M to Q are met. Condition M is that— in accordance with generally accepted accounting practice, the borrower's accounts for the period in which the advance is received record a financial liability (“the recorded financial liability”) in respect of the advance, and the asset-backed arrangement is a type 1 finance arrangement for the purposes of Chapter 5B of Part 13 of ITA 2007 or Chapter 2 of Part 16 of CTA 2010 (finance arrangements). Condition N is that— the lender is a responsible authority, the advance is money which is paid by the lender directly to the borrower wholly and directly out of E's contribution, and the advance and the recorded financial liability (as originally recorded) are both of an amount equal to the amount of E's contribution. Condition O is that, as at the time the advance is paid, the position of the lender is as follows— it is the lender (and not any person connected with the lender) who is entitled to the payments mentioned in section 196B(2)(a)(iii), those payments are to arise at times which have been fixed and fall at intervals of no more than one year (but allowing for payments otherwise due to arise on a non-working day to arise on the next working day), the lender is to receive each payment no later than 3 months after the day on which the payment arises (but allowing for payments otherwise due to be received on a non-working day to be received on the next working day), on receipt by the lender, each payment is directly to become part of the sums held for the purposes of the registered pension scheme, the payments are all to be of the same amount, the total amount of the payments is not to be less than the amount of E's contribution, and all the payments are to be received by the lender within a period (“the payment period”) ending no later than the end of the period of 25 years beginning with the day on which E's contribution is paid. For the purposes of subsection (4)(b) the first payment is to arise no later than one year after the day on which the advance is paid. For the purposes of subsection (4)(e) the following are to be ignored— negligible differences in the amounts of payments; differences in the amounts of payments which would be caused by a term of the asset-backed arrangement that requires the amounts of all outstanding payments to be increased periodically by a percentage which cannot be higher than the highest of the following— the percentage increase in the consumer prices index for the reference period, being a period determined, in relation to each periodic increase, under the term of the asset-backed arrangement in question; the percentage increase in the retail prices index for the reference period; the percentage for the reference period which corresponds to 5% per annum. For the purposes of subsection (4), in determining the lender's position, regard must be had (in particular) to any arrangements connected (directly or indirectly) to the asset-backed arrangement. Condition P is that, as at the time the advance is paid, in accordance with generally accepted accounting practice the recorded financial liability is to be reduced to nil by the end of the payment period by (and only by) the payments mentioned in section 196B(2)(a)(iii). Condition Q is that, as at the time the advance is paid, no commitment to which subsection (10) applies has been given. This subsection applies to a commitment (whether or not legally enforceable and whether or not subject to any conditions) if— it is given (directly or indirectly) to a relevant person, it is a commitment to secure that a person receives money or another asset, and it is linked (directly or indirectly) to the receipt by the lender of a payment mentioned in section 196B(2)(a)(iii). In subsection (10)(a) “relevant person” means— E; a person connected with E;

a person acting (directly or indirectly) at the direction or request, or with the agreement, of E or a person connected with E; a person chosen (directly or indirectly) by E or a person connected with E; a person within a class of person chosen (directly or indirectly) by E or a person connected with E; a partnership; but does not include a responsible authority. In this section “responsible authority” means— the persons who from time to time are the trustees of the registered pension scheme, or the persons who from time to time are the persons controlling the management of the registered pension scheme, in their capacity as such. An employer (“E”) is not to be given relief in respect of a contribution (“E's contribution”) paid by E under a registered pension scheme if conditions A and B are met. under an arrangement (“the asset-backed arrangement”) a person (“the transferor”) makes a disposal of an asset (“the security”) to a partnership, the transferor is E or a person connected with E, the transferor, or a person connected with the transferor, is a member of the partnership immediately after the disposal (whether or not a member immediately before it), under the asset-backed arrangement the partnership receives money or another asset (“the advance”) from a person (“the lender”) other than the transferor, there is a relevant change in relation to the partnership (see section 196H), and under the asset-backed arrangement the share in the partnership's profits of the person involved in the relevant change (see section 196H) is determined by reference (wholly or partly) to payments in respect of the security. If the transferor is not E, for the purposes of this section references to a person connected with the transferor include a person connected with E who would not otherwise be connected with the transferor. For the purposes of subsection (2)(g) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition. Condition B is that the asset-backed arrangement is not an acceptable structured finance arrangement (see section 196E). For the purposes of section 196D the asset-backed arrangement is an “acceptable structured finance arrangement” if conditions M to Q are met. in accordance with generally accepted accounting practice, the partnership's accounts for the period in which the advance is received record a financial liability (“the recorded financial liability”) in respect of the advance, and the asset-backed arrangement is a type 2 finance arrangement for the purposes of Chapter 5B of Part 13 of ITA 2007 or Chapter 2 of Part 16 of CTA 2010 (finance arrangements). the advance is money which is paid by the lender directly to the partnership wholly and directly out of E's contribution, and it is the lender (and not any person connected with the lender) who is or is to be the person involved in the relevant change in relation to the partnership, the lender's share in the partnership's profits is to be determined wholly by reference to the payments mentioned in section 196D(2)(g), determinations of the lender's share in the partnership's profits are to be made at times which have been fixed and fall at intervals of no more than one year (but allowing for determinations otherwise due to be made on a non-working day to be made on the next working day), no later than 3 months after the day on which a determination of the lender's share in the partnership's profits is made, the lender is to make a drawing from the partnership on account of its determined share (but allowing for drawings otherwise due to be made on a non-working day to be made on the next working day), on its making, each drawing is directly to become part of the sums held for the purposes of the registered pension scheme, the drawings are all to be of the same amount, the total amount of the drawings is not to be less than the amount of E's contribution, and all of the lender's share in the partnership's profits is to be drawn by the lender from the partnership within a period (“the drawing period”) ending no later than the end of the period of 25 years beginning with the day on which E's contribution is paid. For the purposes of subsection (4)(c) the first determination is to be made no later than one year after the day on which the advance is paid. For the purposes of subsection (4)(f) the following are to be ignored— negligible differences in the amounts of drawings; differences in the amounts of drawings which would be caused by a term of the asset-backed arrangement that requires the amounts of all outstanding drawings to be increased periodically by a percentage which cannot be higher than the highest of the following— In determining the lender's position for the purposes of subsection (4), regard must be had (in particular) to any arrangements connected (directly or indirectly) to the asset-backed arrangement. Condition P is that, as at the time the advance is paid, in accordance with generally accepted accounting practice the recorded financial liability is to be reduced to nil by the end of the drawing period by (and only by) the payments mentioned in section 196D(2)(g). it is linked (directly or indirectly) to any determination of the lender's share in the partnership's profits or any drawing from the partnership on account of that share. “responsible authority” means— in their capacity as such, and references to the making of drawings from the partnership include references to the receiving of distributions from the partnership. a partnership holds an asset (“the security”) at any time before an arrangement (“the asset-backed arrangement”) is made, under the asset-backed arrangement the partnership receives money or another asset (“the advance”) from another person (“the lender”), For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition. Condition B is that the asset-backed arrangement is not an acceptable structured finance arrangement (see section 196G). For the purposes of section 196F the asset-backed arrangement is an “acceptable structured finance arrangement” if conditions M to Q are met. the asset-backed arrangement is a type 3 finance arrangement for the purposes of Chapter 5B of Part 13 of ITA 2007 or Chapter 2 of Part 16 of CTA 2010 (finance arrangements). the lender's share in the partnership's profits is to be determined wholly by reference to the payments mentioned in section 196F(2)(e), Condition P is that, as at the time the advance is paid, in accordance with generally accepted accounting practice the recorded financial liability is to be reduced to nil by the end of the drawing period by (and only by) the payments mentioned in section 196F(2)(e). For the purposes of sections 196D and 196F there is a relevant change in relation to the partnership if condition X or Y is met. Condition X is that, in connection with the asset-backed arrangement, the lender or a person connected with the lender becomes a member of the partnership at any time. Condition Y is that— in connection with the asset-backed arrangement, there is at any time a change in a member's share in the partnership's profits, and the member is the lender or a person connected with the lender or a person who in connection with the asset-backed arrangement becomes at any time connected with the lender. For the purposes of subsections (2) and (3) an event occurs in connection with the asset-backed arrangement if it occurs directly or indirectly in consequence of it or otherwise in connection with it. For the purposes of sections 196D to 196G references to the person involved in the relevant change in relation to the partnership are— if it is condition X that is met, to the lender or the person connected with the lender (as the case may be), and if it is condition Y that is met, to the member of the partnership in whose share in the partnership's profits there is a change. an employer (“E”) pays a contribution (“E's contribution”) under a registered pension scheme, conditions A and C in section 196B are met or condition A in section 196D or 196F is met, the asset-backed arrangement is an acceptable structured finance arrangement for the purposes of section 196B, 196D or 196F (as the case may be) and, accordingly, condition B in that section is not met, and at any time (“the relevant time”) after the advance is paid— the lender's position changes from the lender's original position in any respect (whether as a result of a term of the asset-backed arrangement or another arrangement or otherwise), an event occurs or does not occur and the occurrence or non-occurrence of the event does not accord with the lender's original position in any respect, in accordance with generally accepted accounting practice, the recorded financial liability is reduced to nil other than by a payment mentioned in section 196B(2)(a)(iii), 196D(2)(g) or section 196F(2)(e) (as the case may be), a commitment to which section 196C(10), 196E(10) or 196G(10) (as the case may be) applies is given, or an event falling within section 196J occurs. This section also applies if— the requirements of subsection (1)(a) to (c) are met, and at any time (“the relevant time”) after the advance is paid, in accordance with generally accepted accounting practice, the recorded financial liability is reduced in part other than by a payment mentioned in section 196B(2)(a)(iii), 196D(2)(g) or section 196F(2)(e) (as the case may be). Subject to subsection (4), the relevant amount is treated as follows as relevant— for corporation tax purposes, the relevant amount is treated as if it were a profit which E has in respect of E's loan relationships chargeable to corporation tax under section 299 of CTA 2009 for E's accounting period in which the relevant time falls, or for income tax purposes, the relevant amount is treated as if it were an amount of income of E chargeable to income tax under Chapter 8 of Part 5 of ITTOIA 2005 for the tax year in which the relevant time falls. The amount treated as profit or income by subsection (3)(a) or (b), together with any amounts so treated on any previous applications of this section in relation to the asset-backed arrangement, is not to exceed the total amount of relief given in respect of E's contribution. If this section applies by virtue of subsection (1), from the relevant time Chapter 5B of Part 13 of ITA 2007 or Chapter 2 of Part 16 of CTA 2010 (as relevant) is no longer to apply in relation to the asset-backed arrangement. But no person is, by virtue of subsection (5), to be placed in a position which is more advantageous than the position in which the person would have been had this section never applied; and, in order to give effect to this principle, such assessments to tax or adjustments to any assessment to tax as are just and reasonable are to be made. Subsection (1)(d)(i) and (ii) does not cover— cases in which the lender's change in position, or the occurrence or non-occurrence of the event, is the direct result of a mere administrative error, so long as the consequences of the error are remedied promptly, or mere changes in the persons who are the trustees of the registered pension scheme or in the persons who control the management of the registered pension scheme. For the purposes of subsection (1)(d)(ii) it does not matter if the occurrence or non-occurrence of the event is authorised by a term of the asset-backed arrangement or results from the occurrence or non-occurrence of another event which is so authorised. If this section applies by virtue of subsection (1)(d)(v), in subsection (3) references to the relevant time are to be read as references to the time immediately before the relevant time. “the advance” and “the asset-backed arrangement” have the same meaning as in section 196B, 196D or 196F (as the case may be), “the lender's original position” means the lender's position as at the time the advance is paid set out in the paragraphs of section 196C(4), 196E(4) or 196G(4) (as the case may be), “the recorded financial liability” has the same meaning as in section 196C, 196E or 196G (as the case may be), and “the relevant amount” means— if this section applies by virtue of subsection (1), the outstanding amount of the recorded financial liability immediately before the relevant time determined in accordance with generally accepted accounting practice, or if this section applies by virtue of subsection (2), the amount of the reduction of the recorded financial liability. The events falling within this section are those listed in subsection (2). if E is a company within the charge to corporation tax when E's contribution is paid, E ceases to be within that charge; if E is a limited liability partnership in relation to which section 863(1) of ITTOIA 2005 or section 1273(1) of CTA 2009 applies when E's contribution is paid, that provision ceases to apply in relation to E; if E is a firm for the purposes of ITTOIA 2005 (see section 847) or CTA 2009 (see section 1257) (other than a limited liability partnership) when E's contribution is paid, the partnership ceases to carry on the trade, profession or business in question; in any case— if E is a company, E enters administration or the winding up of E starts; if E is a partnership, the partnership is dissolved; if E is an individual, E dies. Sections 10(3) and 12(7) of CTA 2009 apply for the purposes of subsection (2)(d)(i). an employer pays a contribution under a registered pension scheme, condition A in section 196B, 196D or 196F is met, the advance gives rise to a loan within the meaning of Chapter 3 (see section 162). Section 180(4) does not prevent the advance from being a scheme administration employer payment (if it would otherwise do so). In this section “the advance” and “the asset-backed arrangement” have the same meaning as in section 196B, 196D or 196F (as the case may be). This section applies for the purposes of sections 196B to 196K. References to relief being given in respect of a contribution paid by an employer under a registered pension scheme are references to relief being given by way of— the contribution being deducted in computing the amount of the employer's profits for the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), the contribution being treated as an expense of management of the employer for the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), or the contribution being ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012. Whether a person is connected with another person is determined in accordance with section 1122 of CTA 2010. Sections 774, 775 and 776(2) and (4) of CTA 2010 apply as they apply for the purposes of Chapter 2 of Part 16 of that Act. A reference to a disposal of an asset includes— anything constituting a disposal of an asset for the purposes of TCGA 1992, and so far as not covered by paragraph (a), the taking of any step by virtue of which a person receives an asset. Section 776(2) of CTA 2010 applies for the purposes of subsection (5)(b). “Non-working day” means— a Saturday or Sunday, a Christmas Eve, Christmas Day or Good Friday, or a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom, and “working day” is to be read accordingly. contributions are paid by an employer under a registered pension scheme in two consecutive chargeable periods (“the previous chargeable period” and “the current chargeable period”), and the amount of the contributions paid in the current chargeable period otherwise than for an excepted purpose (“CCCP”) exceeds 210% of the amount of the contributions paid in the previous chargeable period (“CPCP”). Relief under the relieving provisions is to be given in respect of so much of CCCP as exceeds 110% of CPCP (“the amount of the relevant excess contributions”) in accordance with subsections (4) and (5). But subsection (2)— does not apply if the amount of the relevant excess contributions is less than £500,000, and has effect subject to section 198 (cessation of business). A fraction of the whole of the amount of the relevant excess contributions is to be treated for the purposes of the relieving provisions as if it had been paid in the chargeable period, or in each of the two or three chargeable periods, immediately after the current chargeable period (leaving only the remainder to be treated as paid in the current chargeable period). The following table specifies (by reference to the amount of the relevant excess contributions)— the fraction of the whole of the amount of the relevant excess contributions which is to be treated as paid in the chargeable period, or in each of the two or three chargeable periods, immediately after the current chargeable period, and the chargeable period or periods in which it is to be treated as paid. Subsection (7) specifies for the purposes of subsection (1) when contributions paid by the employer in the current chargeable period are paid for an excepted purpose. They are paid for an excepted purpose if paid with a view to funding— an increase in the amount of pensions paid to pensioner members of the pension scheme to reflect increases in the cost of living, or benefits which may accrue under the pension scheme to or in respect of individuals who become members of the pension scheme in the current chargeable period as a result of future service as employees of the employer. Where the previous chargeable period and the current chargeable period are not of equal length, this section has effect as if CPCP were the amount it would otherwise be as adjusted by being multiplied by the appropriate factor. The appropriate factor is— DCCP is the number of days in the current chargeable period, and DPCP is the number of days in the previous chargeable period. In this section “the relieving provisions” means the provisions mentioned in subsections (2) to (4) of section 196 (relief for employers in respect of contributions paid), as they have effect under that section. In this section “chargeable period” means— in a case where the contributions are deducted in computing profits to be charged under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), a period of account, and in a case where relief in respect of the contributions is given under section 76 of FA 2012 (expenses of insurance companies) or Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), an accounting period. the employer ceases to carry on business in the current chargeable period or a later chargeable period in which section 197(4) would require a fraction of the amount of the relevant excess contributions to be treated as paid, and were section 197(4) to apply, relief in relation to the whole of the amount of the relevant excess contributions would not be given pre-cessation. Relief is given pre-cessation if it is given for the chargeable period in which the employer ceases to carry on business or any earlier chargeable period. The portion of the amount of the relevant excess contributions in relation to which relief would not have been given pre-cessation (“the unrelieved portion”) is be treated as paid (at the option of the employer) either— in the chargeable period in which the employer ceases to carry on business, or as provided by subsection (4). This subsection provides that the amount determined under subsection (5) is to be treated as paid on each day in the period— beginning with the current chargeable period, and ending with the day on which the employer ceases to carry on business, (“the relevant period”). The amount referred to in subsection (4) is— UP is the amount of the unrelieved portion, and DRP is the number of days in the relevant period. Expressions used in this section and section 197 have the same meaning in this section as in that section. This section applies where a sum is paid to the trustees or managers of a registered pension scheme by an employer in or towards the discharge of any liability of the employer under— section 75 of the Pensions Act 1995 (c. 26)(deficiencies in the assets of a pension scheme), or Article 75 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (corresponding provision for Northern Ireland). The making of the payment is to be treated for the purposes of the relieving provisions (within the meaning of section 197) and sections 197 and 198 as if it were the payment of a contribution by the employer under the pension scheme. Subsections (4) and (5) apply if the employer’s trade, profession, vocation or business is discontinued before the making of the payment. The payment is to be relieved— to the same extent as it would have been but for the discontinuance, and as if it had been made on the last day on which the trade, profession, vocation or business was carried on. And, for the purposes of section 76 of FA 2012, it is to be treated as meeting the conditions in section 77(2)(a) and (c) of that Act to the extent that it would otherwise not meet them. This section applies where an employer (“E”)— pays contributions under a registered pension scheme (“the original scheme”) in a chargeable period, and would (apart from subsection (4)) be entitled in the next chargeable period to an amount of relief in respect of a payment within subsection (2), and the avoidance condition is met. A payment is within this subsection if all or part of the payment is intended to facilitate the payment of pension contributions under the original scheme or a substitute scheme by a person other than E. The avoidance condition is that— section 197 would apply if, in the chargeable period mentioned in subsection (1)(b), E paid pension contributions under the original scheme of the amount of the relevant relief, and the purpose, or one of the purposes, of facilitating the payment of pension contributions by a person other than E is to enable pension contributions to be paid without that section applying. For the purposes of the spreading provisions, the amount of the relevant relief is to be treated as the amount of a pension contribution paid by E under the original scheme in the chargeable period mentioned in subsection (1)(b). The “relevant relief” is the relief to which the employer would (apart from subsection (4)) be entitled in that chargeable period in respect of— the payment within subsection (2), or where only part of the payment is intended to facilitate the payment of pension contributions as mentioned in that subsection, that part of the payment. A “substitute scheme” is any registered pension scheme— to which there is a relevant transfer in the period of 2 years ending with the day on which the payment within subsection (2) is made, or to which it is envisaged that a relevant transfer will or may be made after that day. A relevant transfer is a recognised transfer from the original scheme of more than 30% of the aggregate of— in a case within subsection (6)(a), the amount of the sums and the market value of the assets held for the purposes of, or representing accrued rights under, the original scheme immediately before the transfer, and in a case within subsection (6)(b), the amount of those sums and the market value of those assets on the day on which the payment is made. If there is a transfer from a substitute scheme to another registered pension scheme which would have been a relevant transfer had it been a transfer from the original scheme at the time the relevant transfer was made, that other scheme is also a substitute scheme. In subsection (1)(b) the reference to relief in respect of a payment within subsection (2) includes relief for a liability in respect of the making of the payment by a person other than E. In this section references to E being entitled to an amount of relief are to an amount— being deductible in computing the amount of the profits of E for the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), being expenses of management of E for the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), or being ordinary BLAGAB management expenses of E for an accounting period for the purposes of section 76 of FA 2012. “the spreading provisions” means sections 197 and 198 and this section, and “chargeable period” has the meaning given by section 197. No sums other than contributions paid by an employer under a registered pension scheme— are deductible in computing the amount of the profits of the employer for the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), are expenses of management for the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), or are to count as ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012, in connection with the cost of providing benefits under the pension scheme. In section 307(1) of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit), after “employer” insert “ under a registered pension scheme or otherwise ”. For section 308 of ITEPA 2003 (exemption of contributions to approved personal pension arrangements) substitute— No liability to income tax arises in respect of earnings where an employee’s employer makes contributions under a registered pension scheme. The Board of Inland Revenue may by regulations— prescribe circumstances in which this section does not apply, or make provision supplementing this section. The Inheritance Tax Act 1984 (c. 51) is amended as follows. In section 12 (dispositions that are not transfers of value)— in subsection (2), for the words following “if” substitute “ it is a contribution under a registered pension scheme or section 615(3) scheme in respect of an employee of the person making the disposition. ”, and omit subsections (3) and (4). In section 58(1) (settled property in which no qualifying interest in possession subsists but which is not “relevant property”), for paragraph (d) substitute— property which is held for the purposes of a registered pension scheme or section 615(3) scheme; In section 151 (treatment of pension rights etc.)— omit subsections (1) and (1A), in subsections (2), (4) and (5), for “fund or scheme to which this section applies” substitute “ registered pension scheme or section 615(3) scheme ”, and in subsection (2)(b), for the “fund or scheme” (in both places) substitute “ scheme ”. In section 152 (cash options), for the words from the beginning to “or scheme” substitute “ Where on a person’s death an annuity becomes payable under a registered pension scheme or section 615(3) scheme to a widow, widower, surviving civil partner or dependant of that person and under the terms of the scheme ”. In section 272 (general interpretation), insert at the appropriate places— “registered pension scheme” has the same meaning as in Part 4 of the Finance Act 2004; “section 615(3) scheme” means a superannuation fund to which section 615(3)of the Taxes Act 1988 applies; Schedule 31 contains provision about the taxation of pensions and lump sums which are authorised to be paid by this Part. Schedule 36 contains (in Part 4) transitional provision about the taxation of annuities under existing retirement annuity contracts and other relevant transitional provision. For further provision, in addition to that contained in this Chapter, about the taxation of pensions and lump sums which are authorised to be paid by this Part, see— Chapter 5A of Part 9 of ITEPA 2003 (pensions under registered pension schemes); Chapter 15A of that Part of that Act (lump sums under registered pension schemes). A charge to income tax, to be known as the short service refund lump sum charge, arises where a short service refund lump sum is paid by a registered pension scheme. The person liable to the short service refund lump sum charge is the scheme administrator. The scheme administrator is liable to the short service refund lump sum charge whether or not— the scheme administrator, and the person to whom the short service refund lump sum is paid, are resident... ... in the United Kingdom. The rate of the charge is— 20% in respect of so much of the lump sum as does not exceed £20,000, and 50% in respect of so much (if any) of it as exceeds that limit. The Treasury may by order amend subsection (4) so as to— increase or decrease either or both of the rates for the time being specified in that subsection, or increase the limit for the time being specified in paragraph (a) of that subsection. Tax under this section is to be charged on the amount of the lump sum paid or, if the rules of the pension scheme permit the scheme administrator to deduct the tax before payment, on the amount of the lump sum before deduction of tax. A short service refund lump sum is not to be treated as income for any purpose of the Tax Acts. A charge to income tax, to be known as the special lump sum death benefits charge, arises where— an annuity protection lump sum death benefit, ... a drawdown pension fund lump sum death benefit, or is paid , to a non-qualifying person, by a registered pension scheme in respect of a member who had reached the age of 75 at the date of the member's death. In subsection (1) the reference to a member (and to the member's death) are to be read— in relation to— a drawdown pension fund lump sum death benefit under paragraph 17(2) of Schedule 29, or a flexi-access drawdown fund lump sum death benefit under paragraph 17A(2) of Schedule 29, as a reference to a dependant (and to the dependant's death), in relation to a flexi-access drawdown fund lump sum death benefit under paragraph 17A(3) of Schedule 29, as a reference to a nominee (and to the nominee's death), and in relation to a flexi-access drawdown fund lump sum death benefit under paragraph 17A(4) of Schedule 29, as a reference to a successor (and to the successor's death). The special lump sum death benefits charge also arises where— a defined benefits lump sum death benefit, or a lump sum death benefit is paid , to a non-qualifying person, by a registered pension scheme in respect of a member of the scheme who had not reached the age of 75 at the date of the member's death, the lump sum death benefit is— a drawdown pension fund lump sum death benefit under paragraph 17(1) of Schedule 29, a flexi-access drawdown fund lump sum death benefit under paragraph 17A(1) of Schedule 29, a defined benefits lump sum death benefit,or an uncrystallised funds lump sum death benefit, and the lump sum death benefit is not paid before the end of the period of two years beginning with the earlier of the day on which the scheme administrator of the scheme first knew of the member's death and the day on which the scheme administrator could first reasonably have been expected to have known of it. a lump sum death benefit is paid , to a non-qualifying person, by a registered pension scheme on the death of a dependant, nominee or successor of a deceased member of the scheme, the dependant, nominee or successor (“the beneficiary”) had not reached the age of 75 at the date of the beneficiary's death, a flexi-access drawdown fund lump sum death benefit under paragraph 17A(2), (3) or (4) of Schedule 29, and the lump sum death benefit is not paid before the end of the period of two years beginning with the earlier of the day on which the scheme administrator of the scheme first knew of the beneficiary's death and the day on which the scheme administrator could first reasonably have been expected to have known of it. The person liable to the special lump sum death benefits charge is the scheme administrator. The scheme administrator is liable to the special lump sum death benefits charge whether or not— the person to whom the lump sum death benefit is paid, are resident ... ... in the United Kingdom. The rate of the charge is 45% in respect of the lump sum death benefit. The Treasury may by order increase or decrease the rate for the time being specified in subsection (4). A lump sum death benefit in respect of which income tax is charged under this section is not to be treated as income for any purpose of the Tax Acts (but see subsection (8)). a lump sum death benefit in respect of which tax is charged under this section is one paid to a non-qualifying person in the person's capacity as a trustee, and a payment of any part of the lump sum is made out of a settlement to a beneficiary who is an individual, the amount received by the beneficiary, together with so much of the tax charged under this section on the lump sum as is attributable to the amount received by the beneficiary, is income of the beneficiary for income tax purposes but the beneficiary may claim to deduct that much of that tax from the income tax charged on the beneficiary's total income for the tax year in which the payment is made to the beneficiary. For the purposes of this section, a person is a “non-qualifying person” in relation to payment of a lump sum if— the person is not an individual, or the person is an individual and the payment is made to the person in the person's capacity as— a trustee or personal representative, a director of a company, a partner in a firm, or a member of a limited liability partnership, except that a person is not a “non-qualifying person” in relation to payment of a lump sum if the payment is made to the person in the person's capacity as a bare trustee. In subsection (9)— “bare trustee” means a person acting as trustee for— an individual absolutely entitled as against the trustee, two or more individuals who are so entitled, an individual who would be so entitled but for being a minor or otherwise lacking legal capacity, or two or more individuals who would be so entitled but for all or any of them being a minor or otherwise lacking legal capacity, “director” is read in accordance with section 452 of CTA 2010, and references to a firm are to be read in the same way as references to a firm in Part 9 of ITTOIA 2005 (which contains special provision about partnerships). a registered pension scheme pays a lump sum death benefit in respect of a deceased member to a non-qualifying person, a liability to the lump sum death benefits charge arises in respect of the lump sum death benefit, at any time (whether before or after the payment of the lump sum death benefit)— the non-qualifying person pays an amount of inheritance tax that is attributable to the value of the deceased’s notional pension property, or the deceased’s personal representatives pay an amount of inheritance tax that is so attributable and pass on the burden of that payment to the non-qualifying person, and the non-qualifying person makes an application under this section for a reduction in the lump sum death benefits charge. Section 206 applies in relation to the lump sum death benefit as if the amount of the benefit that was paid to the non-qualifying person were the amount in fact paid, reduced by the amount of inheritance tax paid as mentioned in subsection (1)(c). If and to the extent that the amount of the lump sum death benefits charge paid in respect of the lump sum death benefit exceeds the amount of the liability (as recalculated as a result of subsection (2)), the excess must be repaid to the non-qualifying person (and may not be repaid to the scheme administrator). An application under this section is of no effect unless it complies with such requirements as to timing, form and content as may be prescribed by the Commissioners. For the purposes of subsection (1)(c) the deceased’s personal representatives “pass on the burden” of a payment of inheritance tax to the non-qualifying person if— the personal representatives pay a sum to the non-qualifying person out of the deceased’s estate that has been reduced by the amount of inheritance tax, or the non-qualifying person reimburses the personal representatives that amount. “the Commissioners” means the Commissioners for His Majesty’s Revenue and Customs; “inheritance tax” includes interest on inheritance tax; “non-qualifying person” has the same meaning as in section 206. an amount of inheritance tax that is attributable to the value of notional pension property of the deceased member is paid, some or all of the inheritance tax paid as mentioned in paragraph (c) is subsequently— repaid under section 241(1) of that Act to the non-qualifying person, or repaid under that section to the deceased’s personal representatives and passed on by the personal representatives to the non-qualifying person, and in a case in which the payment mentioned in paragraph (c) was made by the non-qualifying person or by the deceased’s personal representatives, the non-qualifying person has made an application under section 206A in relation to the lump sum death benefit. A charge to income tax arises in respect of the relevant amount. In subsection (2) “the relevant amount” means— in a case in which the payment of inheritance tax mentioned in subsection (1)(c) is made by the scheme administrator, the amount of the payment made to the non-qualifying person mentioned in subsection (1)(d)(i) or (ii); in a case in which the payment of inheritance tax mentioned in subsection (1)(c) is made by the non-qualifying person, or by the deceased’s personal representatives, the lesser of— the amount of the payment made to the non-qualifying person mentioned in subsection (1)(d)(i) or (ii), and the repayment made under section 206A to the non-qualifying person in relation to the lump sum death benefit. The person liable to the charge is the non-qualifying person. The rate of the charge is the same as the rate of the special lump sum death benefits charge (see section 206(4)). A charge to income tax, to be known as the authorised surplus payments charge, arises where an authorised surplus payment is made to a sponsoring employer by an occupational pension scheme that is a registered pension scheme. The person liable to the authorised surplus payments charge is the scheme administrator. The scheme administrator is liable to the authorised surplus payments charge whether or not— the sponsoring employer, The rate of the charge is 25% in respect of the authorised surplus payment. Subsection (1) does not apply to any authorised surplus payment— to the extent that (if this section had not been enacted) the sponsoring employer would have been exempt, or entitled to claim exemption, from income tax or corporation tax in respect of it, or if the sponsoring employer is a charity. Subsection (1) does not apply to an authorised surplus payment to the extent that the payment is funded (directly or indirectly) by a surrender of (or an agreement to surrender) benefits or rights which results in the registered pension scheme being treated as making an unauthorised payment under section 172A. Terms used in subsection (6A) which are defined in section 172A have the same meaning as they have in that section. An authorised surplus payment in respect of which income tax is charged under this section is not to be treated as income for any purpose of the Tax Acts. Schedule 36 contains (in Part 4) transitional provisions about the authorised surplus payments charge. A charge to income tax, to be known as the unauthorised payments charge, arises where an unauthorised payment is made by a registered pension scheme. The person liable to the charge— in the case of an unauthorised member payment made to or in respect of a person before the person's death, is the person, in the case of an unauthorised member payment made in respect of a person after the person's death, is the recipient, and in the case of an unauthorised employer payment, is the person to or in respect of whom the payment is made. If more than one person is liable to the unauthorised payments charge in respect of an unauthorised payment, those persons are jointly and severally liable to the charge in respect of the payment. A person is liable to the unauthorised payments charge whether or not— that person, any other person who is liable to the unauthorised payments charge, and the scheme administrator, The rate of the charge is 40% in respect of the unauthorised payment. The Treasury may by order amend subsection (5) so as to vary the rate of the unauthorised payments charge. An order under subsection (6) may make provision for there to be different rates in different circumstances. An unauthorised payment may also be subject to— the unauthorised payments surcharge under section 209, and the scheme sanction charge under section 239. An unauthorised payment is not to be treated as income for any purpose of the Tax Acts. A charge to income tax, to be known as the unauthorised payments surcharge, arises where a surchargeable unauthorised payment is made by a registered pension scheme. “Surchargeable unauthorised payments” means— surchargeable unauthorised member payments (see section 210), and surchargeable unauthorised employer payments (see section 213). in the case of a surchargeable unauthorised member payment made to or in respect of a person before the person's death, is the person, in the case of a surchargeable unauthorised member payment made in respect of a person after the person's death, is the recipient, and in the case of a surchargeable unauthorised employer payment, is the person to or in respect of whom the payment was made. If more than one person is liable to the unauthorised payments surcharge in respect of a surchargeable unauthorised payment, those persons are jointly and severally liable to the surcharge in respect of the payment. A person is liable to the unauthorised payments surcharge whether or not— any other person who is liable to the unauthorised payments surcharge, ... the sub-scheme administrator, The rate of the charge is 15% in respect of the surchargeable unauthorised payment. The Treasury may by order amend subsection (6) so as to vary the rate of the unauthorised payments surcharge. An order under subsection (7) may make provision for there to be different rates in different circumstances. This section identifies which unauthorised member payments made by a registered pension scheme to or in respect of a person who is or has been a member of the pension scheme are surchargeable. If the surcharge threshold is reached before the end of the period of 12 months beginning with a reference date, each unauthorised member payment made to or in respect of the person in the surcharge period is surchargeable. The surcharge period is the period— beginning with the reference date, and ending with the day on which the surcharge threshold is reached. The first reference date is the date on which the pension scheme first makes an unauthorised member payment to or in respect of the person. Each subsequent reference date is the date, after the end of the previous reference period, on which the pension scheme next makes an unauthorised member payment to or in respect of the person. The previous reference period is the period of 12 months beginning with the previous reference date or, if the surcharge threshold is reached in that period, is the surcharge period ending with the date on which it was reached. The surcharge threshold is reached if the unauthorised payments percentage reaches 25%. The unauthorised payments percentage is the aggregate of the percentages of the pension fund used up by each unauthorised member payment made by the pension scheme to or in respect of the person on or after the reference date. The percentage of the pension fund used up on the occasion of an unauthorised member payment is— UMP is the amount of the unauthorised member payment, and VR is an amount equal to the aggregate of the value of the member's rights under arrangements relating to the member under the pension scheme when the unauthorised payment is made (or, if the unauthorised member payment is made after the member has died or has otherwise ceased to be a member of the pension scheme, at the date when the member died or otherwise ceased to be a member). The value of the member’s rights under an arrangement on any date is the aggregate of— the value of the member’s crystallised rights under the arrangement on that date, calculated in accordance with section 211, and the value of the member’s uncrystallised rights under the arrangement on that date, calculated in accordance with section 212. The value of the member’s crystallised rights under an arrangement on any date is the aggregate of— the value of each scheme pension or lifetime annuity to which the member has an actual (rather than a prospective) entitlement under the arrangement on that date, ... the aggregate of the amount of the sums, and the market value of the assets, representing the member's drawdown pension fund in respect of the arrangement on that date (if any), and the aggregate of the amount of the sums, and the market value of the assets, representing the member's flexi-access drawdown fund in respect of the arrangement on that date (if any). The value of a scheme pension or lifetime annuity is— ARP is an amount equal to the annual rate of the pension or annuity on the date. Rights are uncrystallised if the member is not entitled to the present payment of benefits in respect of the rights. The member is to be treated as entitled to the present payment of benefits in respect of the sums and assets representing the member's drawdown pension fund or the member's flexi-access drawdown fund. The value of the member’s uncrystallised rights under an arrangement on any date is to be calculated— in accordance with subsection (4) if the arrangement is a cash balance arrangement, in accordance with subsection (5) if the arrangement is a money purchase arrangement that is neither a cash balance arrangement nor a collective money purchase arrangement, in accordance with subsection (6) if the arrangement is a defined benefits arrangement or a collective money purchase arrangement, and in accordance with subsection (7) if the arrangement is a hybrid arrangement. If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits in respect of those rights if the member became entitled to benefits in respect of those rights on the date. If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is the aggregate of— the amount of such of the sums held for the purposes of the arrangement on the date as represent those rights, and the market value of such of the assets held for the purposes of the arrangement on the date as represent those rights. If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is— RVF is the relevant valuation factor (see section 276), ARP is the annual rate of pension to which the member would, on the valuation assumptions, be entitled under the arrangement on the date if, on the date, the member acquired an actual (rather than a prospective) right to receive a pension in respect of the rights, and LS is the amount of any lump sum to which the member would, on the valuation assumptions, be entitled under the arrangement on the date (otherwise than by way of commutation of pension) if, on the date, the member acquired an actual (rather than a prospective) right to payment of a lump sum in respect of the rights.

If this subsection applies, the value of the member's uncrystallised rights under the arrangement on the date (“the hybrid value”) is to be calculated by taking the following steps— Step 1 In relation to each relevant variety of benefits, calculate (in accordance with the preceding provisions of this section) the value of the member's uncrystallised rights on the date, assuming that benefits of that variety are provided under the arrangement. Step 2 The hybrid value is the higher or highest of the amounts determined under step 1.” For the purposes of this section a variety of benefits is “relevant” in relation to a hybrid arrangement if, in any circumstances, benefits of that variety may be provided under the arrangement. In this section “variety of benefits” means a variety of benefits specified in section 152(10). This section identifies which unauthorised employer payments made by a registered pension scheme to or in respect of a person who is or has been a sponsoring employer are surchargeable. If the surcharge threshold is reached before the end of the period of 12 months beginning with a reference date, each unauthorised employer payment made to or in respect of the person in the surcharge period is surchargeable. The first reference date is the date on which the pension scheme first makes an unauthorised employer payment to or in respect of the person. Each subsequent reference date is the date, after the end of the previous reference period, on which the pension scheme next makes an unauthorised employer payment to or in respect of the person. The unauthorised payments percentage is the aggregate of the percentages of the pension fund used up by each unauthorised employer payment made by the pension scheme to or in respect of the person on or after the reference date. The percentage of the pension fund used up on the occasion of an unauthorised employer payment is— UEP is the amount of the unauthorised employer payment, and AA is an amount equal to the aggregate of the amount of the sums and the market value of the assets held for the purposes of the pension scheme at the time when the unauthorised employer payment is made. A charge to income tax, to be known as the annual allowance charge, arises where an individual who is a member of one or more registered pension schemes has a non-zero chargeable amount for a tax year. The chargeable amount ... is to be determined in accordance with section 227ZA. The annual allowance charge is a charge at the appropriate rate in respect of the chargeable amount. The appropriate rate is— the basic rate ... in relation to so much (if any) of the chargeable amount as, when added to the individual's reduced net income for the tax year, does not exceed the basic rate limit for the tax year, the higher rate ... in relation to so much (if any) of the chargeable amount as, when so added, exceeds the basic rate limit for the tax year but does not exceed the higher rate limit for the tax year, and the additional rate ... in relation to so much (if any) of the chargeable amount as, when so added, exceeds the higher rate limit for the tax year. But subsection (4AA) applies in the case of a Scottish taxpayer and subsection (4AB) applies in the case of a Welsh taxpayer. The appropriate rate for a Scottish taxpayer is— where the only Scottish rate is the Scottish basic rate (the “SBR”), that rate, or where there is more than one Scottish rate— the SBR in relation to so much (if any) of the chargeable amount as, when added to the individual’s reduced net income for the tax year, does not exceed the Scottish basic rate limit (“SBRL”) for the tax year, the next highest rate after the SBR in relation to so much (if any) of the chargeable amount as, when so added, exceeds the SBRL for the tax year but does not exceed the rate limit for that rate for the tax year, and where applicable, any other higher Scottish rate in relation to so much (if any) of the chargeable amount as, when so added, does not exceed the rate limit for that rate for the tax year. The appropriate rate for a Welsh taxpayer is— the Welsh basic rate in relation to so much (if any) of the chargeable amount as, when added to the individual’s reduced net income for the tax year, does not exceed the basic rate limit for the tax year, the Welsh higher rate in relation to so much (if any) of the chargeable amount as, when so added, exceeds the basic rate limit for the tax year but does not exceed the higher rate limit for the tax year, and the Welsh additional rate in relation to so much (if any) of the chargeable amount as, when so added, exceeds the higher rate limit for the tax year. The individual's reduced net income for the tax year is the amount after taking Step 3 in section 23 of ITA 2007 in the case of the individual for the tax year. the basic rate limit, the higher rate limit, the Scottish basic rate limit, or any other Scottish rate limit, is (in accordance with section 192 of this Act or section 414 of ITA 2007) increased in the case of the individual, the references to the limit in subsections (4A) , (4AA) and (4AB) are to the limit as so increased. The chargeable amount is not to be treated as income for any purpose of the Tax Acts. The following sections make further provision about the annual allowance charge— sections 227ZA and 227B (chargeable amount), sections 227C to 227G (supplemental provision for calculations under section 227B), section 228 (annual allowance), section 229(1) (total pension input amount to be aggregate of pension input amounts for pension input periods ending in tax year), section 229(2) to (4) (how to arrive at the pension input amount in respect of an arrangement), sections 230 to 237 (pension input amounts), sections 237A to 237F (persons liable to charge), and section 238 (pension input period). Schedule 36 contains (in Part 4) transitional provision about the annual allowance charge. The chargeable amount is the alternative chargeable amount (see section 227B) if— the year is— the tax year in which the individual first flexibly accesses pension rights (see section 227G), or a tax year later than that tax year, the money-purchase input sub-total (see section 227C) exceeds £10,000, and the alternative chargeable amount exceeds the default chargeable amount. Otherwise, the chargeable amount is the default chargeable amount. The default chargeable amount is the amount (if any) by which— the total pension input amount calculated in accordance with section 229(1), exceeds the annual allowance for the year in the case of the individual (see sections 228(1) and 228A). If there is no such excess, the default chargeable amount is zero. The alternative chargeable amount is the total of— the amount (if any) by which the defined-benefit input sub-total exceeds the alternative annual allowance, and the amount by which the money-purchase input sub-total exceeds £10,000. The alternative annual allowance is— where X is the annual allowance for the year in the case of the individual (see sections 228(1) and 228A). The defined-benefit input sub-total is the total of— the pension input amounts in respect of each defined benefits arrangement relating to the individual under a registered pension scheme of which the individual is a member (see section 229(2)(c)), the pension input amounts in respect of each hybrid arrangement— relating to the individual under a registered pension scheme of which the individual is a member, and in respect of which the pension input amount is input amount C mentioned in section 237, and any amounts required to be included by section ... 227F(4) or (6) (pension input periods that end in the year and contain the day on which rights are first flexibly accessed ...). Subsection (3)(b) is subject to section 227D (pension input amounts for certain hybrid arrangements). If, in the case of a hybrid arrangement, input amount C mentioned in section 237— is a relevant input amount for the purposes of section 237, and is equal to— input amount A , AA or B mentioned in section 237 if that is the only other relevant input amount for the purposes of section 237, or the greater or greatest of input amounts A , AA and B mentioned in section 237 if at least two of those amounts are relevant input amounts for the purposes of section 237, the pension input amount in respect of the arrangement is, for the purposes of subsection (3)(b) and sections 227C(1)(b) and 227D(1)(c), treated as being input amount A , AA or B or, as the case may be, the greater or greatest of input amounts A , AA and B (and, in either case, not input amount C). The money-purchase input sub-total is the total of— the pension input amounts in respect of each money purchase arrangement relating to the individual under a registered pension scheme of which the individual is a member (see section 229(2)(a) and (b)), and in respect of which the pension input amount is input amount A , AA or B mentioned in section 237. Subsection (1) is to be read with— section 227F(2), (3) and (5) (pension input periods that end in the tax year and contain the day on which rights are first flexibly accessed). Subsection (1)(b) is to be read with— section 227B(5) (hybrid arrangements where input amount C is highest-equal input amount), and section 227D (pension input amounts for certain hybrid arrangements). In this section “relevant hybrid arrangement” means a hybrid arrangement— relating to the individual under a registered pension scheme of which the individual is a member, made on or after 14 October 2014 or having become a hybrid arrangement (whether or not for the first time) on or after that day, and in respect of which the pension input amount is input amount C mentioned in section 237. As respects each relevant hybrid arrangement in the maximising set of relevant hybrid arrangements— the pension input amount in respect of the arrangement is for the purposes of sections 227B(3)(b) and 227C(1)(b) treated as being not input amount C mentioned in section 237 but, instead, the greater or greatest of such of input amounts A , AA and B mentioned in section 237 as are, for the purposes of section 237, relevant input amounts in the case of the arrangement, and accordingly, the arrangement— is not to be included among the arrangements mentioned in section 227B(3)(b) whose pension input amounts are totalled under section 227B(3), but is to be included among the arrangements mentioned in section 227C(1)(b) whose pension input amounts are totalled under section 227C(1). For the purposes of subsection (2)— the maximising set contains no relevant hybrid arrangements, a particular relevant hybrid arrangement makes up that set, or two or more particular relevant hybrid arrangements make up that set, if the alternative chargeable amount with the maximising set so made up is not less than it would be with the maximising set made up in any other way. In particular, the maximising set may be identified by taking the following steps— Step 1 Identify all of the relevant hybrid arrangements. Step 2 Identify all of the different combinations of the arrangements identified at Step 1 (including the combination consisting of all of those arrangements, and the combination consisting of none of them, as well as every possible combination of each possible size in between). Step 3 For each combination identified at Step 2 calculate what the money-purchase input sub-total would be if each relevant hybrid arrangement in the combination were treated in accordance with the rules in paragraphs (a) and (b) of subsection (2). Step 4 If the result of each calculation at Step 3 is less than or equal to £10,000 the chargeable amount is the default chargeable amount. Step 5 If the amount calculated at Step 3 for a combination is greater than £10,000 then calculate in accordance with section 227B what the alternative chargeable amount would be if— each relevant hybrid arrangement in the combination were treated in accordance with the rules in paragraphs (a) and (b) of subsection (2), and for each relevant hybrid arrangement not in the combination, input amount C mentioned in section 237 were included in the total under section 227B(3). Step 6 Identify the highest (or higher) of the amounts calculated at Step 5. The maximising set is made up of each relevant hybrid arrangement in the combination concerned. Subsection (1)(c) is to be read with section 227B(5) (hybrid arrangements where input amount C is highest-equal input amount). Subject to subsection (7), subsections (2) to (6) apply if, for an arrangement mentioned in section 227C(1), the pension input period ending in the tax year contains the day on which the individual first flexibly accesses pension rights (whether or not that day is in the tax year). If the arrangement is a cash balance arrangement, the pension input amount in respect of that arrangement is for the purposes of section 227C(1)(a) treated as being— APIA is the (actual) pension input amount in respect of the arrangement (see section 229(2)(a)), F is the number of days in the period— beginning with the day after that on which the individual first flexibly accesses pension rights, and ending at the end of the pension input period mentioned in subsection (1), and PIP is the number of days in that pension input period. If the arrangement is a money purchase arrangement other than a cash balance arrangement, the pension input amount in respect of that arrangement is for the purposes of section 227C(1)(a) treated as being the amount in respect of the arrangement that would be arrived at under section 233 for a pension input period— ending at the end of the pension input period mentioned in subsection (1). If the arrangement is a money purchase arrangement, the amount (if any) by which— the (actual) pension input amount in respect of the arrangement (see section 229(2)(a) or (b)), exceeds the amount treated by subsection (2) or (3) as being the pension input amount in respect of the arrangement, is required to be included in the defined-benefit input sub-total calculated under section 227B(3). If the arrangement is a hybrid arrangement— input amount A mentioned in section 237 is for the purposes of sections 227C(1)(b) and 227D(2) treated as being— AAIAA is the (actual) amount of input amount A for the arrangement, PIP is the number of days in that pension input period, and input amount AA or B mentioned in section 237 is for the purposes of sections 227C(1)(b) and 227D(2) treated as being the amount for the arrangement that would be arrived at under section 233 for a pension input period— beginning on the day after that on which the individual first flexibly accesses pension rights, and If the arrangement is a hybrid arrangement, the amount (if any) by which— the (actual) pension input amount in respect of the arrangement (see section 229(2)(d)), exceeds the amount which, in accordance with subsection (5) and section 227D, is for the purposes of section 227C(1)(b) the pension input amount in respect of the arrangement, Subsections (2) to (6) do not apply if section 165(3A) applied in the individual's case to the arrangement, or any other arrangement, at any time before 6 April 2015. References in sections 227B to 227F to when the individual first flexibly accesses pension rights are to the time, or the earlier or earliest of the times, given for that by the following subsections. the individual has a member's flexi-access drawdown fund in respect of an arrangement, and the fund came into being— as a result of sums or assets being designated on or after 6 April 2015 as available for the payment of drawdown pension, or as a result of the operation of paragraph 8D(2) of Schedule 28, the individual first flexibly accesses pension rights immediately before the first qualifying payment is made from the fund (see subsection (10)). If section 165(3A) applied in the individual's case to an arrangement at any time before 6 April 2015, the individual first flexibly accesses pension rights at the start of 6 April 2015. the individual has a member's drawdown pension fund in respect of an arrangement, and the sums and assets that make up the fund become newly-designated funds by the operation of paragraph 8B of Schedule 28, the individual first flexibly accesses pension rights immediately before the first qualifying payment (see subsection (10)) is made from the individual's member's flexi-access drawdown fund in respect of the arrangement (whether that is the payment that triggers the operation of paragraph 8B of Schedule 28 or a subsequent payment). the sums and assets that make up the fund become newly-designated funds by the operation of paragraph 8C of Schedule 28, the individual first flexibly accesses pension rights immediately before the first qualifying payment is made from the individual's member's flexi-access drawdown fund in respect of the arrangement (see subsection (10)). The individual first flexibly accesses pension rights immediately before the payment of the first uncrystallised funds pension lump sum paid to the individual. If the individual is entitled to payment of a lifetime annuity under a flexible annuity contract (see subsection (8)), the individual first flexibly accesses pension rights immediately before the first payment of the annuity is made. In subsection (7) “flexible annuity contract” means a contract for a lifetime annuity where— the annuity is within paragraph 3(1A) of Schedule 28, and the terms of the contract are such that there will or could be decreases in the amount of the annuity other than decreases from time to time allowed by regulations under paragraph 3(1)(d) of Schedule 28 (and any such regulations are to be treated as having effect for this purpose). the individual is entitled to payment of a scheme pension under a relevant arrangement under a registered pension scheme, the individual became entitled to the scheme pension— on or after 6 April 2015, and at a time when fewer than 11 other individuals were entitled to the present payment of a scheme pension, or dependants' scheme pension, under the registered pension scheme, and the scheme pension is not payable under an annuity contract treated under section 153(8) or (8A) as having become a registered pension scheme, the individual first flexibly accesses pension rights immediately before the first payment of the scheme pension is made. In subsection (9), “relevant arrangement” means a money purchase arrangement that is not a collective money purchase arrangement. In subsections (2), (4) and (5), a reference to a qualifying payment from a fund is a reference to— payment of income withdrawal from the fund, or payment of a short-term annuity purchased using sums or assets out of the fund, but does not include payment at a time when the whole of the fund represents rights attributable to a disqualifying pension credit. The annual allowance for the tax year 2023-24 and, subject to subsection (2), each subsequent tax year is £60,000. The Treasury may by order provide that the annual allowance for any tax year subsequent to the tax year 2023-24 is such amount as is specified in the order. If the individual is a high-income individual for the tax year, the amount of the annual allowance for the tax year in the case of the individual is the amount specified for the tax year by or under section 228 reduced (but not below £10,000) by— where AI is the individual's adjusted income for the tax year. If the amount of the reduction under subsection (1) would otherwise not be a multiple of £1, it is to be rounded down to the nearest amount which is a multiple of £1. The individual is a “high-income individual” for the tax year if— the individual's adjusted income for the tax year is more than £260,000 and the individual's threshold income for the tax year is more than the amount given by £260,000 minus the amount specified for the tax year by or under section 228. The individual's “adjusted income” for the tax year is— the individual's net income for the year (see Step 2 of the calculation in section 23 of ITA 2007), plus the amount of any relief under section 193(4) or 194(1) deducted at that Step, plus the amount of any deductions made from employment income of the individual for the year— under section 193(2), or under Chapter 2 of Part 5 of ITEPA 2003 in accordance with paragraph 51(2) of Schedule 36, plus an amount equal to— the total pension input amount calculated in accordance with section 229(1), less the amount of any contributions paid by or on behalf of the individual during the year under registered pension schemes of which the individual is a member, less the amount of any lump sum death benefit which is subject to the charge to tax on pension income under Part 9 of ITEPA 2003 (pension income) in the tax year. The individual's “threshold income” for the tax year is— any amount by which what would otherwise be general earnings or specific employment income of the individual for the year has been reduced by relevant salary sacrifice arrangements or relevant flexible remuneration arrangements, less the amount (before any deduction under section 192(1)) of any contribution paid in the year in respect of which the individual is entitled to be given relief under section 192 (relief at source), less In subsection (5)— “relevant salary sacrifice arrangements” means arrangements— under which the individual gives up the right to receive general earnings or specific employment income in return for the making of relevant pension provision, and which are made on or after 9 July 2015 (and whether before or after the start of the employment concerned), and “relevant flexible remuneration arrangements” means arrangements— under which the individual and an employer of the individual agree that relevant pension provision is to be made rather than the individual receive some description of employment income, and which are made on or after 9 July 2015 (and whether before or after the start of the employment concerned). In subsection (6) “relevant pension provision” means the payment of contributions (or additional contributions) to a pension scheme in respect of the individual or otherwise (by an employer of the individual or any other person) to secure an increase in the amount of the benefits to which the individual or any person who is a dependant of, or is connected with, the individual is actually or prospectively entitled under a pension scheme. In subsection (7) “increase” includes increase from nil. Section 993 of ITA 2007 (meaning of “connected” persons) applies for the purposes of subsection (7). Subsection (5) applies if there are arrangements in respect of which conditions A to C are met. Condition A is that it is reasonable to assume that the main purpose, or one of the main purposes, of the arrangements is to reduce the amount of the reduction under section 228ZA(1) in the individual's case— for the tax year, or for two or more tax years which include the tax year. Condition B is that the arrangements involve either or both of the following— reducing the individual's adjusted income for the tax year, and reducing the individual's threshold income for the tax year. Condition C is that the arrangements involve the reduction within subsection (3), or any of the reductions within subsection (3), being redressed by an increase in the individual's adjusted income, or threshold income, for a different tax year. The reduction under section 228ZA(1) in the individual's case for the tax year is to be treated as being what it would be apart from the arrangements. In subsection (2) “reduce” includes reduce to nil. The increase mentioned in subsection (4) may be an increase in what would be the individual's adjusted income, or threshold income, for the tax year 2015-16 if section 228ZA— had effect for that year, and did so as if the total pension input amount mentioned in section 228ZA(4)(d)(i) were the sum of the total pension input amounts for the pre-alignment and post-alignment tax years (see section 228C(2)). In this section “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable). This section applies if the individual has unused annual allowance available for the tax year (“the current tax year”). The annual allowance for the current tax year in the case of the individual is to be treated as increased by the amount of the unused annual allowance available for the current tax year. The individual has unused annual allowance available for the current tax year if— the amount of the annual allowance (before any increase under this section) for the immediately preceding tax year exceeded the total pension input amount in the case of the individual for that tax year, or the amount of the annual allowance (before any such increase) for either or both of the two tax years immediately preceding that immediately preceding tax year exceeded the total pension input amount in the case of the individual for the tax year concerned and the excess (or, where there is an excess for both of those tax years, the excess for both tax years) has not been used up, or both. Subsection (3)— does not apply in relation to a tax year preceding the current tax year unless the individual was a member of a registered pension scheme at some time during that tax year, but subject to that, applies in relation to such a tax year even if the total pension input amount in the case of the individual for that tax year was nil (in which case the excess within paragraph (a) or (b) of that subsection is the whole amount of the annual allowance before any increase under this section). The amount of the unused annual allowance available for the current tax year is the aggregate of— any excess within subsection (3)(a), and so much of any excess within subsection (3)(b) as has not been used up. An amount of an excess within subsection (3)(b) for a tax year has been “used up” if— for a tax year falling between that tax year and the current tax year (an “intervening tax year”), the total pension input amount in the case of the individual exceeded the annual allowance (apart from any increase under this section), and the amount of the excess had effect by virtue of this section to reduce (or eliminate) the annual allowance charge for the intervening tax year in the case of the individual. In calculating for the purposes of subsection (6) the amount of which of the excesses for different tax years had effect to reduce or eliminate the annual allowance charge for an intervening tax year, an amount of the excess for an earlier tax year is to be taken to have done so before that for a later tax year. If, for a tax year preceding the current tax year, the chargeable amount in the individual's case was the alternative chargeable amount— a reference in subsection (3)(a) or (b), (4)(b) or (6)(a) to the annual allowance for that preceding tax year is a reference to the alternative annual allowance for that preceding tax year (see section 227B(2)), and a reference in subsection (3)(a) or (b), (4)(b) or (6)(a) to the total pension input amount in the case of the individual for that preceding tax year is a reference to the defined-benefit input sub-total in the case of the individual for that preceding tax year (see section 227B(3) to (5)). Subsection (3) does not apply in relation to a tax year— preceding the current tax year, and ending not later than 5 April 2015, if, at any time in that preceding tax year, section 165(3A) or 167(2A) applied to an arrangement relating to the individual. This section applies where the first pension input period for a relevant arrangement relating to an individual ends in the tax year 2011-12, 2012-13 or 2013-14. A period is a “carry forward period” for the purposes of this section if it— is one of the 3 consecutive periods of 12 months immediately before the commencement date of the first pension input period, and is a period in which the arrangement was in existence at any time. Any amount that would, if a carry forward period were a pension input period of the arrangement, have been unused annual allowance available to the individual for the tax year 2011-12, 2012-13 or 2013-14 is to be treated as unused annual allowance available to the individual for that tax year. In this section “relevant arrangement” means— a cash balance arrangement, a defined benefits arrangement, or a hybrid arrangement the only benefits under which may be cash balance benefits or defined benefits. The provisions relating to the annual allowance charge (whether provisions contained in or made under this or any other Act) have effect subject to the following rules. For the purposes of those provisions but subject to subsection (3), the tax year 2015-16 is to be treated as consisting of two tax years as follows— one beginning with 6 April 2015 and ending with 8 July 2015 (“the pre-alignment tax year”), and one beginning with 9 July 2015 and ending with 5 April 2016 (“the post-alignment tax year”). Despite subsection (2)— separate annual allowance charges for each of the pre-alignment and post-alignment tax years cannot arise, but a single annual allowance charge for the tax year 2015-16 arises if the individual has a chargeable amount for either or each of the pre-alignment and post-alignment tax years, and that single annual allowance charge is calculated as if— in section 227(4) the reference to the chargeable amount were a reference to the sum of the chargeable amounts for the pre-alignment and post-alignment tax years, and in section 227(4A) to (4C) each reference to the tax year were to the tax year 2015-16. For the pre-alignment tax year— the amount specified in section 228(1) (annual allowance for tax year) is treated as being £80,000, and in each of sections 227ZA(1)(b) and 227B(1)(b) and (2), the reference to £10,000 is treated as a reference to £20,000. Where the individual was a member of a registered pension scheme at some time in the pre-alignment tax year then, for the post-alignment tax year— the amount specified in section 228(1) is treated as being nil, section 227B(2) (amount of alternative annual allowance) has effect as if “AA” were substituted for “AA – £10,000”, if the chargeable amount in the individual's case for the pre-alignment tax year is the alternative chargeable amount, the reference to £10,000 in each of sections 227ZA(1)(b) and 227B(1)(b) is treated as being a reference to nil, and if the chargeable amount in the individual's case for the pre-alignment tax year is the default chargeable amount, the reference to £10,000 in each of sections 227ZA(1)(b) and 227B(1)(b) is treated as being a reference— to nil where the money-purchase input sub-total in the individual's case for the pre-alignment tax year is £20,000 or more, or to the amount equal to £20,000 minus that sub-total where that sub-total is more than £10,000 but less than £20,000. Where the current tax year for the purposes of section 228A (carry-forward of annual allowance) is the post-alignment tax year— if— the chargeable amount in the individual's case for the pre-alignment tax year is the default chargeable amount, and the excess mentioned in section 228A(5)(a) would otherwise be more than £40,000, that excess is treated as being £40,000, and the chargeable amount in the individual's case for the pre-alignment tax year is the alternative chargeable amount, and the excess mentioned in section 228A(5)(a) would otherwise be more than £30,000, that excess is treated as being £30,000. Where the current tax year for the purposes of section 228A is the post-alignment tax year or the tax year 2016-17, 2017-18 or 2018-19, section 228A applies in relation to that current tax year as if in section 228A(3)(b)— for “either or both of the two” there were substituted “ any one or more of the three ”, and for “(or, where there is an excess for both of those tax years, the excess for both tax years)” there were substituted “ (or, where there is an excess for two or all three of those tax years, the excess for both or all those tax years) ”. Where the current tax year for the purposes of section 228A is the tax year 2016-17, 2017-18 or 2018-19— the excess within section 228A(3)(b) in the case of the pre-alignment tax year would otherwise be more than £40,000, that excess is treated as being £40,000 (and accordingly the amount aggregated under section 228A(5) in respect of that excess is so much of the £40,000 as has not been used up), the excess within section 228A(3)(b) in the case of the pre-alignment year would otherwise be more than £30,000, that excess is treated as being £30,000 (and accordingly the amount aggregated under section 228A(5) in respect of that excess is so much of the £30,000 as has not been used up), and in calculating for the purposes of section 228A(6) the amount of which of the excesses for different tax years had effect to reduce or eliminate the annual allowance charge for the post-alignment tax year, the amount of the excess for the pre-alignment tax year is to be taken to have done so before that for any other tax year and, subject to that, the amount of the excess for an earlier tax year is to be taken to have done so before that for a later year. For the pre-alignment tax year, section 229(3) applies as if the reference to the end of the tax year were a reference to the end of the post-alignment tax year. The total pension input amount is arrived at by aggregating the pension input amounts in respect of each arrangement relating to the individual under a registered pension scheme of which the individual is a member. The pension input amount in respect of an arrangement— is the amount arrived at under sections 230 to 232 if it is a cash balance arrangement, is the amount arrived at under section 233 if it is any other sort of money purchase arrangement, is the amount arrived at under sections 234 to 236A if it is a defined benefits arrangement, and is the amount arrived at under section 237 if it is a hybrid arrangement. But there is no pension input amount in respect of an arrangement if, before the end of the tax year, the individual— satisfies the severe ill-health condition, or has died. For the purposes of subsection (3)(a) the individual satisfies the severe ill-health condition if the individual— becomes entitled to all the benefits to which the individual is entitled under the arrangement in consequence of the scheme administrator having received evidence from a registered medical practitioner that the individual is suffering from ill-health which makes the individual unlikely to be able (otherwise than to an insignificant extent) to undertake gainful work (in any capacity) before reaching pensionable age, becomes entitled to a serious ill-health lump sum under the arrangement, or is a member of the armed forces of the Crown who becomes entitled under the arrangement to a benefit on which no liability to income tax arises by virtue of section 641(1) of ITEPA 2003. Subsection (2) is subject to section 237ZA (calculation of pension input amounts for input periods ending in 2015-16). The pension input amount in respect of a cash balance arrangement is the amount of any increase in the value of the individual’s rights under the arrangement during the pension input period of the arrangement that ends in the tax year. There is an increase in the value of the individual’s rights under the arrangement during the pension input period if— the opening value of the individual’s rights under the arrangement, is exceeded by the closing value of the individual’s rights under the arrangement. The amount of the increase in the value of the individual’s rights under the arrangement during the pension input period is the amount of that excess. The opening value of the individual’s rights under the arrangement— where the pension input period is the first pension input period of the arrangement, is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits immediately before that pension input period (or is nil if no such amount would be available), or in any other case, is the amount which would, on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of the immediately preceding pension input period. The closing value of the individual’s rights under the arrangement is the amount which would, on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of the pension input period. If, during the pension input period, minimum payments are made under— section 8 of the Pension Schemes Act 1993, or section 4 of the Pension Schemes (Northern Ireland) Act 1993, in relation to the individual in connection with the arrangement, their amount is to be subtracted from what would otherwise be the pension input amount in the case of the individual in respect of the arrangement. The pension input amount in respect of the cash balance arrangement is nil where subsection (5BA) or (5BB) applies and the value of the relevant rights of the individual under the arrangement does not increase during the pension input period by more than— the relevant percentage, plus the relevant statutory increase percentage. This subsection applies where the individual— is, throughout the pension input period, a deferred member of the pension scheme that the arrangement is under, is such a deferred member for part of the pension input period and a pensioner member for the rest of it, or would meet the condition in paragraph (a) or (b) if the arrangement were the only arrangement under the pension scheme relating to that individual. This subsection applies where— during the pension input period all the sums or assets held for the purposes of, or representing accrued rights under, the arrangement are transferred so as to become held for the purposes of, or to represent rights under— a registered pension scheme, or in connection with the individual, the individual is a deferred member of the pension scheme that the arrangement is under from the beginning of the pension input period until the transfer (or would be if the arrangement were the only arrangement under the pension scheme relating to that individual), and rights do not accrue under the arrangement to or in respect of the individual during so much of the pension input period as falls after the transfer. In determining for the purposes of this section whether or not a member of a pension scheme is a deferred member (see particularly the definition of “active member” in section 151(2)), arrangements made under the pension scheme for benefits to accrue, as a consequence of (and immediately after) a relevant inward transfer (as defined in section 232(6)) to or in respect of that member, are to be disregarded— if condition B in section 232(6A) is met in relation to the accrual of benefits under the arrangements, or so far as the accrual of benefits under the arrangements is to be an increase in the rights of the individual which falls to be subtracted by virtue of section 232(6A)(b). “guaranteed minimum pension” has the meaning given by— section 8(2) of the Pension Schemes Act 1993, or section 4(2) of the Pension Schemes (Northern Ireland) Act 1993; “predecessor arrangement”, in relation to an arrangement, means another arrangement (under the same or another registered pension scheme) from which some or all of the sums or assets held for the purposes of the arrangement directly or indirectly derive; “predecessor registered pension scheme”, in relation to a pension scheme, means another registered pension scheme from which some or all of the sums or assets held for the purposes of the arrangement under the pension scheme directly or indirectly derive; “the relevant percentage” means— where throughout the pension input period the arrangement (or a predecessor arrangement) includes provision for the value of the relevant rights of the individual to increase at an annual rate which is an RPI-related rate specified in the rules of the pension scheme (or a predecessor registered pension scheme) on 6th April 2012, that rate, where throughout the pension input period the arrangement (or a predecessor arrangement) includes provision for the value of the relevant rights of the individual to increase at an annual rate, other than an RPI-related rate, specified in the rules of the pension scheme (or a predecessor registered pension scheme) on 14th October 2010, that rate, and in a case not falling within paragraph (a) or (b), the percentage by which the consumer prices index for a month falling within the pension input period and nominated by the scheme administrator is higher than it was for the same month in the previous period of 12 months (or nil per cent if it is not higher); “the relevant rights of the individual” means rights of the individual under the arrangement, other than any rights to a guaranteed minimum pension; “the relevant statutory increase percentage” in relation to a pension input period means the percentage increase in the value of the individual’s rights under the arrangement during the pension input period so far as it is attributable solely to one or more of the following— an increase in accordance with section 15 of the Pension Schemes Act 1993 or section 11 of the Pension Schemes (Northern Ireland) Act 1993 (increase of guaranteed minimum where commencement of guaranteed minimum pension postponed); a revaluation in accordance with section 16 of the Pension Schemes Act 1993 or section 12 of the Pension Schemes (Northern Ireland) Act 1993 (early leavers: revaluation of earning factors); a revaluation in accordance with Chapter 2 of Part 4 of the Pension Schemes Act 1993 or the Pension Schemes (Northern Ireland) Act 1993 (early leavers: revaluation of accrued benefits); a revaluation in accordance with Chapter 3 of Part 4 of the Pension Schemes Act 1993 or the Pension Schemes (Northern Ireland) Act 1993 (early leavers: protection of increases in guaranteed minimum pensions); the application of section 67 of the Equality Act 2010 (sex equality rule for occupational pension schemes); “RPI-related rate” (in the definition of “the relevant percentage”) means— a rate produced solely by movement in the retail prices index, or a rate which (however expressed) is the lower of such a rate and a percentage figure; “specified”, in relation to an annual rate, means specified as a percentage figure or as a percentage produced by movement in an index (or a combination of the two) but does not include a percentage produced by the exercise of a discretion by any person. Section 231 (uprating of opening value) and section 232 (adjustments of closing value) supplement this section. This section applies for adjusting the opening value of the individual’s rights as calculated under section 230(4). The opening value is to be increased by the appropriate percentage. The appropriate percentage is the percentage (if any) by which the consumer prices index for the September before the start of the tax year is higher than it was for the previous September. This section applies for adjusting the closing value of the individual’s rights under the arrangement as calculated under section 230(5). If, during the pension input period, the rights of the individual under the arrangement have been reduced by having become subject to a pension debit, the amount of the reduction is to be added. If, during the pension input period, the rights of the individual under the arrangement have been increased by the individual having become entitled to a pension credit deriving from the same or another registered pension scheme, the amount of the increase is to be subtracted. In subsection (4A) “relevant outward transfer” means a transfer relating to the individual of any sums or assets held for the purposes of, or representing accrued rights under, the arrangement so as to become held for the purposes of, or to represent rights under, any ... pension scheme that is— a qualifying recognised overseas pension scheme. If there is a relevant outward transfer during the pension input period, then— if condition A is met, the amount of the reduction specified in paragraph (b) of that condition is to be added; if condition A is not met but the rights of the individual under the arrangement have been reduced by reason of the relevant outward transfer, the amount of that reduction is to be added. the relevant outward transfer (“the transfer”) takes place within a block transfer, the rights of the individual under the arrangement have been reduced, and the rights of the individual under the pension scheme mentioned in subsection (4) have been increased, as a consequence (whether direct or indirect) of the transfer, and the amount of that reduction is equal (or virtually equal) to the amount of that increase. In subsection (6A) “relevant inward transfer” means a transfer relating to the individual of any sums or assets held for the purposes of, or representing accrued rights under, any pension scheme so as to become held for the purposes of, or to represent rights under, the arrangement... If there is a relevant inward transfer during the pension input period, then— if condition B is met, the amount of the increase specified in paragraph (b) of that condition is to be subtracted; if condition B is not met but the rights of the individual under arrangement have been increased by reason of the relevant inward transfer, the amount of that increase is to be subtracted. Condition B is that— the relevant inward transfer (“the transfer”) takes place within a block transfer, the rights of the individual under the arrangement have been increased, and the rights of the individual under the pension scheme mentioned in subsection (6) have been reduced, as a consequence (whether direct or indirect) of the transfer, and the amount of that increase is equal (or virtually equal) to the amount of that reduction. For the purposes of Condition A in subsection (4A) and Condition B in subsection (6A)— normal actuarial practice must be used when determining and comparing the amount of the reduction, and the amount of the increase, in rights, the amount of a reduction or increase in rights under the arrangement is the difference between the amount of those rights under the arrangement immediately before the transfer and immediately after the transfer, and the amount of an increase or reduction in rights under a pension scheme is the difference between the amount of those rights under the pension scheme immediately before the transfer and immediately after the transfer. In subsections (4A) and (6A)— “block transfer” means a transfer which involves the transfer in a single transaction of all the sums or assets held for the purposes of, or representing accrued rights under, the arrangements under a pension scheme which relate to the individual and at least one other member of that pension scheme so as to become held for the purposes of, or to represent rights under, any pension scheme. For the purposes of subsections (4A) and (6A), the rights of the individual under the arrangement have been reduced or increased, as the case may be, “by reason of” a transfer of sums or assets only where that reduction or increase is solely attributable to the value of those sums or assets.

If, during the pension input period, the rights of the individual under the arrangement have been reduced by any surrender made, or similar action taken, pursuant to an option available to the individual under the arrangement, the amount of the reduction is to be added. If, during the pension input period— benefit crystallisation event 1, 2 or 4 occurs in relation to the individual and the arrangement, benefit crystallisation event 3 occurs in relation to the individual and the arrangement otherwise than by reason of a provision contained in, or made under, any enactment, benefit crystallisation event 6 occurs ... in relation to the individual and the arrangement by virtue of the individual becoming entitled to a pension commencement lump sum or a pension commencement excess lump sum, or there is an allocation of rights of the individual under the arrangement (not falling within paragraph (a)), the relevant amount is to be added. In subsection (8A) “the relevant amount” is— in the case of benefit crystallisation event 6, the amount of the lump sum, and in any other case, the amount of the reduction in the amount of the rights available for the provision of benefits to or in respect of the individual occurring by reason of the benefit crystallisation event or allocation. If, during the pension input period, an adjustment to the individual's rights under the arrangement is made in consequence of the scheme administrator satisfying a liability under section 237B in respect of the individual, if and to the extent that the adjustment is reflected in the closing amount the amount of the adjustment is to be added to the closing amount. But no amount is to be added under subsection (8C) by reason of an adjustment made in consequence of the scheme administrator satisfying a liability under section 237B in a case where— the individual becomes actually entitled to all of the individual’s benefits under the pension scheme ..., and the adjustment takes place after the individual becomes so entitled .... Schedule 32 contains provision about the meaning of references in this section to benefit crystallisation events. The pension input amount in respect of a money purchase arrangement other than a cash balance arrangement is the total of— any relievable pension contributions paid by or on behalf of the individual under the arrangement, and contributions paid in respect of the individual under the arrangement by an employer of the individual, during the pension input period of the arrangement that ends in the tax year. When at any time contributions paid under a pension scheme by an employer otherwise than in respect of any individual become held for the purposes of the provision under an arrangement under the pension scheme of benefits to or in respect of an individual, they are to be treated as being contributions paid at that time in respect of the individual under the arrangement. References to “contributions” in subsection (1) do not include any amount which is a refund of excess contributions lump sum (see paragraph 6 of Schedule 29). The pension input amount in respect of a defined benefits arrangement is the amount of any increase in the value of the individual’s rights under the arrangement during the pension input period of the arrangement that ends in the tax year. The opening value of the individual’s rights under the arrangement is— PB is— if the pension input period is the first pension input period of the arrangement, the annual rate of the pension which would, on the valuation assumptions (see section 277), be payable to the individual under the arrangement if the individual became entitled to payment of it immediately before that pension input period (or is nil if no such annual rate would be so payable), or in any other case, the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the end of the immediately preceding pension input period, and LSB is— if the pension input period is the first pension input period of the arrangement, the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to the payment of it immediately before that pension input period (or is nil if there is no such lump sum to which the individual would be so entitled), or in any other case, the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to the payment of it at the end of the immediately preceding pension input period. The closing value of the individual’s rights under the arrangement is— PE is the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the end of the pension input period, and LSE is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to the payment of it at that time. The pension input amount in respect of the arrangement is nil where— subsection (5BA) or (5BB) applies and the value of the relevant rights of the individual under the arrangement does not increase during the pension input period by more than— the relevant statutory increase percentage, or subsection (5BC) applies. would meet the condition in paragraph (a) or (b) if the arrangement were the only arrangement under the pension scheme relating to the individual. during the pension input period there is a transfer of all the sums or assets held for the purposes of, or representing accrued rights under, the arrangement so as to become held for the purposes of, or to represent rights under— the arrangement (“the annuity arrangement”) is a defined benefits arrangement under an annuity contract which is treated as a registered pension scheme under section 153(8), throughout the pension input period the annuity arrangement (or a predecessor arrangement) includes provision for the relevant rights of the individual to increase at an annual rate (“the annuity rate”) which— was specified in the contract (or in the rules of a predecessor registered pension scheme) on 14 October 2010, or is the CPI percentage or the RPI percentage, and the value of the relevant rights of the individual does not increase during the pension input period at an annual rate greater than the annuity rate plus the relevant statutory increase percentage. In determining for the purposes of this section whether or not a member of a pension scheme is a deferred member (see particularly the definition of “active member” in section 151(2)), arrangements made under the pension scheme for benefits to accrue, as a consequence of (and immediately after) a relevant inward transfer (as defined in section 236(5)) to or in respect of that member, are to be disregarded— if condition B in section 236(5A) is met in relation to the accrual of benefits under the arrangements, or so far as the accrual of benefits under the arrangements is to be a subtractable increase in the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the defined benefits arrangement. In subsection (5BD) “subtractable increase” means an increase which falls to be subtracted from PE or LSE by virtue of section 236(5A)(b). “ CPI percentage ” means the percentage mentioned in paragraph (c) of the definition of “the relevant percentage” (see below) “ the relevant percentage ” means— where throughout the pension input period the arrangement (or a predecessor arrangement) includes provision for the value of the relevant rights of the individual to increase at an annual rate, which is an RPI-related rate, specified in the rules of the pension scheme (or a predecessor registered pension scheme) on 6 April 2012, that rate, where throughout the pension input period the arrangement (or a predecessor arrangement) includes provision for the value of the relevant rights of the individual to increase at an annual rate, other than an RPI-related rate, specified in the rules of the pension scheme (or a predecessor registered pension scheme) on 14 October 2010, that rate, and “RPI percentage” means the percentage by which the retail prices index for a month falling within the pension input period and nominated by the scheme administrator is higher than it was for the same month in the previous period of 12 months (or nil per cent if it is not higher); Section 235 (uprating of opening value), section 236 (adjustments of closing value) and section 236A (post-entitlement enhancements) supplement this section. This section applies for adjusting the opening value of the individual’s rights as calculated under section 234(4) .... This section applies for adjusting PE and LSE under section 234(5). If, during the pension input period, the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been reduced by having become subject to a pension debit, the amount of the reduction is to be added to PE or LSE. If, during the pension input period, the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been increased by the individual having become entitled to a pension credit deriving from the same or another registered pension scheme, the amount of the increase is to be subtracted from PE or LSE. In subsection (4A) “relevant outward transfer means a transfer relating to the individual of any sums or assets held for the purposes of, or representing accrued rights under, the arrangement so as to become held for the purposes of, or to represent rights under, any pension scheme that is— .... if condition A is met, and there has been a reduction in the annual rate of the pension or a reduction in the amount of the lump sum to which the individual would be entitled under the arrangement, as a consequence (whether direct or indirect) of the relevant outward transfer, the amount of that reduction is to be added to PE or LSE, so far as that amount is reflected in the reduction in the value of benefits mentioned in paragraph (b) of condition A; if condition A is not met but the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been reduced by reason of the relevant outward transfer, the amount of that reduction is to be added to PE or LSE. the value of the benefits to be paid to or in respect of the individual under the arrangement has been reduced and the value of the benefits to be paid to or in respect of the individual under the pension scheme mentioned in subsection (4) has been increased, as a consequence (whether direct or indirect) of the transfer, the amount of that reduction is equal (or virtually equal) to the amount of that increase, and the transfer is not part of an arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax. In subsection (5A) “relevant inward transfer means a transfer relating to the individual of any sums or assets held for the purposes of, or representing accrued rights under, any pension scheme so as to become held for the purposes of, or to represent rights under, the arrangement .... if condition B is met, and there has been an increase in the annual rate of the pension or an increase in the amount of the lump sum to which the individual would be entitled under the arrangement, as a consequence (whether direct or indirect) of the relevant inward transfer, the amount of that increase is to be subtracted from PE or LSE, so far as that amount is reflected in the increase in the value of benefits mentioned in paragraph (b) of condition B; if condition B is not met but the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been increased by reason of the relevant inward transfer, the amount of that increase is to be subtracted from PE or LSE. Condition B is that- the relevant inward transfer (“the transfer”) took place within a block transfer, the value of the benefits to be paid to or in respect of the individual under the arrangement has been increased, and the value of the benefits to be paid to or in respect of the individual under the pension scheme mentioned in subsection (5) has been reduced, as a consequence (whether direct or indirect) of the transfer, the amount of that increase in value is equal (or virtually equal) to the amount of that reduction, and For the purposes of Condition A in subsection (4A) and Condition B in subsection (5A)— normal actuarial practice must be used when determining and comparing the amount of a reduction, and the amount of an increase, in the value of benefits to be paid to or in respect of the individual, the amount of a reduction or increase in the value of benefits to be paid to or in respect of the individual under the arrangement is the difference between the value of those benefits under that arrangement immediately before the transfer and immediately after the transfer, and the amount of an increase or reduction in the value of benefits to be paid to or in respect of an individual under a pension scheme is the difference between the value of those benefits under that pension scheme immediately before and immediately after the transfer. In subsections (4A) and (5A)— For the purposes of subsections (4A) and (5A), the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been reduced or increased, as the case may be, “by reason of” a transfer of sums or assets only where that reduction or increase is solely attributable to the value of those sums or assets. If, during the pension input period, the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been reduced by any surrender made in return for any other entitlement, any allocation made, or any similar action taken, pursuant to an option available to the individual under the arrangement, the amount of the reduction (to the extent that it is not reflected in an amount added under subsection (8A)) is to be added to PE or LSE. benefit crystallisation event 2 occurs in relation to the individual and the arrangement, benefit crystallisation event 3 occurs in relation to the individual and the arrangement otherwise than by reason of a provision contained in, or made under, any enactment, or benefit crystallisation event 6 occurs in relation to the individual and the arrangement by virtue of the individual becoming entitled to a pension commencement lump sum or a pension commencement excess lump sum, the relevant amount is to be added to PE or LSE. in the case of benefit crystallisation event 2, the annual rate of the pension to which the individual became entitled, in the case of benefit crystallisation event 3, the increase in the annual rate of the pension, and in the case of benefit crystallisation event 6, the amount of the lump sum. If, during the pension input period, an adjustment to the annual rate of the pension, or the amount of the lump sum, to which the individual would be entitled under the arrangement has been made in consequence of the scheme administrator satisfying a liability under section 237B in respect of the individual, if and to the extent that the adjustment is reflected in PE or LSE the amount of the adjustment is to be added to PE or LSE. at the end of a pension input period, an individual has rights under— a reformed public service pension scheme arrangement (“the reformed arrangement”), and a corresponding legacy public service pension scheme arrangement (“the legacy arrangement”), and the opening value of the individual’s rights under the legacy arrangement for the period (as determined for the purposes of section 234) exceeds the closing value of the individual’s rights under that arrangement for that period (as so determined). The pension input amount in respect of the reformed arrangement for the tax year in which the pension input period ends is to be reduced (but not below zero) by the amount of the excess mentioned in subsection (1)(b). For the purposes of this section an arrangement “corresponds” with another arrangement if— the arrangements are under pension schemes that are connected, and a final salary link applies in relation to the individual’s service under those schemes. “reformed public service pension scheme arrangement” means an arrangement under a scheme established by— regulations under section 1 of the Public Service Pensions Act 2013 (“the 2013 Act”), or regulations under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (“the 2014 Act”); “legacy public service pension scheme arrangement” means an arrangement under a scheme listed in— Schedule 5 to the 2013 Act, or Schedule 5 to the 2014 Act; “connected”, in relation to a pension scheme, has the same meaning as in— the 2013 Act (see section 4(6) of that Act), or the 2014 Act (see section 4(6) of that Act); a “final salary link” applies in relation to an individual’s service under two pension schemes if, pursuant to— paragraph 1 or 2 of Schedule 7 to the 2013 Act, or paragraph 1 or 2 of Schedule 7 to the 2014 Act, the determination of the individual’s final salary for the purposes of one of those schemes is determined (to any extent) by reference to their service in the other scheme. This section applies in relation to the arrangement if, during the pension input period (“the affected pension input period”), the individual enters into a scheme for the making of an avoidance-inspired post-entitlement enhancement. A “post-entitlement enhancement” is an increase in the annual rate of a scheme pension under the arrangement, at a time after the member has become entitled to the scheme pension. A post-entitlement enhancement is “avoidance-inspired” if the main purpose, or one of the main purposes, of the individual in entering into the scheme was to avoid or reduce a liability to the annual allowance charge. This Part has effect in relation to the arrangement and the individual, as respects the affected pension input period and all subsequent pension input periods, as if— section 234 were modified in accordance with subsection (5), and sections 235 , 236 and 236ZA were omitted. The modifications of section 234 are that— in subsection (4), for the words after “the arrangement is” there are substituted “ such amount as, applying normal actuarial practice, is the expected cost of giving effect to the individual's rights under the arrangement at the end of the immediately preceding pension input period (or is nil if the pension input period is the first pension input period of the arrangement). ”, in subsection (5), for the words after “the arrangement is” there are substituted “ such amount as, applying normal actuarial practice, is the expected cost of giving effect to the individual's rights under the arrangement at the end of the pension input period. ”, and subsection (6) is omitted. In this section “scheme” includes any arrangements, agreement, understanding, transaction or series of transactions (whether or not legally enforceable). The pension input amount in respect of a hybrid arrangement is the greater or greatest of such of input amounts A, AA, B and C as are relevant input amounts. An input amount is a relevant input amount in the case of a hybrid arrangement if, in any circumstances, the benefits that may be provided to or in respect of the individual under the arrangement may be benefits of the variety mentioned in the definition of that input amount. Input amount A is what would be the pension input amount under sections 230 to 232 if the benefits provided to or in respect of the individual under the arrangement were cash balance benefits. Input amount AA is what would be the pension input amount under section 233 if the benefits provided to or in respect of the individual under the arrangement were collective money purchase benefits. Input amount B is what would be the pension input amount under section 233 if the benefits provided to or in respect of the individual under the arrangement were money purchase benefits that are not cash balance benefits or collective money purchase benefits. Input amount C is what would be the pension input amount under sections 234 to 236A if the benefits provided to or in respect of the individual under the arrangement were defined benefits. This section applies where the tax year is the pre-alignment tax year or the post-alignment tax year (see section 228C(2)). The rules for calculating the pension input amount in respect of a cash balance arrangement, or a defined benefits arrangement, are modified as follows (and the rules for calculating the pension input amount in respect of a hybrid arrangement have effect accordingly). The pension input amount in respect of the arrangement is the time-apportioned percentage of any increase in the value of the individual's rights under the arrangement during the period (“the combined period”) that consists of the combination of all pension input periods of the arrangement that end— on or after 6 April 2015 but on or before 8 July 2015, or on 5 April 2016. To calculate the increase (if any) in the value of the individual's rights under the arrangement during the combined period, apply (as the case may be) sections 230 to 232 (except section 230(1)), or sections 234 to 236A (except section 234(1)), as if— references to the pension input period were references to the combined period, the combined period were a pension input period of the arrangement, 2.5% were the appropriate percentage specified in section 231(3) or 235(3), and 2.5% were the percentage mentioned in paragraph (c) of the definition of “relevant percentage” given by section 230(5C) or 234(5C), but paragraph (d) does not have effect for the purposes of the definition of “CPI percentage” given by section 234(5C). “The time-apportioned percentage” for the post-alignment tax year is— and “the time-apportioned percentage” for the pre-alignment tax year is— where D is the number of days in the combined period. Subsections (3) to (5) have effect subject to the following provisions of this section. Subsections (3) to (5) do not apply, and subsections (8) and (9) apply instead, if— because of section 238ZA(2), a pension input period for the arrangement ends with 8 July 2015, another pension input period for the arrangement ends with a day (“the unchanged last day”) after 5 April 2015 but before 8 July 2015, and section 230(5B) or 234(5B), when applied separately to each of— the pension input period for the arrangement ending with 8 July 2015, and the pension input period for the arrangement ending with 5 April 2016, gives the result that the pension input amount in respect of the arrangement for each of those periods is nil. The pension input amount in respect of the arrangement for the post-alignment tax year is nil. The pension input amount in respect of the arrangement for the pre-alignment tax year is the amount which would be the pension input amount in respect of the arrangement for the pre-alignment tax year if— the pension input period ending with the unchanged last day were the only pension input period for the arrangement ending in the pre-alignment tax year, and subsections (3) to (5) were ignored. Subsections (11) to (13) apply if— apart from section 238ZA(2), that pension input period (“the cut-short period”) would have ended with a day (“the original last day”) after 8 July 2015 but before 5 April 2016, at or after the beginning of the cut-short period but not later than the original last day, or in an earlier pension input period for the arrangement, the individual becomes a deferred member of the pension scheme that the arrangement is under, and were the period— beginning with the day after the original last day, and ending with 5 April 2016, a pension input period for the arrangement, the pension input amount in respect of the arrangement for that period would be nil by virtue of section 230(5B) or 234(5B). Subsections (3) to (5) have effect as if the original last day, and not 5 April 2016, were the last day of the combined period (so that, in particular, D in subsection (5) is the number of days in the combined period as so shortened). If the individual becomes a deferred member of the pension scheme in a pension input period for the arrangement earlier than the cut-short period— the time-apportioned percentage for the post-alignment tax year is treated as being nil, and the time-apportioned percentage for the pre-alignment tax year is treated as being 100. If the individual becomes a deferred member of the pension scheme at or after the beginning of the cut-short period but not later than the original last day, subsection (5) has effect as if for “ 272 ”, in each place, there were substituted the number of days in the period beginning with 9 July 2015 and ending with the original last day. If the first pension input period for the arrangement ends with 5 April 2016— the time-apportioned percentage for the post-alignment tax year is treated as being 100, and the time-apportioned percentage for the pre-alignment tax year is treated as being nil. If the last pension input period for the arrangement ends after 5 April 2015 but before 9 July 2015— Subsections (17) and (18) apply if— subsections (8) and (9) do not apply, subsections (11) to (13) do not apply, subsection (14) does not apply, and so much of the combined period as consists of the post-alignment tax year, and the remainder of the combined period (for this purpose treating that remainder as a single pension input period if not otherwise the case), gives the result that the pension input amount in respect of the arrangement for one (but not the other) of those parts of the combined period is nil. If the nil result is for so much of the combined period as consists of the post-alignment tax year— If the nil result is for so much of the combined period as precedes 9 July 2015— the time-apportioned percentage for the pre-alignment tax year is treated as being nil, and the time-apportioned percentage for the post-alignment tax year is treated as being 100. The individual is liable to the annual allowance charge. The individual is liable to the annual allowance charge whether or not— the individual, and the scheme administrator of the pension scheme or pension schemes concerned, the amount of the individual's liability to the annual allowance charge for a tax year exceeds £2,000, and the pension scheme input amount in the case of the individual in relation to a registered pension scheme for the tax year exceeds the amount of the annual allowance specified in section 228(1) for the tax year. The pension scheme input amount in the case of the individual in relation to a pension scheme for a tax year is the aggregate of the pension input amounts for the tax year in respect of arrangements relating to the individual under the pension scheme. If the chargeable amount for the tax year in the individual's case is the alternative chargeable amount, each of the following is treated as being a reference to the amount that the annual allowance charge for the tax year would be in the individual's case if the chargeable amount were the default chargeable amount— the reference in subsection (1)(a) to the amount of the individual's liability to the annual allowance charge for the tax year, and the reference in subsection (3) to the annual allowance charge arising in the case of the individual. The individual may give a notice to the scheme administrator of the pension scheme specifying that the individual and the scheme administrator are to be jointly and severally liable in respect of so much of the annual allowance charge arising in the case of the individual as— does not exceed the amount of the annual allowance charge which would be chargeable on the excess mentioned in subsection (1)(b) if it were charged at the relevant rate, and is specified in the notice, (“the joint liability amount”). In subsection (3)(a) “the relevant rate” means— in relation to so much of the excess as does not exceed the amount (if any) on which tax is chargeable in the case of the individual for the tax year at the additional rate ... by virtue of paragraph (c) of subsection (4A) of section 227, the additional rate ..., in relation to so much of the excess as is not within paragraph (a) and does not exceed the amount (if any) on which tax is so chargeable at the higher rate ... by virtue of paragraph (b) of that subsection, the higher rate ..., and in relation to any remaining part of the excess, the basic rate .... But subsection (4A) applies in the case of a Scottish taxpayer and subsection (4B) applies in the case of a Welsh taxpayer. In the case of a Scottish taxpayer, the “relevant rate” in subsection (3)(a) means— where the only Scottish rate is the Scottish basic rate, that rate; the highest Scottish rate in relation to so much of the excess as does not exceed the amount (if any) on which tax is chargeable in the case of the individual at that rate by virtue of section 227(4AA)(b)(ii) or (iii), the next highest Scottish rate in relation to so much of the excess as is not within sub-paragraph (i) and does not exceed the amount (if any) on which tax is so chargeable by virtue of section 227(4AA)(b)(i), (ii) or (iii), if there is one, the next highest Scottish rate in relation to so much of the excess as is not within sub-paragraph (i) or (ii) and does not exceed the amount (if any) on which tax is so chargeable by virtue of section 227(4AA)(b)(i), (ii) or (iii), and so on. In the case of a Welsh taxpayer, the “relevant rate” in subsection (3)(a) means— in relation to so much of the excess as does not exceed the amount (if any) on which tax is chargeable in the case of the individual for the tax year at the Welsh additional rate by virtue of paragraph (c) of subsection (4AB) of section 227, the Welsh additional rate, in relation to so much of the excess as is not within paragraph (a) and does not exceed the amount (if any) on which tax is so chargeable at the Welsh higher rate by virtue of paragraph (b) of that subsection, the Welsh higher rate, and in relation to the remaining part of the excess, the Welsh basic rate. The notice— must be given in accordance with the time limit in section 237BA (but subject to subsection (6)), must be made in such manner and form, and contain such particulars, as may be prescribed by regulations made by the Commissioners for Her Majesty's Revenue and Customs, and may be amended by giving the scheme administrator notice in accordance with provision made by regulations made by the Commissioners for Her Majesty's Revenue and Customs but may not be revoked. A notice may not be given after the individual becomes actually entitled to all of the individual's benefits under the pension scheme ... .... On receipt by the scheme administrator of the notice the scheme administrator and the individual become jointly and severally liable to pay the joint liability amount, but subject to sections 237C and 237D and to any amendment made to the notice in accordance with regulations under subsection (5)(c). The scheme administrator is liable under subsection (7) whether or not— Where (but for this subsection) a notice could be given to a scheme administrator of a pension scheme but, before it is given, there is a transfer of all of the sums or assets— arrangements relating to the individual under the pension scheme so as to become held for the purposes of, or to represent rights under, another registered pension scheme, the notice may not be given to that scheme administrator but may instead be given to the scheme administrator of that other pension scheme. The Treasury may by regulations make provision modifying the operation of this section in other cases in which there is a transfer of any of the sums or assets— the pension scheme so as to become held for the purposes of, or to represent rights under, another registered pension scheme. The Treasury may by order amend paragraph (a) of subsection (1) so as to increase the sum for the time being specified in that paragraph. This section specifies the time limit for an individual to give a notice under section 237B(3) in relation to a pension scheme for a tax year (see section 237B(5)(a)). Except where subsection (5) applies, the individual must give the notice not later than 31 July in the year following the year in which the tax year ends. Subsection (5) applies where— at a relevant time, the scheme administrator gives the individual information about a change to the pension scheme input amount in relation to the pension scheme for the tax year, the scheme administrator is required to give the individual the information by regulations under section 251, and section 237B applies to the individual, in relation to the pension scheme and the tax year, as a result of that change. In subsection (3), “relevant time” means a time falling— on or after 2 May in the year following that in which the tax year in question ends, and before the end of the period of 6 years beginning with the end of the tax year in question. Where this subsection applies, the individual must give the notice before whichever is the earlier of the following— the end of the period of 3 months beginning with the day on which the scheme administrator gives the individual the information described in subsection (3)(a), and the end of the period of 6 years beginning with the end of the tax year in question. In this section, “pension scheme input amount” has the meaning given in section 237B(2). The scheme administrator of a pension scheme does not become liable under section 237B if the time when the scheme administrator would become liable is during an assessment period in relation to the pension scheme; and if an assessment period in relation to a pension scheme begins at a time when the scheme administrator is already so liable (but has not satisfied the liability), the liability ceases when the assessment period begins. References to an assessment period are to be construed in accordance with sections 132 and 159 of the Pensions Act 2004 and articles 116 and 143 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)). The scheme administrator of a pension scheme is not liable under section 237B in respect of any amount if there is no power to make a consequential adjustment to the entitlement of the individual concerned to benefits under the pension scheme in respect of the amount because of section 237E(2) (inalienability of guaranteed minimum pension etc). The Treasury may by regulations prescribe other circumstances in which a scheme administrator of a pension scheme does not become, or ceases to be, liable under section 237B. If the scheme administrator of a pension scheme is liable under section 237B, the scheme administrator may apply to an officer of Revenue and Customs for the discharge of the scheme administrator's liability on either of the following grounds. The grounds are— that paying the amount to which the scheme administrator is liable would be to the substantial detriment of the interests of the members of the pension scheme, and that in all the circumstances of the case it would not be just and reasonable for the scheme administrator to be liable to that amount. On receiving an application under subsection (1), an officer of Revenue and Customs must decide whether to discharge the scheme administrator's liability. An officer of Revenue and Customs must notify the scheme administrator of the decision on the application. The discharge of the scheme administrator's liability does not affect the liability of any other person in respect of the same amount. The Treasury may by regulations amend this section so as to alter the grounds on which an application under subsection (1) may be made. Regulations made by the Commissioners for Her Majesty's Revenue and Customs may make provision supplementing this section; and the regulations may in particular make provision as to the time limits for the making of an application. Where the scheme administrator of a pension scheme satisfies a liability under section 237B in respect of the individual, consequential adjustment must be made to the entitlement of the individual to benefits under the pension scheme on a basis that is just and reasonable having regard to normal actuarial practice. Any power to make such consequential adjustment is subject to section 159 of the Pension Schemes Act 1993 or section 155 of the Pension Schemes (Northern Ireland) Act 1993 (inalienability of guaranteed minimum pension etc). The Commissioners for Her Majesty's Revenue and Customs may by regulations make any modification of the rules of registered pension schemes that appear appropriate to facilitate the operation of sections 237A to 237E. In the case of an arrangement under a registered pension scheme where the relevant commencement date is before 9 July 2015, but subject to section 238ZA, the following are pension input periods— the period beginning with the relevant commencement date and ending with — a nominated date falling before the anniversary of the relevant commencement date, or if there is not such a nominated date, the first 5 April after the relevant commencement date (or, if the relevant commencement date is itself 5 April, that date), and each subsequent period beginning immediately after the end of a period which is a pension input period (under paragraph (a) or this paragraph) and ending with the appropriate date. “The relevant commencement date” means— in the case of a cash balance arrangement or a defined benefits arrangement, or a hybrid arrangement the only benefits under which may be cash balance benefits or defined benefits, the date on which rights under the arrangement begin to accrue to or in respect of the individual, in the case of a money purchase arrangement other than a cash balance arrangement, the first date on which a contribution within section 233(1) is made, and in the case of a hybrid arrangement not within paragraph (a), whichever is the earlier of the date mentioned in that paragraph and the date mentioned in paragraph (b). “Nominated date” means— in the case of a money purchase arrangement other than a cash balance arrangement, such date as the individual or scheme administrator nominates, and in the case of any other arrangement, such date as the scheme administrator nominates. A nomination for the purposes of subsection (3)— if by the individual, is to be made by notice to the scheme administrator, and if by the scheme administrator, is to be made by notice to the individual. A date nominated for the purposes of subsection (3) must not be a date before that on which the nomination is made. If more than one date is nominated for the purposes of subsection (3)— in relation to the period beginning with the relevant commencement date, or in relation to a tax year following that in which the pension input period beginning with that date ends, the date nominated first is the nominated date. “The appropriate date” means ...— a nominated date falling in the tax year immediately after that in which the last pension input period ended, or if there is not such a nominated date, the anniversary of the date on which that period ended. Once the individual has become entitled to all the benefits which may be provided to the individual under an arrangement, the last pension input period in the case of the arrangement is that in which that was first so. If the relevant commencement date in the case of an arrangement under a registered pension scheme is before 9 July 2015, section 238(1) and (3) to (6) apply in relation to the arrangement subject to the following. If a pension input period for the arrangement— begins with 8 July 2015 or an earlier day, and but for this subsection would end with 9 July 2015 or a later day, it ends with 8 July 2015. If a pension input period for the arrangement ends with 8 July 2015 (whether or not because of subsection (2)), the subsequent pension input periods for the arrangement are— the period beginning with 9 July 2015 and ending with 5 April 2016, and the tax year 2016-17 and each subsequent tax year. No nominations for the purposes of section 238(3) may be made on or after 9 July 2015. “The relevant commencement date” has the meaning given by section 238(2). In the case of an arrangement under a registered pension scheme where the relevant commencement date is 9 July 2015 or later, the following are pension input periods— the period beginning with the relevant commencement date and ending with the first 5 April after the relevant commencement date (or, if the relevant commencement date is itself 5 April, that date), and each tax year beginning after the end of that period. Once the individual has become entitled to all the benefits which may be provided to the individual under the arrangement, the last pension input period in the case of the arrangement is that in which that was first so. The Treasury may by order make provision about the annual allowance charge. The provision may include modifications of any of sections 227 to 238. The provision may include provision consequential on, or supplementary or incidental to, the provision made by those sections and transitional provisions (including provision making modifications of enactments). “Modifications” includes amendments. A charge to income tax, to be known as the scheme sanction charge, arises where in any tax year one or more scheme chargeable payments are made by a registered pension scheme. The person liable to the scheme sanction charge is the scheme administrator. But— in the case of a payment treated by virtue of section 161(3) and (4) (payments under investments acquired with scheme assets) as having been made by a pension scheme which has been wound up, the person liable to the scheme sanction charge is the person who was, or each of the persons who were, the scheme administrator immediately before the pension scheme was wound up, ... A person liable to the scheme sanction charge is liable whether or not— that person, and any other person who is liable to the scheme sanction charge, The following sections make further provision about the scheme sanction charge— section 240 (amount of charge), and section 241 (scheme chargeable payment). This section is subject to provision made by regulations under section 273ZA (income and gains from taxable property). The scheme sanction charge for any tax year is a charge at the rate of 40% in respect of the scheme chargeable payment, or the aggregate of the scheme chargeable payments, made by the pension scheme in the tax year. But if— the scheme chargeable payment is an unauthorised payment, or any of the scheme chargeable payments are unauthorised payments, and tax charged in relation to that payment, or any of those payments, under section 208 (unauthorised payments charge) has been paid, a deduction is to be made from the amount of tax that would otherwise be chargeable for the tax year by virtue of subsection (1). The amount of the deduction is the lesser of— 25% of the amount of the scheme chargeable payment, or of the aggregate amount of such of the scheme chargeable payments as are tax-paid, and the amount of the tax which has been paid under section 208 in relation to the scheme chargeable payment, or in relation to such of the scheme chargeable payments as are tax-paid. The Treasury— may by order amend subsection (1) so as to vary the rate of the scheme sanction charge, and may by order amend subsection (3)(a) so as to vary the percentage mentioned there. An order under subsection (3A) may make provision for there to be different rates or percentages in different circumstances. A scheme chargeable payment is “tax-paid” if the whole or any part of the tax chargeable in relation to it under section 208 has been paid. In this Part “scheme chargeable payment”, in relation to a registered pension scheme, means— an unauthorised payment by the pension scheme, other than one which is exempt from being scheme chargeable, and a scheme chargeable payment which the pension scheme is to be treated as having made by section 183 or 185 (unauthorised borrowing), and a scheme chargeable payment which the pension scheme is to be treated as having made by section 185A (income from taxable property) or 185F (gains from taxable property). An unauthorised payment is exempt from being scheme chargeable if— it is treated as having been made by section 173 (use of scheme assets to provide benefits) and the asset used to provide the benefit in question is not a wasting asset, it is a compensation payment (see section 178), it is made to comply with an order of a court or of a person or body with power to order the making of the payment, it is made on the ground that a court or any such person or body is likely to order the making of the payment (or would be were it asked to do so), or it is of a description prescribed by regulations made by the Board of Inland Revenue. “Wasting asset” has the same meaning as in section 44 of TCGA 1992. Schedule 36 contains (in Part 3) transitional provision about scheme chargeable payments. A charge to income tax, to be known as the de-registration charge, arises where the registration of a registered pension scheme is withdrawn. The liability to the de-registration charge is a liability of the person who was, or each of the persons who were, the scheme administrator immediately before the registration was withdrawn. That person, or each of those persons, is liable to the de-registration charge whether or not— any other person who is liable to the de-registration charge, The de-registration charge is a charge at the rate of 40% in respect of the aggregate of— the amount of any sums held for the purposes of the pension scheme immediately before it ceased to be a registered pension scheme, and the market value at that time of any assets held for the purposes of the pension scheme. The Treasury may by order amend subsection (4) so as to vary the rate of the de-registration charge. An order under subsection (5) may make provision for there to be different rates in different circumstances. In this Chapter “non-UK registered scheme” means a registered pension scheme established in a country or territory outside the United Kingdom. For the purposes of this Chapter, the “UK-relieved funds” of a non-UK registered scheme are sums or assets held for the purposes of, or representing accrued rights under, the scheme— that (directly or indirectly) represent sums or assets that at any time were held for the purposes of, or represented accrued rights under, a registered pension scheme established in the United Kingdom, that (directly or indirectly) represent sums or assets that at any time formed the UK tax-relieved fund under a relevant non-UK scheme of a relieved member of that scheme, or that— are held for the purposes of, or represent accrued rights under, an arrangement under the scheme relating to a member of the scheme who on any day has been an accruing member of the scheme, and in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs, are to be taken to have benefited from relief from tax.

In this Chapter “relevant contribution” has the meaning given by regulation 14ZB(8) of the Information Regulations. Paragraphs (7) and (8) of regulation 14ZB of the Information Regulations (meaning of “accruing member”) apply for the purposes of this section as for those of that regulation. “The Information Regulations” means the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567). This Part (so far as would not otherwise be the case) is to be read— as applying in relation to UK-relieved funds of a non-UK registered scheme as it applies in relation to sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme established in the United Kingdom, as applying in relation to a non-UK registered scheme, so far as the scheme relates to the scheme's UK-relieved funds, as it applies in relation to a registered pension scheme established in the United Kingdom, as applying in relation to members of a non-UK registered scheme, so far as their rights under the scheme are represented by UK-relieved funds of the scheme, as it applies in relation to members of a registered pension scheme established in the United Kingdom, and as applying to relevant contributions to a non-UK registered scheme as it applies in relation to contributions to a registered pension scheme established in the United Kingdom. Subsection (1) has effect subject to, and in accordance with, the following provisions of this Chapter. The Commissioners for Her Majesty's Revenue and Customs may by regulations make— provision elucidating the application of, or supplementing, subsection (1) or other provisions of this Chapter, or where relief from tax is involved, other provision for or in connection with the application of this Part where the interpretative presumption against extra-territorial application means that it would otherwise not apply. Regulations under subsection (3) may (in particular)— amend provisions of or made under— this Part, or any other enactment related to taxation in connection with pensions, and make consequential amendments of provisions of, or made under, any enactment. See section 242B for the meaning of “UK-relieved funds” and “relevant contribution”. This section is about the application of the provisions of this Part relating to the annual allowance charge. Pension input amounts in respect of arrangements relating to an individual under a non-UK registered scheme are to be taken into account in applying the provisions for a tax year in relation to the individual only if, in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs, relieved inputs are to be taken to have been made in respect of the individual under the scheme in the year. For the purposes of the application of the taxable property provisions in relation to a non-UK registered scheme, property is taxable property in relation to the scheme if it would be taxable property in relation to the scheme were the scheme a registered pension scheme established in the United Kingdom. Schedule 33 contains provision about migrant member relief in respect of contributions under overseas pension schemes. Schedule 34 contains provision applying certain charges under this Part , and under Part 9 of ITEPA 2003 (pension income), in relation to non-UK schemes. A charge to income tax, to be known as the overseas transfer charge, arises under the following sections— section 244AC (overseas transfer charge: transfers where no exclusion applies); section 244IA (overseas transfer charge: transfers exceeding available allowance). In this section and in sections 244AC to 244N— “former QROPS” means a scheme that has at any time been a QROPS; “onward transfer” means (subject to subsection (3)) a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a QROPS or a former QROPS in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under another QROPS in relation to that person as a member of that other QROPS; “original transfer”, in relation to an onward transfer, means (subject to subsection (3))— the recognised transfer or relieved relevant non-UK scheme transfer in respect of which the following conditions are met— it is from a registered pension scheme or a relieved relevant non-UK scheme to a QROPS, the sums and assets transferred by the onward transfer directly or indirectly derive from those transferred by it, and it is more recent than any other recognised transfer or relieved relevant non-UK scheme transfer in respect of which the conditions in sub-paragraphs (i) and (ii) are met, or where there is no such recognised transfer or relieved relevant non-UK scheme transfer, the relevant transfer (see paragraph 1(6) of Schedule 34) in respect of which the following conditions are met— it is from a relevant non-UK scheme (see paragraph 1(5) of Schedule 34), it is a transfer of the whole or part of the UK tax-relieved fund (see paragraph 3 of Schedule 34) of a member of the scheme, it is to a QROPS, and the sums and assets transferred by the onward transfer directly or indirectly derive from those transferred by it; “QROPS” means a qualifying recognised overseas pension scheme; “recognised transfer” has the meaning given by section 169; “the relevant period” means— in the case of a recognised transfer or a relieved relevant non-UK scheme transfer made on 6 April in any year, the five years beginning with the date of that transfer, in the case of any other recognised transfer or relieved relevant non-UK scheme transfer, the period consisting of the combination of— the period beginning with the date of the transfer and ending immediately before the next 6 April, and the five years beginning at the end of that initial period, in the case of an onward transfer, the period— beginning with the date of the transfer, and ending at the end of the relevant period for the original transfer (see paragraphs (a) and (b) or, as the case may be, paragraphs (d) and (e)), in the case of a relevant transfer that— is made on 6 April in any year, and is the original transfer for an onward transfer, the five years beginning with the date of the relevant transfer, and is made otherwise than on 6 April in any year, and the period consisting of the combination of: the period beginning with the date of the relevant transfer and ending immediately before the next 6 April; and the five years beginning at the end of that initial period; “relieved relevant non-UK scheme” means a pension scheme that is a relevant non-UK scheme within the meaning of sub-paragraph (5) of paragraph 1 of Schedule 34 in respect of which at least one of paragraphs (a) to (c) of that sub-paragraph applies; “relieved relevant non-UK scheme transfer” means a transfer, other than a block transfer, of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a relieved relevant non-UK scheme in relation to a relieved member of the scheme so as to become held for the purposes of, or to represent rights under, an arrangement under a QROPS in relation to that person as a member of that QROPS; “ring-fenced transfer fund”, in relation to a QROPS or former QROPS, has the meaning given by paragraph 1 of Schedule 34. For the purposes of the definition of “relieved relevant non-UK scheme transfer”— a transfer is “a block transfer” in relation to a member of a pension scheme if it involves the transfer, in a single transaction, of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the scheme which relate to the member and at least one other member of the scheme; an individual is “a relieved member” of a relieved relevant non-UK scheme if— any of the contributions in respect of which relief has been given as mentioned in paragraph (a) or (b) of the definition of “relevant non-UK scheme” in paragraph 1(5) of Schedule 34 were contributions paid by or on behalf of, or in respect of, the individual, or the individual is the member, or one of the members, who has been exempt from liability to tax as mentioned in paragraph (c) of that definition. Where, apart from this subsection, there would be different original transfers for different parts of an onward transfer, each such part of the onward transfer is to be treated as a separate onward transfer for the purposes of this section and sections 244AC to 244N. The overseas transfer charge arises where— a transfer within subsection (2) is made to a QROPS, and the transfer is not excluded from the charge by or under any of sections 244B to 244H. A transfer to a QROPS is within this subsection if it is— a recognised transfer, a relieved relevant non-UK scheme transfer, or an onward transfer that is made during the relevant period for the original transfer. Sections 244B to 244H are subject to section 244I (circumstances in which exclusions do not apply). A recognised transfer to a QROPS or a relieved relevant non-UK scheme transfer is excluded from the overseas transfer charge under section 244AC if during the relevant period— the member is resident in the country or territory in which the QROPS to which the transfer is made is established, and there is no onward transfer— for which the recognised transfer is the original transfer or relieved relevant non-UK scheme transfer, and which is not excluded from the charge. If the member is resident in that country or territory at the time of the transfer mentioned in subsection (1), it is to be assumed for the purposes of subsection (1) that the member will be resident in that country or territory during the relevant period; but if, at a time before the end of the relevant period, the transfer ceases to be excluded by subsection (1) otherwise than by reason of the member's death— that assumption is from that time no longer to be made, and the charge on the transfer is treated as charged at that time. An onward transfer to a QROPS (“transfer A”) is excluded from the overseas transfer charge under section 244AC if during so much of the relevant period as is after the time of transfer A— the member is resident in the country or territory in which the QROPS is established, and there is no subsequent onward transfer that— is of sums and assets which, in whole or part, directly or indirectly derive from those transferred by transfer A, and is not excluded from the charge. If the member is resident in that country or territory at the time of transfer A, it is to be assumed for the purposes of subsection (3) that the member will be resident in that country or territory during so much of the relevant period as is after the time of transfer A; but if, at a time before the end of the relevant period, the transfer ceases to be excluded by subsection (3) otherwise than by reason of the member's death— the charge on transfer A is treated as charged at that time. A transfer to a QROPS is excluded from the overseas transfer charge under section 244AC if— the QROPS is an occupational pension scheme, and when the transfer is made, the member is an employee of a sponsoring employer of the QROPS. A transfer to a QROPS is excluded from the overseas transfer charge under section 244AC if— the QROPS is established by an international organisation and has effect so as to provide benefits for, or in respect of, past service as an employee of the organisation, and when the transfer is made, the member is an employee of the organisation. In this section “international organisation” means an organisation to which section 1 of the International Organisations Act 1968 applies by virtue of an Order in Council under subsection (1) of that section. the QROPS is an overseas public service pension scheme, and when the transfer is made, the member is an employee of an employer that participates in the scheme. A QROPS is an “overseas public service pension scheme” for the purposes of this section if— it is established by or under the law of the country or territory in which it is established, or it is approved by the government of that country or territory, and it is established solely for the purpose of providing benefits to individuals for or in respect of services rendered to— that country or territory, or any political subdivision or local authority of that country or territory. For the purposes of this section, an employer participates in a QROPS that is an overseas public service pension scheme if the scheme has effect so as to provide benefits to or in respect of any or all of the employees of the employer in respect of their employment by the employer. A recognised transfer to a QROPS is excluded from the overseas transfer charge if it is made in execution of a request made before 9 March 2017. An onward transfer (“the current onward transfer”) is excluded from the overseas transfer charge under section 244AC if— the charge has been paid on the original transfer and the amount paid is not repayable, or the charge has been paid on an onward transfer (“the earlier onward transfer”) in respect of which the conditions in subsection (4) are met and the amount paid is not repayable, or the original transfer was made before 9 March 2017, or the original transfer was made on or after 9 March 2017 in execution of a request made before 9 March 2017. An onward transfer is excluded from the overseas transfer charge under section 244AC so far as the transfer is made otherwise than out of the member's ring-fenced transfer funds under the scheme from which the onward transfer is made. The conditions mentioned in subsection (2)(b) are— that the earlier onward transfer was made before the current onward transfer, that the earlier onward transfer was made after the original transfer, and that all the sums and assets transferred by the current onward transfer directly or indirectly derive from those transferred by the earlier onward transfer. An onward transfer is excluded from the overseas transfer charge under section 244AC where— the overseas transfer charge under section 244IA(1) arose in relation to the original transfer, and none of the member’s overseas transfer allowance was available on the making of the original transfer. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for a recognised transfer to a QROPS, a relieved relevant non-UK scheme transfer or an onward transfer to be excluded from the overseas transfer charge under section 244AC if the transfer is of a description specified in the regulations. Subsection (2) applies if a recognised transfer to a QROPS, a relieved relevant non-UK scheme transfer or an onward transfer would (but for this section) be excluded from the overseas transfer charge under section 244AC by any of sections 244B to 244F. The transfer is not excluded from the charge if the member has, in connection with the transfer, failed to comply with the relevant information regulation. In subsection (2) “the relevant information regulation” means whichever of the following is applicable— regulation 11BA of the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567), or any regulation having effect in place of any of that regulation, as (in either case) from time to time amended, and regulation 3AE of the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208), or any regulation having effect in place of any of that regulation, as (in either case) from time to time amended. a transfer to a QROPS is made that is— within section 244AC(2)(a) or (b), or an onward transfer within section 244AC(2)(c) in relation to which the original transfer is a transfer within paragraph (b) of the definition of “original transfer” (see section 244AB(1)), the transfer is excluded from the charge under section 244AC by or under any of sections 244B to 244H, and the transferred value (determined in accordance with section 244K) exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer. The overseas transfer charge also arises where— a transfer of the kind mentioned in subsection (1)(a) is made to a QROPS, a charge under section 244AC (“the original charge”) arises in relation to the transfer, a person liable to the original charge becomes entitled under section 244M to a repayment in respect of the original charge, and A member’s “overseas transfer allowance” is an amount equal to the member’s lump sum and death benefit allowance. This section is about the availability of a member’s overseas transfer allowance on the making of a transfer of the kind mentioned in section 244IA(1)(a) (“the current overseas transfer”). If no transfer of the kind mentioned in section 244IA(1)(a) has been made in relation to the member before the current overseas transfer, the whole of the member’s overseas transfer allowance is available. Otherwise, the amount of the member’s overseas transfer allowance that is available is— so much of that allowance as is left after deducting the previously-used amount, or if none is left after deducting that amount, nil. For this purpose “the previously-used amount” is the aggregate of the transferred value (determined in accordance with section 244K) of each transfer (if any) of the kind mentioned in section 244IA(1)(a) that has been made in relation to the member before the current overseas transfer. A reference in this section to a transfer of the kind mentioned in section 244IA(1)(a) is to a transfer made on or after 6 April 2024. a relieved relevant non-UK scheme (“the transferring scheme”) makes a transfer to a QROPS, and the transfer is a block transfer in relation to any member of the transferring scheme. The scheme manager of the transferring scheme must, before the end of the period of 91 days beginning with the day of the transfer, provide the scheme manager of the QROPS with a statement stating— that the transfer is a block transfer and, accordingly, that an onward transfer subsequently made by the QROPS of sums or assets derived from those transferred by the block transfer may give rise to an overseas transfer charge under section 244IA, the date of the transfer, and the transferred value of the transfer (determined in accordance with section 244K). Section 244AB(2)(a) (meaning of “block transfer”) applies for the purposes of this section. In the case of a recognised transfer to a QROPS, the persons liable to the overseas transfer charge are— the scheme administrator of the registered pension scheme from which the transfer is made, and the member, and their liability is joint and several. In the case of a relieved relevant non-UK scheme transfer, the member is liable to the overseas transfer charge. In the case of an onward transfer, the persons liable to the overseas transfer charge are— the scheme manager of the QROPS, or former QROPS, from which the transfer is made, and Subsections (1) and (2) are subject to subsection (4), and subsections (2) and (4) are subject to subsection (5). If a recognised transfer to a QROPS or an onward transfer is one required by section 244B ... to be initially assumed to be excluded by that section but an event occurring before the end of the relevant period means that the recognised transfer to a QROPS or an onward transfer is not so excluded, the persons liable to the overseas transfer charge in the case of the recognised transfer to a QROPS or an onward transfer are— the scheme manager of any QROPS, or former QROPS, under which the member has, at the time of the event, ring-fenced transfer funds in which any of the sums and assets referred to in section 244K(6) in the case of the transfer are represented, and The scheme manager of a former QROPS is liable to the overseas transfer charge in the case of a transfer (“the transfer concerned”) only if the former QROPS— was a QROPS when a relevant inward transfer was made, and where a relevant inward transfer was made before 9 March 2017, was a QROPS at the start of 9 March 2017; and here “relevant inward transfer” means a recognised or onwards transfer to the former QROPS (at a time when it was a QROPS) of sums and assets which, to any extent, are represented by sums or assets transferred by the transfer concerned. A person is liable to the overseas transfer charge whether or not— any other person who is liable to the charge, are resident ... in the United Kingdom. Where the overseas transfer charge arises under section 244AC in relation to a transfer, the charge is— in a case where the transfer is an onward transfer and the overseas transfer charge under section 244IA(1) arose in relation to the original transfer, 25% of so much of the transferred value of the original transfer as did not exceed the amount of the member’s overseas transfer allowance that was available on the making of the original transfer; in any other case, 25% of the transferred value. Where the overseas transfer charge arises under section 244IA in relation to a transfer, the charge is 25% of so much of the transferred value as exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer. The transferred value, in relation to a transfer within section 244AC(2), is to be determined in accordance with this section. If the transfer is from a registered pension scheme established in the United Kingdom, the transferred value is the total of— the amount of any sums transferred, and the value of any assets transferred, but this is subject to subsections (6) to (9). If the transfer is from a registered pension scheme established in a country or territory outside the United Kingdom, the transferred value is the total of— the amount of any sums transferred that are attributable to UK-relieved funds of the scheme, and the value of any assets transferred that are attributable to UK-relieved funds of the scheme, If the transfer is a transfer from a relieved relevant non-UK scheme, the transferred value is the total of— the amount of any sums transferred that are attributable to the member’s UK tax-relieved fund (see paragraph 3 of Schedule 34), and the value of any assets transferred that are attributable to that fund, but this is subject to subsections (6) to (9). If the transfer is from a QROPS or former QROPS, the transferred value is the total of— the amount of any sums transferred that are attributable to the member's ring-fenced transfer funds under the scheme, and the value of any assets transferred that are attributable to the member's ring-fenced transfer funds under the scheme, If the transfer is one initially assumed to be excluded by section 244B ... but an event occurring before the end of the relevant period means that the transfer is not so excluded, the sums and assets mentioned in whichever of subsections (2) to (4) is applicable include only those that at the time of the event are represented in any of the member's ring-fenced transfer funds under any QROPS or former QROPS. If the operator pays a charge under section 244AC or 244IA on the transfer and does so— otherwise than by deduction from the transfer, and out of sums and assets held for the purposes of, or representing accrued rights under, the scheme from which the transfer is made, the transferred value is the amount specified in subsection (7A). The amount mentioned in subsection (7) is the aggregate of— the chargeable portion, the gross-up amount, and the non-chargeable portion (if any). In subsection (7A)— “the chargeable portion” is— in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under paragraph (a) of section 244JA(1), an amount equal to so much of the transferred value of the original transfer mentioned in that paragraph as did not exceed the amount of the member’s overseas transfer allowance that was available on the making of the original transfer; in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under paragraph (b) of section 244JA(1), the amount given by subsections (2) to (6); in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under section 244JA(2), so much of the amount given by subsections (2) to (6) as exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer; “the gross-up amount” is an amount equal to one third of the chargeable portion; “the non-chargeable portion” is— the amount given by subsections (2) to (6), less the chargeable portion. If the operator pays a charge under section 244AC or 244IA on the transfer and does so by deduction from the transfer, the transferred value is the amount given by subsections (2) to (6) before the deduction. If the member pays a charge under section 244AC or 244IA on the transfer, the transferred value is the amount given by subsections (2) to (6) without any deduction for the charge. “the operator” means— the scheme administrator of the scheme from which the transfer is to be made if that scheme is a registered pension scheme, or the scheme manager of the scheme from which the transfer is to be made if that scheme is a QROPS or former QROPS; “UK-relieved funds”, in relation to a registered pension scheme established in a country or territory outside the United Kingdom, has the meaning given by section 242B. In this section “charge” means overseas transfer charge for which the scheme manager of a QROPS or former QROPS is liable. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for or in connection with— the payment of charge, including due dates for payment, the charging of interest on charge not paid on or before its due date, notification by the scheme manager of errors in information provided by the scheme manager to the Commissioners in connection with charge or the scheme manager's liability for overseas transfer charge, repayments to scheme managers under section 244M of amounts paid by way of charge, and the making of assessments, repayments or adjustments in cases where the correct amount of charge has not been paid by the due date for payment of the charge. The regulations may, in particular— the overseas transfer charge under section 244AC arose on a transfer at the time the transfer was made, and at a time during the relevant period for the transfer, circumstances arise such that, had those circumstances existed at the time the transfer was made, the transfer would at the time it was made have been excluded from the charge by sections 244B to 244F or under section 244H. Any amount paid in respect of charge on the transfer is to be repaid by the Commissioners for Her Majesty's Revenue and Customs so far as not already repaid. Subsection (2) does not give rise to entitlement to repayment of, or cancellation of liabilities to, interest or penalties in respect of late payment of charge on the transfer. Repayment under this section to the scheme administrator of a registered pension scheme, or the scheme manager of a QROPS or former QROPS, is conditional on prior compliance with any requirements to give information to the Commissioners, about the circumstances in which the right to the repayment arises, that are imposed on the prospective recipient under section 169 or 251 (but repayment is not conditional on compliance with any time limits so imposed for compliance with any such requirements). Repayment under this section is not a relievable pension contribution. Repayment under this section to the member is conditional on making a claim, and such a claim must be made no later than one year after the end of the relevant period for the transfer concerned. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for or in connection with claims or repayments under this section, including provision— requiring claims, about who may claim, imposing conditions for making claims, including conditions about time limits, as to additional circumstances in which repayments may be made, modifying the operation of any provision of the Tax Acts, or applying any provision of the Tax Acts (with or without modifications). In this section “operator” means— the scheme administrator of a registered pension scheme, or the scheme manager of a QROPS or former QROPS. If an operator is liable under section 244J, the operator may apply to an officer of Revenue and Customs for the discharge of the operator's liability on the following ground. The ground is that— the operator reasonably believed that there was no liability to the overseas transfer charge on the transfer concerned, and in all the circumstances of the case, it would not be just and reasonable for the operator to be liable to the charge on the transfer. On receiving an application under subsection (2), an officer of Revenue and Customs must decide whether to discharge the operator's liability. An officer of Revenue and Customs must notify the operator of the decision on the application. The discharge of the operator's liability does not affect the liability of any other person to overseas transfer charge on the transfer concerned. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision supplementing this section, including provision for time limits for making an application under this section. Schedule 24 to the Finance Act 2003 (c. 14) (restriction of deductions for employee benefit contributions) is amended as follows. In sub-paragraph (1) of paragraph 2 (“qualifying benefits”), insert at the end or is made under an employer-financed retirement benefits scheme. In sub-paragraph (5) of that paragraph (when qualifying benefit treated as provided), after “payment of money” insert “otherwise than under an employer-financed retirement benefits scheme”. In paragraph 8 (deductions to which Schedule does not apply), for paragraphs (b) and (c) substitute— in respect of contributions under a registered pension scheme or a section 615(3) scheme, in respect of contributions under a qualifying overseas pension scheme in respect of an individual who is a relevant migrant member of the pension scheme in relation to the contributions, In sub-paragraph (1) of paragraph 9 (interpretation), in the definition of “employee benefit scheme”, after “include,” insert “present or former”. In that sub-paragraph, after the definition of “the employer” insert— “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 of the Income Tax (Earnings and Pensions) Act 2003 (see section 393A of that Act); In that sub-paragraph, after the definition of “qualifying expenses” insert— “qualifying overseas pension scheme” has the same meaning as in Schedule 33 to the Finance Act 2004 (see paragraphs 5 and 6 of that Schedule); “registered pension scheme” has the same meaning as in Part 4 of that Act (see section 150 of that Act); “relevant migrant member” has the same meaning as in Schedule 33 to that Act (see paragraph 4 of that Schedule); “section 615(3) scheme” means a superannuation fund to which section 615(3) of the Taxes Act 1988 applies; This section applies in relation to an employer’s expenses of providing benefits to or in respect of present or former employees under an employer-financed retirement benefits scheme in a case where— the expenses do not consist of the making of contributions under the scheme, but in accordance with generally accepted accounting practice they are shown in the employer’s accounts. Unless the benefits are ones in respect of which a person is, on receipt, chargeable to income tax, the expenses— are not deductible in computing the amount of the profits of the employer for the purposes of Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), are not expenses of management of the employer for the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), and are not to count as ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012. But where the benefits are ones in respect of which a person is, on receipt, chargeable to income tax— if the expenses are allowed to be deducted in computing the amount of the profits of the employer to be charged under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009 (trading income), they are deductible in computing the amount of the profits for the period of account in which they are paid, and for the purposes of the operation in relation to the employer of section 76 of FA 2012 or Chapter 2 of Part 16 of CTA 2009, the expenses are referable to the accounting period in which they are paid. In this section “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see section 393A of that Act). An employer's expenses of providing relevant benefits to or in respect of a present or former employee (“the employee”) under an employer-financed retirement benefits scheme (whether or not by the making of contributions under the scheme) are not subject to relief if subsection (2) applies. the provision of the relevant benefits results in a reduction in the benefits payable to or in respect of the employee under a registered pension scheme, or a reduction in the benefits payable to or in respect of the employee under a registered pension scheme results in the provision of the relevant benefits. But if the extent to which contributions paid by the employer under the registered pension scheme in respect of the employee are subject to relief has been restricted in accordance with regulations under section 196A, the employer's expenses of providing the relevant benefits are not prevented from being subject to relief to the extent that is just and reasonable. The references in this section to expenses of an employer being subject to relief are to— their being expenses of management of the employer for the purposes of Chapter 2 of Part 16 of CTA 2009 (expenses of management: companies with investment business), or their being ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012 , In Part 6 of ITEPA 2003, omit Chapter 1 (payments by employer for the provision of benefits for an employee under certain schemes to count as employment income of employee). Section 307 of ITEPA 2003 (no liability to income tax in respect of chargeable benefit on provision made by employer for a retirement or death benefit) is amended as follows. Subsection (1) does not apply to provision made for insuring against the risk that a retirement or death benefit under an employer-financed retirement benefits scheme cannot be paid or given because of the employer’s insolvency. In subsection (1A) “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 (see section 393A). In subsection (2), for “subsection (1)” substitute “this section”. Chapter 2 of Part 6 of ITEPA 2003 (taxation of non-pension benefits from certain pension schemes) is amended as follows. In the heading of the Chapter, for “non-approved pension” substitute “employer-financed retirement benefits”. For section 393 substitute— This Chapter applies to relevant benefits provided under an employer-financed retirement benefits scheme. Section 393A defines “employer-financed retirement benefits scheme” and section 393B defines “relevant benefits”. In this Chapter “employer-financed retirement benefits scheme” means a scheme for the provision of benefits consisting of or including relevant benefits to or in respect of employees or former employees of an employer. But neither— a registered pension scheme, nor a section 615(3) scheme, is an employer-financed retirement benefits scheme. “Section 615(3) scheme” means a superannuation fund to which section 615(3) of ICTA applies. “Scheme” includes a deed, agreement, series of agreements, or other arrangements. In this Chapter “relevant benefits” means any lump sum, gratuity or other benefit (including a non-cash benefit) provided (or to be provided)— on or in anticipation of the retirement of an employee or former employee, on the death of an employee or former employee, after the retirement or death of an employee or former employee in connection with past service, on or in anticipation of, or in connection with, any change in the nature of service of an employee, or to any person by virtue of a pension sharing order or provision relating to an employee or former employee. benefits charged to tax under Part 9 (pension income), benefits chargeable to tax by virtue of Schedule 34 to FA 2004 (which applies certain charges under Part 4 of that Act in relation to non-UK schemes), and excluded benefits, are not relevant benefits. The following are “excluded benefits”— benefits in respect of ill-health or disablement of an employee during service, benefits in respect of the death by accident of an employee during service, benefits under a relevant life policy, and benefits of any description prescribed by regulations made by the Board of Inland Revenue. In subsection (3)(c) “relevant life policy” means— an excepted group life policy as defined in section 480 of ITTOIA 2005, a policy of life insurance the terms of which provide for the payment of benefits on the death of a single individual and with respect to which— condition A in section 481 of that Act would be met if paragraph (a) in that condition referred to the death, in any circumstances or except in specified circumstances, of that individual (rather than the death in any circumstances of each of the individuals insured under the policy) and if the condition did not include paragraph (b), and conditions C and D in that section and conditions A and C in section 482 of that Act are met, or a policy of life insurance that would be within paragraph (a) or (b) but for the fact that it provides for a benefit which is an excluded benefit under or by virtue of paragraph (a), (b) or (d) of subsection (3). In subsection (1)(e) “pension sharing order or provision” means any such order or provision as is mentioned in section 28(1) of WRPA 1999 or Article 25(1) of WRP(NI)O 1999. Section 394 (charge on benefit) is amended as follows. Subsection (1) does not apply in relation to the benefit if the total amount of the benefits to which this Chapter applies received by the individual in the relevant tax year does not exceed £100. In subsection (2), for “administrator of” substitute “person who is (or persons who are) the responsible person in relation to”. In subsection (3), for “subsections (1) and (2)” substitute “this section”. For sections 395 to 397 substitute— This section applies in relation to a relevant benefit under an employer-financed retirement benefits scheme in the form of a lump sum where, under the scheme, an employee has paid any sum or sums by way of contribution to the provision of the lump sum. The amount which, by virtue of section 394, counts as employment income, or is chargeable to tax under subsection (2) of that section, is the amount of the lump sum reduced by the sum, or the aggregate of the sums, paid by the employee by way of contribution to the provision of the lump sum. A reduction under this section may not be claimed in respect of the same contribution in relation to more than one lump sum. It is to be assumed, unless the contrary is shown, that no reduction is applicable under this section. In subsection (1) of section 399 (valuation of benefit in form of loan), for “administrator of” substitute “person who is (or any of the persons who are) the responsible person in relation to”. In subsection (2) of that section, for “administrator” substitute “responsible person”. For section 400 substitute— The following heads specify the person who is, or persons who are, the responsible person in relation to an employer-financed retirement benefits scheme for the purposes of this Chapter. But if a person is, or persons are, the responsible person in relation to the scheme by virtue of being specified under one head, no-one is the responsible person in relation to the scheme by virtue of being specified under a later head. Head 1 If there are one or more trustees of the scheme who are resident in the United Kingdom, that trustee or each of those trustees. Head 2 If there are one or more persons who control the management of the scheme, that person or each of those persons. Head 3 If alive or still in existence, the employer, or any of the employers, who established the scheme and any person by whom that employer, or any of those employers, has been directly or indirectly succeeded in relation to the provision of benefits under the scheme. Head 4 Any employer of employees to or in respect of whom benefits are, or are to be, provided under the scheme. Head 5 If there are one or more trustees of the scheme who are not resident in the United Kingdom, that trustee or each of those trustees. “employer-financed retirement benefits scheme” has the meaning given by section 393A; “relevant benefits” has the meaning given by section 393B; and “responsible person” has the meaning given by section 399A. In Part 2 of Schedule 1 to ITEPA 2003 (defined expressions), insert at the appropriate places— The Inland Revenue may, in relation to any tax year, by notice require the scheme administrator of a registered pension scheme— to make and deliver to the Inland Revenue a return containing any information reasonably required by the notice, and to deliver with the return any accounts, statements or other documents relating to information contained in the return which may reasonably be required by the notice. The information that may be required to be included in the return is any information relating to— contributions made under the pension scheme, transfers of sums or assets held for the purposes of, or representing accrued rights under, another pension scheme so as to become held for the purposes of, or to represent rights under, the pension scheme, income and gains derived from investments or deposits held for the purposes of the pension scheme, other receipts of the pension scheme, the sums and other assets held for the purposes of the pension scheme, the liabilities of the pension scheme, the provision of benefits by the pension scheme, transfers of sums or assets held for the purposes of, or representing accrued rights under, the pension scheme so as to become held for the purposes of, or to represent rights under, another pension scheme, other expenditure of the pension scheme, the membership of the pension scheme, or any other matter relating to the administration of the pension scheme. The information that may be required to be included in the return may be limited to information concerning any particular arrangement or arrangements under the pension scheme. The notice must specify the period to be covered by the return. The period may be— the whole or any specified part of the tax year, or if audited accounts of the pension scheme have been prepared for any period or periods ending in the tax year, the period or periods covered by the accounts. “Audited accounts” means accounts audited by a person of a description specified in regulations made by the Board of Inland Revenue. A return relating to the whole or part of, or to a period or periods ending in, a tax year must be delivered— where the notice requiring the return is given after the 31st October in the next tax year, before the end of the period of three months beginning with the day on which the notice is given, and otherwise, not later than the 31st January in the next tax year (but subject as follows). If, in a case within paragraph (b) of subsection (7), the winding-up of the pension scheme has been completed before 31st October in the next tax year, the return must be delivered before the end of the period of three months beginning with the day on which the winding-up is completed. But subsection (8) does not apply if the end of that period is before the end of the period of three months beginning with the day on which the notice is given; and in that case the return must be delivered before the end of that period. The Board of Inland Revenue may by regulations make provision requiring persons of a prescribed description— to provide to the Inland Revenue, in a form specified by the Board of Inland Revenue, information of a prescribed description relating to any of the matters mentioned in subsection (2), and to preserve for a prescribed period any documents relating to such information. Those matters are— any matter relating to a registered pension scheme, any matter relating to a pension scheme which has ceased to be a registered pension scheme, any matter relating to a pension scheme in relation to which an application for registration has been made, any matter relating to an annuity purchased with sums or assets held for the purposes of a registered pension scheme, the coming into operation of an employer-financed retirement benefits scheme, and the provision of relevant benefits under an employer-financed retirement benefits scheme. The Board of Inland Revenue may by regulations make provision— requiring scheme administrators of registered pension schemes or other persons of a prescribed description to provide information of a prescribed description to persons of such of the descriptions mentioned in subsection (5) as are prescribed or to the scheme administrators of other registered pension schemes, ... requiring persons of such of the descriptions specified in subsection (5) as are prescribed to provide information of a prescribed description to the scheme administrators of registered pension schemes, requiring, in a case where a payment (“the onwards payment”) is made directly or indirectly out of a sum on whose payment tax has been charged under section 206, the person making the onwards payment to provide information of a prescribed description to the person to whom the onwards payment is made, requiring scheme administrators of registered pension schemes to provide information of a prescribed description to scheme managers of qualifying recognised overseas pension schemes, or requiring members or former members of a relevant non-UK pension scheme to provide information to the scheme administrators, or scheme managers, of registered pension schemes or other relevant non-UK pension schemes. Those persons are— members of a registered pension scheme, employers of members of a registered pension scheme, persons who have ceased to be members of a registered pension scheme, persons to whom benefits under a registered pension scheme are being, or have been, provided, the personal representatives of any person within paragraphs (a) to (c), and insurance companies who pay annuities purchased with sums or assets held for the purposes of registered pension schemes. “Prescribed”, in relation to regulations, means prescribed by the regulations; and “relevant non-UK scheme” has the meaning given by paragraph 1 of Schedule 34. A scheme administrator of a registered pension scheme must make returns to the Inland Revenue of the income tax to which the scheme administrator is liable under this Part. A return is to be made for each period of three months ending with 31st March, 30th June, 30th September or 31st December if tax has been charged on the scheme administrator by virtue of this Part in that period. A return for any period must be made before the end of the period of 45 days beginning with the day immediately following the end of that period.

A return must— show the income tax to which the scheme administrator is liable, and include such particulars of the events or other circumstances giving rise to the liability (including particulars as to the persons to whom the events or other circumstances relate) as are required to be included in returns under this section by regulations made by the Board of Inland Revenue. The income tax required to be shown in a return is due at the time by which the return is to be made and is payable without the making of an assessment. The Board of Inland Revenue may by regulations make provision for and in connection with— the charging of interest on tax due under this section which is not paid on or before the due date, the making of amended returns by scheme administrators in the event of error in a return under this section, repayments under section 244M to scheme administrators, the making of assessments, repayments or adjustments in cases where the correct tax due under this section has not been paid on or before the due date, and otherwise for supplementing this section. provide for the application of any provision of the Tax Acts (with or without modifications). Where a scheme administrator is liable under section 237B in respect of the annual allowance charge for a tax year, for the purposes of subsection (2) the tax is to be taken to be charged on the scheme administrator in the later of— the period ending with 31 December in the year following that in which that tax year ended, and the period following the period in which the scheme administrator receives the notice which gives rise to the liability, subject to subsections (7AA) and (7B). The tax described in subsection (7A) is to be taken for the purposes of subsection (2) to be charged in an earlier period if the scheme administrator makes an election to that effect in the return for the earlier period. ...If the notice which gave rise to the liability is amended in accordance with regulations under section 237B(5)(c), any additional tax to which the scheme administrator becomes liable is to be taken for the purposes of subsection (2) to be charged in the later of the period in which it is taken to be charged by virtue of subsection (7A) or (7AA) and the period in which the scheme administrator receives notice of the amendment. References in this section to the income tax to which a scheme administrator is liable under this Part do not include any to which the scheme administrator is liable under section 239 (scheme sanction charge). Where the registration of a registered pension scheme has been withdrawn, this section has effect as if references to the scheme administrator were to the person who was, or each of the persons who were, the scheme administrator immediately before the registration was withdrawn. The Board of Inland Revenue may by regulations make provision for and in connection with the making of assessments in respect of— the unauthorised payments charge, the unauthorised payments surcharge, liability to the annual allowance charge by virtue of section 237B, the scheme sanction charge, liability of the scheme administrator of a registered pension scheme, or the scheme manager of a qualifying recognised overseas pension scheme or of a former such scheme, to the overseas transfer charge, liability under section 272 (trustees etc. liable as scheme administrator), liability under section 272C (former scheme administrator to retain liability in cases involving independent trustees etc), liability under section 273 (member liable as scheme administrator), ... liability under section 394 of ITEPA 2003 (benefit under employer-financed retirement benefits scheme: charge on responsible person), and the charge to tax under Part 9 of ITEPA 2003 (pension income) on pension income to which section 579A of that Act (pension income under registered pension schemes) applies by virtue of any of the following provisions— section 637H(2) (certain defined benefits lump sum death benefits); section 637I(2) (certain pension protection lump sum death benefits); section 637J(2) (certain uncrystallised funds lump sum death benefits); section 637K(2) (certain annuity protection lump sum death benefits); section 637L(2) (certain drawdown pension fund lump sum death benefits); section 637M(2) (flexi-access drawdown lump sum death benefits). The provision that may be made by the regulations includes (in particular) provision for the charging of interest on tax due under such assessments which remains unpaid. The Board of Inland Revenue may give directions requiring specified persons to use electronic means for the making of specified payments required to be made under or by virtue of this Part. Directions under this section may make provision— as to conditions that must be complied with in connection with the use of electronic means for the making of any payment, for treating a payment as not having been made unless conditions imposed by the directions are satisfied, and for determining the time when a payment in accordance with directions under this section is to be taken to be made. Directions under this section may also make provision (which may include provision for the application of conclusive or other presumptions) as to the manner of proving for any purpose— whether any use of electronic means for making a payment is to be taken as having resulted in the payment being made, the time of the making of any payment for the making of which electronic means have been used, and any other matter for which provision may be made by directions under this section. Directions under this section— may be specific or general, and may provide that the conditions of any authorisation or requirement imposed by the directions are to be taken to be satisfied only where the Inland Revenue is satisfied as to specified matters. Directions under this section may— suspend for any period during which the use of electronic means for the making of payments is impossible or impractical, any requirements imposed by the directions relating to the use of such means, substitute alternative requirements for the suspended ones, and make any provision that is necessary in consequence of the imposition of the substituted requirements. make different provision for different cases, make such incidental, supplementary, consequential and transitional provision in connection with any provision contained in such directions as the Board of Inland Revenue thinks fit. “the Inland Revenue” includes any person who for the purposes of the electronic means of payment is acting under the authority of the Board of Inland Revenue, and “specified” means specified in a direction under this section. A payment made to the Board of Inland Revenue or the Inland Revenue under or by virtue of this Part (otherwise than in cash) is to be treated as not having been made until the earliest date on or before which all the transactions that need to be completed before the whole amount of the payment becomes available to the Board are capable of being completed. In this section “the Inland Revenue” includes any person who is acting under the authority of the Board of Inland Revenue. This section applies to regulations made by the Board of Inland Revenue under— paragraph 7(1)(b) or 11A(1)(c) of Schedule 36 (enhancement of allowances: primary protection), paragraph 12(1) or 15A(1)(b) of that Schedule (...: enhanced protection), ... paragraph 18(1)(b) of that Schedule (enhancement of allowances: pre-commencement pension credits), paragraph 20A(1)(d) of that Schedule (enhancement factor: pension credits from previously crystallised rights), paragraph 20B(1)(b) of that Schedule (enhancement factor: non-residence), and paragraph 20E(1)(b) of that Schedule (enhancement factor: transfers from recognised overseas pension scheme). The regulations to which this section applies are referred to in this Part as “enhanced ... allowance regulations”. Enhanced ... allowance regulations may include any provision that appears appropriate for securing that the correct tax is charged— in respect of the payment of lump sums by registered pension schemes. Enhanced ... allowance regulations may, for that purpose, in particular contain provision— requiring any person to produce or make available documents, produce certificates or provide information, and for the review from time to time of any matter registered in accordance with the regulations. If the scheme administrator of a registered pension scheme fails to comply with a notice under section 250 (registered pension scheme return), the scheme administrator is liable to a penalty of £100. If the failure continues after a penalty is imposed under subsection (1), the scheme administrator is liable to a further penalty not exceeding £60 for each day on which the failure continues after the day on which that penalty was imposed (but excluding any day for which a penalty under this subsection has already been imposed). No penalty may be imposed under subsection (1) or (2) in respect of a failure after it has been remedied. If the scheme administrator of a registered pension scheme fraudulently or negligently— makes an inaccurate return required by a notice under section 250, or delivers any inaccurate accounts, statements or other documents with such a return, the scheme administrator is liable to a penalty not exceeding £3,000. In section 98 of TMA 1970 (penalties for failure to provide information and providing false information), in the second column of the Table, insert at the appropriate place— “regulations under section 251(1)(a) or (4) of the Finance Act 2004;”. A person who fails to comply with regulations under section 251(1)(b) (preservation of documents) is liable to a penalty not exceeding £3,000. This section applies where an individual fraudulently or negligently— produces or makes available an inaccurate document, or produces an inaccurate certificate, in connection with any matter registered in accordance with enhanced ... allowance regulations, or provides false information in connection with any such matter, and the condition in subsection (2) is met. The condition is that— the amount of the individual’s lump sum allowance or lump sum and death benefit allowance at the time which is relevant for the purposes of this paragraph, or the amount of the pension commencement lump sums or the uncrystallised funds pension lump sums to which the individual may be entitled at the time which is relevant for the purposes of this paragraph, would be greater than it actually is were the document or certificate correct or the information true. The individual is liable to a penalty not exceeding 25% of the relevant excess. In a case within paragraph (a) of subsection (2), the relevant excess is the difference between what would be the amount of the individual’s lump sum and death benefit allowance at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true) and the actual amount of the individual’s lump sum and death benefit allowance at that time. The time which is relevant for the purposes of paragraph (a) of subsection (2)— where a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) has occurred in relation to the individual since the document was produced or made available, the certificate produced or the information provided (but before a penalty under this section is imposed), is the time when the relevant benefit crystallisation event occurred, and otherwise, is the time when the document was produced or made available, the certificate produced or the information provided. In a case within paragraph (b) of subsection (2), the relevant excess is the difference between— what would be the amount of the pension commencement lump sums or the uncrystallised funds pension lump sums to which the individual may be entitled at the time which is relevant for the purposes of that paragraph (were the document or certificate correct or the information true), and the actual amount at that time of the pension commencement lump sums or the uncrystallised funds pension lump sums to which the individual may be entitled. The time which is relevant for the purposes of paragraph (b) of subsection (2) is the time when the document was produced or made available, the certificate produced or the information provided. An individual who fails— to produce or make available any document required to be produced by enhanced ... allowance regulations, to produce any certificate required to be produced by enhanced ... allowance regulations, or to provide any information required to be provided by enhanced ... allowance regulations, is liable to a penalty not exceeding £3,000. paragraph 12 of Schedule 36 (enhancement of allowances: enhanced protection) applies in relation to an individual, and relevant benefit accrual occurs in relation to the individual (as to which see paragraph 13 of that Schedule). If the individual fails to notify the Inland Revenue of the relevant benefit accrual within the period of 90 days beginning with the day on which it occurs, the individual is liable to a penalty not exceeding £3,000. A person who fraudulently or negligently makes a false statement or representation is liable to a penalty not exceeding £3,000 if, in consequence of the statement or representation— that person or any other person obtains relief from, or repayment of, tax chargeable under this Part or under Part 9 of ITEPA 2003 (pension income) on pension income to which— any provision of Chapter 15A of that Part of that Act (lump sums under registered pension schemes) applies, or section 579A of that Act (pension income under registered pension schemes) applies by virtue of any provision of that Chapter, or a registered pension scheme makes a payment which is an unauthorised payment. A person who assists in or induces the preparation of any document which the person knows— is inaccurate, and will, or is likely to, cause a registered pension scheme to make an unauthorised payment, This section applies where the winding-up of a registered pension scheme has begun and the Inland Revenue considers the pension scheme is being wound up wholly or mainly for the purpose specified in subsection (2). That purpose is facilitating the payment of winding-up lump sums ... under the pension scheme. The scheme administrator is liable to a penalty not exceeding the relevant amount. The relevant amount is £3,000 in respect of— each member to whom a winding-up lump sum is paid under the pension scheme, ... This section applies where sums held for the purposes of, or representing accrued rights under, a registered pension scheme (“the transferor scheme”) are transferred so as to become held for the purposes of, or to represent rights under, a registered pension scheme that is an insured scheme (“the transferee scheme”). The scheme administrator of the transferor scheme is liable to a penalty not exceeding £3,000 unless the sums are transferred either to the scheme administrator of the transferee scheme or to a relevant insurance company. “insured scheme” means a pension scheme all the income and other assets of which are invested in policies of insurance, and “relevant insurance company” means an insurance company that issued any of the policies of insurance. a liability to the unauthorised payments charge, or to both the unauthorised payments charge and the unauthorised payments surcharge, has arisen in respect of an unauthorised member payment, and property or money is transferred, or a sum paid, towards a registered pension scheme pursuant to a relevant order as a result of the unauthorised member payment. The member of the registered pension scheme to or in respect of whom the unauthorised member payment was made (or, if it was paid after his death, the recipient) may claim relief from— the relevant proportion of the unauthorised payments charge, and if a liability to the unauthorised payments surcharge has arisen and subsection (4) is satisfied, the relevant proportion of the unauthorised payments surcharge. The claim must be made within the period of one year beginning with the day on which the property or money is transferred, or the sum paid. This subsection is satisfied if no part of the unauthorised member payment and no asset or sum representing it— has been received by (or on behalf of) the member or a person connected with the member, or has been held for more than 180 days by a person or succession of persons, other than the member or a person connected with the member, involved in any transaction by which the unauthorised member payment was made. The relevant proportion of the unauthorised payments charge or the unauthorised payments surcharge is— ASO is the amount subject to the relevant order, that is the aggregate of the market value of any property and the amount of any money transferred, or the amount of the sum paid, towards a registered pension scheme pursuant to the relevant order in respect of the unauthorised member payment, and UMP is the amount of the unauthorised member payment. But if ASO is greater than UMP, the relevant proportion of the unauthorised payments charge or the unauthorised payments surcharge is the whole of it. In this section “relevant order” means an order under any of the following— the scheme administrator of a registered pension scheme has become liable to the scheme sanction charge in respect of an unauthorised member payment, and The scheme administrator may, within the period of one year beginning with the day on which the property or money is transferred, or the sum paid, claim relief from the relevant proportion of the scheme sanction charge. The relevant proportion of the scheme sanction charge is— But if ASO is greater than UMP, the relevant proportion of the scheme sanction charge is the whole of it. a person is liable to the unauthorised payments surcharge in respect of an unauthorised payment, or the scheme administrator of a registered pension scheme is liable to the scheme sanction charge in respect of a scheme chargeable payment. The person liable to the unauthorised payments surcharge may apply to the Inland Revenue for the discharge of the person’s liability to the unauthorised payments surcharge in respect of the unauthorised payment on the ground mentioned in subsection (3). The ground is that in all the circumstances of the case, it would be not be just and reasonable for the person to be liable to the unauthorised payments surcharge in respect of the payment. On receiving an application by a person under subsection (2) the Inland Revenue must decide whether to discharge the person’s liability to the unauthorised payments surcharge in respect of the payment. The scheme administrator may apply to the Inland Revenue for the discharge of the scheme administrator’s liability to the scheme sanction charge in respect of a scheme chargeable payment on the ground mentioned in subsection (6) or (7). In the case of a scheme chargeable payment which is treated as being an unauthorised member payment by section 172, 172A, 172B, ... 172C or 172D ..., the ground is that, in all the circumstances of the case, it would not be just and reasonable for the scheme administrator to be liable to the scheme sanction charge. In any other case, the ground is that— the scheme administrator reasonably believed that the unauthorised payment was not a scheme chargeable payment, and in all the circumstances of the case, it would not be just and reasonable for the scheme administrator to be liable to the scheme sanction charge in respect of the unauthorised payment. Subsection (7) applies with the omission of its paragraph (a) if the scheme chargeable payment is a payment of a lump sum where the conditions in paragraph 1B(2)(a) to (g) of Schedule 29 are met. On receiving an application under subsection (5), the Inland Revenue must decide whether to discharge the scheme administrator’s liability to the scheme sanction charge in respect of the unauthorised payment. The Inland Revenue must notify the applicant of the decision on an application under this section. Regulations made by the Board of Inland Revenue may make provision supplementing this section; and the regulations may in particular make provision as to the time limits for the making of an application. This section applies where the Inland Revenue— decides to refuse an application under section 237D (discharge of scheme administrator's liability to annual allowance charge), section 244N (discharge of liability to overseas transfer charge), ... or section 268 (discharge of liability to unauthorised payments surcharge or scheme sanction charge), ... The applicant may appeal against the decision. An appeal under this section against a decision must be brought within the period of 30 days beginning with the day on which the applicant was given notification of the decision. On an appeal under subsection (1)(a) that is notified to the tribunal, the tribunal must consider whether the applicant’s liability to the ... unauthorised payments surcharge or scheme sanction charge ought to have been discharged. If the tribunal considers that the applicant’s liability ought not to have been discharged, the tribunal must dismiss the appeal. If the tribunal considers that the applicant’s liability ought to have been discharged, the tribunal must grant the application. References in this Part to the scheme administrator, in relation to a pension scheme, are to the person who is, or persons who are, appointed in accordance with the rules of the pension scheme to be responsible for the discharge of the functions conferred or imposed on the scheme administrator of the pension scheme by and under this Part. But a person is not the person who is, or one of the persons who are, the scheme administrator of a pension scheme at any time unless, at that time, the person— is resident in the United Kingdom ..., ... has made the required declaration to the Inland Revenue, and has made to an officer of Revenue and Customs any other declarations which are reasonably required by Her Majesty's Revenue and Customs. “The required declaration”is a declaration that the person— understands that the person will be responsible for discharging the functions conferred or imposed on the scheme administrator of the pension scheme by and under this Part, and intends to discharge those functions at all times .... Any liability of a person who is, or of any of the persons who are, the scheme administrator of a registered pension scheme ceases to be a liability of that person on the person ceasing to be, or to be one of the persons who is, the scheme administrator of the pension scheme. This subsection does not apply to a liability to pay a penalty and is subject to subsection (4). Where a person becomes, or becomes one of the persons who is, the scheme administrator of a registered pension scheme, the person assumes any existing liabilities of the scheme administrator of the pension scheme, other than any liability to pay a penalty. Subsection (4) applies where, on the person who is or the persons who are the scheme administrator of a registered pension scheme ceasing to be the scheme administrator, there is no scheme administrator of the pension scheme. Any liability of the person or persons as scheme administrator remains a liability of that person or those persons as if still the scheme administrator (unless dead or having ceased to exist) until another person becomes, or other persons become, the scheme administrator of the pension scheme. But a person who retains, or persons who retain, any liability by virtue of subsection (4) may apply to the Inland Revenue to be released from the liability. On receipt of the application the Inland Revenue must decide whether or not to release the applicant or applicants from the liability and must notify the applicant, or each of the applicants, of the decision. If the decision is not to release the applicant or applicants from the liability the applicant or applicants may appeal against the decision. The appeal must be brought within the period of 30 days beginning with the day on which the applicant was notified of the decision. On an appeal that is notified to the tribunal, the tribunal must consider whether the applicant or applicants ought to have been released from the liability. If the tribunal decides that the applicant or applicants ought not to have been released from the liability, the tribunal must dismiss the appeal. If the tribunal decides that the applicant or applicants ought to have been released from the liability, the applicant is, or applicants are, to be treated as having been released from the liability (but subject to any further appeal ...). This section applies in relation to a registered pension scheme if— there is no scheme administrator of the pension scheme and no-one who remains subject to the liabilities of the scheme administrator by virtue of section 271(4) (continuation of liability where no scheme administrator), the person who is, or all the persons who are, the scheme administrator of the pension scheme or remain so subject cannot be traced, or the person who is, or all the persons who are, the scheme administrator of the pension scheme or remain so subject are in serious default. Any person who assumes liability by reason of this section applying in relation to the pension scheme— is liable to pay any tax (and any interest on tax) due from the scheme administrator of the pension scheme by virtue of this Part, and is responsible for the discharge of all other obligations imposed on the scheme administrator of the pension scheme by or under this Part. the references in paragraph (a) to tax, and interest on tax, include any that has become due before this section applied in relation to the pension scheme and remains unpaid, and the reference in paragraph (b) to obligations includes any that have become due before this section applied in relation to the pension scheme and remain unsatisfied, other than any liability to pay a penalty which has become due before this section so applied. The following heads specify the persons who assume liability by reason of this section applying in relation to the pension scheme or by reason of section 272C(7) applying in relation to a liability; but if— a person assumes, or persons assume, liability by virtue of being specified under one head, and that person, or any of those persons, can be traced and is not in default, no-one assumes liability by virtue of being specified under a later head. If there are one or more trustees of the pension scheme who are resident in the United Kingdom, that trustee or each of those trustees. If there are one or more persons who control the management of the pension scheme, that person or each of those persons. If alive or still in existence, the person, or any of the persons, who established the pension scheme and any person by whom that person, or any of those persons, has been directly or indirectly succeeded in relation to the provision of benefits under the pension scheme. If the pension scheme is an occupational pension scheme, any sponsoring employer. If there are one or more trustees of the pension scheme who are not resident in the United Kingdom, that trustee or each of those trustees. Where a person assumes liability by reason of this section applying in relation to the pension scheme, the Inland Revenue must, as soon as is reasonably practicable, notify the person of that fact; but failure to do so does not affect the person’s liability. For the purposes of this section a person is in default if the person— has failed to pay all or any of the tax (or interest on tax) due from the person by virtue of this Part, or has failed to discharge any other obligation imposed on the person by or under this Part, and a person in default is in serious default if the Inland Revenue considers the failure to be of a serious nature. This section applies in relation to a person (“P”) who is an independent trustee of a registered pension scheme. For the purposes of this section and section 272B an “independent trustee” is a trustee of a pension scheme— who is appointed by, or otherwise pursuant to, an order made— by the Pensions Regulator under section 7 of the Pensions Act 1995 or Article 7 of the Pensions (Northern Ireland) Order 1995 (appointment of trustees by the Pensions Regulator), or by a court on an application made by the Pensions Regulator, and who is not a trustee of the pension scheme at any time before— the day on which the trustee's appointment as mentioned in paragraph (a) takes effect, or if the trustee is appointed as mentioned in paragraph (a) on more than one occasion, the day on which the first appointment takes effect. In this section “the relevant day” means— the day on which P's appointment as trustee of the pension scheme as mentioned in subsection (2)(a) takes effect, or if P is appointed as trustee of the pension scheme as mentioned in subsection (2)(a) on more than one occasion, the day on which P's first appointment takes effect. If P is, or is one of the persons who are, the scheme administrator, P does not assume any liability falling within subsection (7) which P would otherwise assume (including by reason of section 272C(3) or (4)). Subsection (4) does not apply if P is, or is one of the persons who are, the scheme administrator at any time before the relevant day. In relation to any liability falling within subsection (7), in section 272(4) references to trustees or to persons who control the management of the pension scheme do not include P. The liabilities falling within this subsection are— liabilities for the following in respect of payments made (or treated as having been made) by the pension scheme on or before the relevant day— the short service refund lump sum charge; the special lump sum death benefits charge; the authorised surplus payments charge; the scheme sanction charge in respect of scheme chargeable payments falling within section 241(1)(a) or (b); liabilities for the scheme sanction charge in respect of scheme chargeable payments treated under section 185A or 185F as having been made by the pension scheme in tax years earlier than the one in which the relevant day falls; any liability for the scheme sanction charge in respect of the relevant fraction of any scheme chargeable payment treated under section 185A as having been made by the pension scheme in the tax year in which the relevant day falls; where the pension scheme is treated under section 185F as having made a scheme chargeable payment in the tax year in which the relevant day falls and there is a relevant net gain, any liability for the scheme sanction charge in respect of the relevant amount; any liability to pay interest in respect of a liability mentioned in paragraphs (a) to (e) arising at any time. For the purposes of subsection (7)(d) “the relevant fraction” is— A is the number of days in the tax year up to (and including) the relevant day, and B is the number of days in the tax year. For the purposes of subsection (7)(e)— there is a “relevant net gain” if— the total amount of any gains treated under section 185F as accruing in the tax year on or before the relevant day, exceeds the total amount of any losses treated under section 185F as so accruing, and “the relevant amount” is— the scheme chargeable payment, or if that payment is greater than the excess of gains over losses mentioned in paragraph (a), the amount of that excess. Subsection (11) applies if— apart from that subsection, losses in relation to which section 185G(10) applies would be included in the total amount mentioned in subsection (9)(a)(ii), and the losses exceed the gains— which are included in the total amount mentioned in subsection (9)(a)(i), and from which the losses can be deducted in accordance with section 185G(10). The losses are not to be included in the total amount mentioned in subsection (9)(a)(ii) so far as they exceed the gains. This section applies in relation to a person (“Q”) who is, or is one of the persons who are, the scheme administrator of a registered pension scheme where Q's appointment as such takes effect at a time when the pension scheme has one or more independent trustees. Q does not assume any liability falling within section 272A(7) which Q would otherwise assume. In relation to any liability falling within section 272A(7), in section 272(4) references to persons who control the management of the pension scheme do not include Q. Subsections (2) and (3) do not apply if Q is, or is one of the persons who are, the scheme administrator at any time before the relevant day. In this section, and in section 272A as it applies for the purposes of this section, “the relevant day” means the first day on which the pension scheme has an independent trustee (whether or not there are days between that day and the day on which Q's appointment takes effect on which the pension scheme has no independent trustees). This section applies in relation to a liability which, by reason of section 272A(4), is not assumed by P (in which case “the relevant day” is to be read in accordance with section 272A(3)). This section also applies in relation to a liability which, by reason of section 272B(2), is not assumed by Q (in which case “the relevant day” is to be read in accordance with section 272B(5)). The liability is to be retained or assumed by the person who is, or the persons who are, the scheme administrator immediately before the relevant day (unless dead or having ceased to exist). If there is no scheme administrator immediately before the relevant day, the liability is to be retained or assumed by the person who was, or the persons who were, the scheme administrator when there last was a scheme administrator before the relevant day (unless dead or having ceased to exist). Nothing in section 271 prevents a person from having (and continuing to have) the liability by reason of subsection (3) or (4). Subsection (7) applies if— no-one has the liability by reason of subsection (3) or (4), no-one who has the liability by reason of subsection (3) or (4) can be traced, or the person who has, or all the persons who have, the liability by reason of subsection (3) or (4) are in serious default (as determined in accordance with section 272(6)). The liability is to be assumed by the person or persons determined in accordance with section 272(4). Section 272(5) applies in relation to a person who assumes the liability by reason of subsection (7) as it applies in relation to a person who assumes a liability by reason of section 272. Nothing in this section prevents any person from being subject to the liability apart from this section (in addition to any person who is subject to the liability by reason of this section), and in particular the liability continues to be a liability of the scheme administrator for the purposes of section 271(2). If a person assumes the liability under section 271(2) at a time after P or Q's appointment as, or as one of the persons who are, the scheme administrator has ceased, the person who has, or the persons who have, the liability by reason of subsection (3) or (4) is, or are, released from the liability. A person who has, or persons who have, the liability by reason of subsection (3) or (4) may apply to an officer of Revenue and Customs to be released from the liability. Section 271(6) to (13) applies in relation to an application under subsection (11) as it applies in relation to an application under section 271(5). a person has, or persons have, assumed liability by reason of section 272 (trustees etc.) applying in relation to the pension scheme, the person has, or the persons have, become liable to pay tax (or interest on tax) which became due by virtue of section 239 (scheme sanction charge) or section 242 (de-registration charge) before section 272 applied in relation to the pension scheme, that person, or each of those persons, has failed (in whole or in part) to satisfy the liability, and that person, or each of those persons, has either died or ceased to exist or is a person in whose case the Inland Revenue considers the person’s failure to satisfy the liability to be of a serious nature. This section also applies in relation to a registered pension scheme if— a person has, or persons have, by reason of section 272C(7) assumed a liability to pay tax (or interest on tax) by virtue of section 239 (scheme sanction charge) in respect of the whole or a part of a scheme chargeable payment falling within section 241(1)(b) or (c) made (or treated as having been made) by the pension scheme, that person, or each of those persons, has either died or ceased to exist or is a person in whose case an officer of Revenue and Customs considers the person's failure to satisfy the liability to be of a serious nature. Any person who was a member of the pension scheme at any time during the relevant three-year period is liable to pay the appropriate share of the unpaid amount if— any of the conditions in subsection (5) is met, and the Inland Revenue notifies the person of the person’s liability to do so. “The relevant three-year period” is the period of three years ending with the date on which the liability to pay the tax arose. The “appropriate share of the unpaid amount”, in the case of a person, is— AA is an amount equal to aggregate of the amount of the sums and the market value of the assets held for the purposes of the pension scheme at the time when the liability to pay the tax arose, AAP is an amount equal to so much of AA as is held for the purposes of such of the arrangements under the pension scheme as relate to the person or a person connected with the person, and UT is so much of the tax (and any interest on it) as remains unpaid. The conditions referred to in subsection (2)(a) are— that the pension scheme ... was not an occupational pension scheme, that at any time during the relevant three-year period the pension scheme received a transfer value in which there were represented relevant personal pension contributions made by or in respect of the person, that the pension scheme was an occupational pension scheme and at any time during the relevant three-year period the person was a controlling director of a company that was a sponsoring employer, and that at any time during the relevant three-year period the pension scheme received a transfer value in which there were represented relevant controlling director contributions made by or in respect of the person. A notification under subsection (2)(b) may be included in an assessment in respect of a liability under this section; and such an assessment made in relation to an amount is not out of time if made within the period of three years beginning with the date on which the person assessed first became liable to pay the amount. “Relevant personal pension contributions” means contributions under a pension scheme (whether or not the pension scheme from which the transfer value was received) which ... was not an occupational pension scheme. “Relevant controlling director contributions” means contributions under an occupational pension scheme (whether or not the pension scheme from which the transfer value was received) made by reference to service (or remuneration in respect of service) as a controlling director of a company that was a sponsoring employer. A person is a “controlling director” of a company if the person is a director of the company and is within section 452(2)(b) of the Corporation Tax Act 2010 (director able to control 20% of ordinary share capital) in relation to the company. References to receipt of a transfer value by the pension scheme are to the transfer, so as to become held for the purposes of or to represent rights under the pension scheme, of any sums or assets held for the purposes of or representing accrued rights under any other pension scheme. The Treasury may make regulations in relation to cases where— an investment-regulated pension scheme holds an interest in taxable property, the pension scheme is non-UK resident, and the property is not located in the United Kingdom. The regulations may make provision for a member of the pension scheme for the purposes of whose arrangement the interest is held to be liable to the scheme sanction charge so far as relating to a scheme chargeable payment treated as made by the pension scheme— under section 185A (income from taxable property) by virtue of the pension scheme holding the interest in the property, or under section 185F (gains from taxable property) by virtue of a gain treated as accruing to the pension scheme in respect of the interest in the property. The regulations may make provision— for the member to be liable to all of the scheme sanction charge arising by virtue of the scheme chargeable payment or to the charge to such extent as the regulations may provide, for the charge to be apportioned between members of the pension scheme where the interest in the property is held for the purposes of more than one arrangement under the pension scheme, and for the scheme administrator not to be liable to the scheme sanction charge or not to be liable to the charge to such extent as the regulations may provide. The regulations may make provision for cases where— a member of a pension scheme would otherwise be liable to the scheme sanction charge arising by virtue of a scheme chargeable payment treated as made by the pension scheme under section 185F in a tax year, the member does not meet such conditions as to residence in the tax year as the regulations may prescribe, the member meets those conditions in a subsequent tax year, and such other conditions as the regulations may prescribe are met. The regulations may make provision for the member— not to be liable to the scheme sanction charge in the tax year in which the scheme chargeable payment is treated as made, but to be liable in a subsequent tax year to such extent as the regulations may provide to the scheme sanction charge arising by virtue of the payment. The regulations may— amend this Part (apart from this section), include provision having effect in relation to times before they are made, contain transitional provisions and savings, and For the purposes of this section a pension scheme is non-UK resident if it is established in a country or territory outside the United Kingdom. The Board of Inland Revenue may make regulations in relation to cases where an insurance company makes a payment of— which (by virtue of section 161(3) and (4)) is treated for the purposes of Chapter 3 as made by a registered pension scheme. The regulations may provide that the insurance company— is to be treated as the scheme administrator for the purposes of the operation of section 206 in relation to the lump sum death benefit, and is responsible for the discharge of all obligations imposed on the scheme administrator by or under this Part so far as related to the liability imposed by that section to pay tax in respect of it. Where an insurance company is liable to pay any tax or interest, or is responsible for the discharge of any other obligation, by virtue of regulations under this section, no other person is liable to pay that tax, or responsible for the discharge of that obligation, under sections 270 to 273. Subsection (2) applies to a payment by a registered pension scheme to or in respect of a person who is or has been a member of the scheme if it is paid in respect of a money purchase arrangement and is— a payment of drawdown pension, paid to purchase a short-term annuity, a payment of dependants' drawdown pension, paid to purchase a dependants' short-term annuity, a payment of nominees' drawdown pension, paid to purchase a nominees' short-term annuity, paid to purchase a nominees' annuity, paid to purchase a successors' annuity, a payment of successors' drawdown pension, paid to purchase a successors' short-term annuity, a pension commencement lump sum where the person becomes entitled to it in connection with becoming entitled to income withdrawal (or where the person dies after becoming entitled to it but before becoming entitled to the income withdrawal in connection with which it was expected that the person would become entitled to the lump sum), or a trivial commutation lump sum death benefit where condition B in paragraph 20(1B) of Schedule 29 is met. The trustees or managers of the scheme may make the payment despite any provision of the rules of the scheme (however framed) prohibiting the making of the payment. The fact that any person is liable to pay any tax or interest, or is responsible for the discharge of any other obligation, under section 272 (trustees etc.), section 272C(7) or section 273 (members) does not relieve any other person of any liability to pay the tax or interest, or any obligation to discharge the obligation, arising— by reason of that other person being, or being one of the persons who is, the scheme administrator of the pension scheme, or under section 271(4) (continuation of liability where no scheme administrator), section 272C(3) or (4). Where a liability imposed on the scheme administrator of a registered pension scheme falls to be satisfied by two or more persons (whether or not they constitute the scheme administrator), they are jointly and severally liable. No liability to pay tax or interest, or other obligation, of any person in relation to a registered pension scheme arising— by reason of the person being, or being one of the persons who is, the scheme administrator of the pension scheme concerned, or under section 271(4), 272, 272C or 273 or regulations under section 273A, is affected by the termination of the pension scheme or by its ceasing to be a registered pension scheme. In this Part “Master Trust scheme” means (subject to subsections (2) to (4)) a Master Trust scheme within the meaning of PSA 2017 or PSA(NI) 2021. Any provision of PSA 2017 or PSA(NI) 2021 under which a reference to a Master Trust scheme does not include a section of it that is a collective money purchase scheme (within the meaning of that Act) does not apply for the purposes of subsection (1). Section 1(2) of PSA 2017 and section 1(2) of PSA(NI) 2021 (which restrict the meaning of “Master Trust scheme” in the case of schemes that provide benefits other than money purchase benefits) do not apply for the purposes of subsection (1). Where, by virtue of section 40(2) of PSA 2017 or section 40(2) of PSA(NI) 2021, more than one pension scheme is treated as a single Master Trust scheme for the purposes of that Act, each of those pension schemes is a Master Trust scheme for the purposes of this Part. For the purposes of this Part a pension scheme is an “unauthorised Master Trust scheme” if— it is a Master Trust scheme the lawful operation of which, or of any section or part of which, requires authorisation under PSA 2017 or PSA(NI) 2021, or it is not a Master Trust scheme but, by virtue of section 40(1)(a) of PSA 2017 or section 40(1)(a) of PSA(NI) 2021, the lawful operation of the pension scheme, or of any section or part of it, requires authorisation under that Act, and such authorisation has not been granted, or has been granted but has been withdrawn. “PSA 2017” means the Pension Schemes Act 2017; “PSA(NI) 2021” means the Pension Schemes Act (Northern Ireland) 2021. In this Part “collective money purchase scheme” means (subject to subsection (2)) a collective money purchase scheme within the meaning of Part 1 or 2 of the Pension Schemes Act 2021.

A reference in this Part to a collective money purchase scheme is, in relation to a relevant divided pension scheme, a reference to the pension scheme as a whole (and is not a reference to any of its sections considered separately). In this section “relevant divided pension scheme” means a pension scheme which is divided into sections at least one of which is a collective money purchase scheme under subsection (1). For the purposes of this Part a pension scheme is an “unauthorised collective money purchase scheme” if— the lawful operation of the pension scheme, or (in the case of a relevant divided pension scheme) of any section of it, requires authorisation under Part 1 or 2 of the Pension Schemes Act 2021, and such authorisation has not been granted, or has been granted but has been withdrawn. The Commissioners for His Majesty’s Revenue and Customs may by regulations amend or otherwise modify any provision of this Part in its application in relation to— a collective money purchase scheme, or any benefits payable, or arrangements, under such a pension scheme. Regulations under this section— may make different provision for different cases; may include transitional or saving provision. This Part applies in relation to a pension scheme that— is established under section 67 of the Pensions Act 2008, and is not an occupational pension scheme, as it applies in relation to an occupational pension scheme. is a Master Trust scheme, and is a collective money purchase scheme, and Subsection (2) applies where an amount is paid out of an authorised reclaim fund in respect of transferred dormant eligible pension benefits. For the purposes of income tax and this Part, the amount paid out is to be treated as having been paid as a consequence of a right that is the same as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights. The Commissioners for His Majesty’s Revenue and Customs may make regulations in relation to cases where— an amount is paid out of an authorised reclaim fund in respect of transferred dormant eligible pension benefits, the registered pension scheme from which the benefits were transferred was wound up before the payment of that amount, and the payment, or part of the payment, is treated (by virtue of subsection (2)) as being the payment by a registered pension scheme of— a flexi-access drawdown fund lump sum death benefit. Regulations under subsection (3) may provide that a person specified in the regulations— is to be treated as the scheme administrator for the purposes of the operation of section 206; Regulations under subsection (3) may— make specific or general provision; No liability to income tax arises in respect of income derived from investments or deposits— that are held by an authorised reclaim fund, and that relate to an amount transferred to the authorised reclaim fund in respect of transferred dormant eligible pension benefits. For the purposes of subsection (6), it does not matter when liability to income tax on income within that subsection would otherwise arise. Subsection (2) of section 186 (income) applies for the purposes of subsection (6) of this section as it applies for the purposes of subsection (1) of that section. “authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022; “the original rights” are a person’s rights against the scheme administrator of a registered pension scheme, in respect of the benefits subsequently transferred by the scheme administrator to an authorised reclaim fund, immediately before the transfer; “transferred dormant eligible pension benefits” means dormant eligible pensions benefits owing to a person that have been transferred by the scheme administrator of a registered pension scheme to an authorised reclaim fund with the result that section 5 of the Dormant Assets Act 2022 (transfer of eligible pension benefits to reclaim fund) applies (and references to benefits being transferred are to be construed accordingly). The Board of Inland Revenue may make regulations for and in connection with treating registered pension schemes to which this section applies as if they were a number of separate registered pension schemes for such of the purposes of this Part and of provision made under it as are prescribed by the regulations. This section applies to pension schemes prescribed, or of a description prescribed, by the regulations. The provision that may be made by the regulations may, in particular, include— provision as to who is to be treated as the scheme administrator in relation to each of the separate pension schemes, and any such other modifications of the provision made by and under this Part as appears appropriate in consequence of, or otherwise in connection with, provision made under subsection (1) (including provision so made by virtue of paragraph (a) of this subsection). The regulations may make different provision for different cases. Sections 226A and 226B of the Inheritance Tax Act 1984 (withholding of benefits and payment of inheritance tax by scheme administrator) are treated for the purposes of this section as provision made by this Part. In this Part “insurance company” means— a person who has permission under Part 4 of FISMA 2000 to effect or carry out contracts of long-term insurance, ... “Contracts of long-term insurance” means contracts which fall within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544). For the purposes of this Part the relevant valuation factor in relation to any registered pension scheme, or any arrangement under a registered pension scheme, is 20. But the Inland Revenue and the scheme administrator of any registered pension scheme may agree that the relevant valuation factor in relation to the pension scheme, or any arrangement under the pension scheme, is to be a number greater than 20. For the purposes of this Part the valuation assumptions in relation to a person, benefits and a date are— if the person has not reached such age (if any) as must have been reached to avoid any reduction in the benefits on account of age, that the person reached that age on the date, and that the person’s right to receive the benefits had not been occasioned by physical or mental impairment. For the purposes of this Part the market value of an asset held for the purposes of a pension scheme is to be determined in accordance with section 272 of TCGA 1992. Where an asset held for the purposes of a pension scheme is a right or interest in respect of any money lent (directly or indirectly) to any relevant associated person, the value of the asset is to be treated as being the amount owing (including any unpaid interest) on the money lent. The following are “relevant associated persons”— any employer who has at any time (whether or not before the making of the loan) made contributions under the pension scheme, any company connected (at the time of the making of the loan or subsequently) with any such employer, any person who has at any time (whether or not before the making of the loan) been a member of the pension scheme, and any person connected (at the time of the making of the loan or subsequently) with any such person. For the purposes of this Part the market value of taxable property, or of an interest in taxable property, is to be determined in accordance with section 272 of TCGA 1992. Subsection (3A) is subject to any provision made by regulations under paragraph 36(2) of Schedule 29A. For the purposes of this Part, a pension credit is “disqualifying” if, when the member becomes entitled to it, the person subject to the corresponding pension debit has an actual (rather than a prospective) right to payment of a pension under the relevant arrangement. The “relevant arrangement” is the arrangement to which the pension sharing order, or provision by virtue of which the member becomes entitled to the pension credit, relates. For the purposes of this Part, a dependants' annuity is “related to” a lifetime annuity payable to a member of a registered pension scheme if— they are purchased either in the form of a joint life annuity or separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased, and the dependants’ annuity will be payable to a dependant of the member. For the purposes of this Part, a nominees’ annuity is “related to” a lifetime annuity payable to a member of a registered pension scheme if— the nominees’ annuity will be payable to a nominee of the member. For the purposes of this Part, a dependants’ scheme pension is “related to” a scheme pension payable to a member of a registered pension scheme if— the day on which one is purchased or sums or assets are applied for its provision is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased or sums or assets are applied for its provision, and the dependants’ scheme pension will be payable to a dependant of the member. In this Part— “abatement”, in relation to a scheme pension to which a person has become entitled under a public service pension scheme, means the reduction of the pension (including its reduction to nil) in accordance with the rules of the pension scheme by reason of the person's employment in public service, “the Board of Inland Revenue” means the Commissioners of Inland Revenue, “consumer prices index” means— the general index for consumer prices published by the Statistics Board, or if that index is not published for a relevant month, any substituted index or index figures published by the Statistics Board, “employee” and “employer” have the same meaning as in the employment income Parts of ITEPA 2003 (see sections 4 and 5 of that Act) but include (respectively) a former employee and a former employer (and “employment” is to be read accordingly), “the Inland Revenue” means any officer of the Board of Inland Revenue, “normal minimum pension age” means— in relation to, and to a member of, a pension scheme that is not a uniformed services pension scheme— before 6 April 2010, 50, on and after that date but before 6 April 2028, 55, and on and after 6 April 2028, 57, and in relation to, and to a member of, a uniformed services pension scheme— before 6 April 2010, 50, and on and after that date, 55, “pension credit” and “pension debit” have the same meaning as in Chapter 1 of Part 4 of WRPA (see section 46(1) of that Act) or Chapter 1 of Part 5 of WRP(NI)O 1999 (see Article 43(1) of that Order), and “pension sharing order or provision” means any order or provision mentioned in section 28(1) of WRPA 1999 or Article 25(1) of WRP(NI)O 1999, “pensionable age” has the meaning given by the rules in paragraph 1 of Schedule 4 to the Pensions Act 1995 or paragraph 1 of Schedule 2 to the Pensions (Northern Ireland) Order 1995, “Scottish basic rate limit” means a rate limit set by the Scottish Parliament under section 80C(2A) of the Scotland Act 1998 for the purposes of determining the extent to which a Scottish taxpayer’s income is charged at the Scottish basic rate where a Scottish rate resolution under that Act has set more than one rate for the tax year. In this Part, so far as it forms part of the Corporation Tax Acts, expressions which are defined for the purposes of the Income Tax Acts are to be given the same meaning as they have in the Income Tax Acts. Section 1169 of the Companies Act 2006 (dormant companies) applies for the purposes of this Part. For the purposes of this Part “CMP periodic income” means income payable by virtue of section 36(7)(b) or 87(7)(b) of the Pension Schemes Act 2021 (periodic income paid under collective money purchase arrangement while pursuing continuity option 1). In this Part references to payments made, or benefits provided, by a pension scheme are to payments made or benefits provided from sums or assets held for the purposes of the pension scheme. For the purposes of this Part the sums and assets held for the purposes of an arrangement under a pension scheme are so much of the sums and assets held for the purposes of the pension scheme under which the arrangement is made as are properly attributable, in accordance with the provisions of the pension scheme and any just and reasonable apportionment, to the arrangement. In this section “uniformed services pension scheme” means a pension scheme that— is established by or under an enactment or Royal Warrant for the benefit of persons described in subsection (5) (whether or not other persons may be members of such a scheme), or is established solely for the receipt of additional voluntary contributions from members of a scheme falling within paragraph (a), subject to any regulations made under subsection (6). Those persons are persons who are or were— members of the naval, military or air forces of the Crown (including members of any reserve force); members of a police force other than the Civil Nuclear Constabulary; firefighters. The Treasury may by regulations — amend subsection (5) by adding to, varying or omitting descriptions of persons; provide for a pension scheme not falling within subsection (4)(a) or (b) that is specified, or is of a specified description, to be treated as a uniformed services pension scheme; provide for a pension scheme falling within subsection (4)(a) or (b) that is specified, or is of a specified description, to be treated as not being a uniformed services pension scheme. “Specified” means specified in the regulations. Regulations under subsection (6) may make transitional provision and savings. “NIA 1965” means the National Insurance Act 1965 (c. 51), “NIA(NI) 1966” means the National Insurance Act (Northern Ireland) 1966 (c. 6 (N.I.)), “TMA 1970” means the Taxes Management Act 1970 (c. 9), “ICTA 1970” means the Income and Corporation Taxes Act 1970 (c. 10), “ICTA” means the Income and Corporation Taxes Act 1988 (c. 1), “SSCBA 1992” means the Social Security Contributions and Benefits Act 1992 (c. 4), “SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), “WRPA 1999” means the Welfare Reform and Pensions Act 1999 (c. 30), “WRP(NI)O 1999” means the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/ 3147 (N.I. 11)), “FISMA 2000” means the Financial Services and Markets Act 2000 (c. 8), ... “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 (c. 1), ... “ITTOIA 2005” means the Income Tax (Trading and Other Income Act) 2005 ... “ITA 2007” means the Income Tax Act 2007, “FA 2008” means the Finance Act 2008, ... “CTA 2009” means the Corporation Tax Act 2009 and “CTA 2010” means the Corporation Tax Act 2010 “FA 2012” means the Finance Act 2012 In this Part the following expressions are defined or otherwise explained by the provisions indicated— Schedule 35 contains minor and consequential amendments of enactments in consequence of, or otherwise in connection with, this Part. The Treasury may by order make such other amendments (including repeals and revocations) as may appear appropriate in consequence of, or otherwise in connection with, this Part— in any enactment contained in an Act passed before 6th April 2006 or in the Session in which that date falls, and in any instrument made before that date or in the Session in which that date falls. The Treasury may by order make in any relevant enactment such amendments (including repeals and revocations) as may appear appropriate in consequence of, or otherwise in connection with, any amendment (or repeal or revocation) made in this Part by any enactment contained in an Act passed after this Act (an “amending Act”). For this purpose a relevant enactment is— an enactment contained in an Act passed, or an instrument made, before the passing of the amending Act or in the Session in which the amending Act is passed. An order under subsection (2) or (2A) may include any transitional provisions or savings appearing to the Treasury to be appropriate. Any order or regulations made by the Treasury or the Commissioners for Her Majesty's Revenue and Customs under this Part may include provision having effect in relation to times before the order is, or regulations are, made if that provision does not increase any person's liability to tax. Subsection (A1) does not limit any specific power to make provision by an order or regulations in relation to times before the order is, or regulations are, made. Any power of the Treasury or the Commissioners for Her Majesty's Revenue and Customs to make any order or regulations under this Part is exercisable by statutory instrument. No order may be made under section 208(6), 209(7), 215(2A), 237B(11), 240(3A) or 242(5), no order may be made under section 228(2) which specifies an amount for any tax year less than the annual allowance for the immediately preceding tax year and no order may be made under section 238A which increases any person's liability to tax unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons. No regulations may be made under section 274ZZC (power to make provision about collective money purchase schemes) that increase any person’s liability to tax unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons. Any statutory instrument containing any order or regulations made by the Treasury or the Commissioners for Her Majesty's Revenue and Customs under this Part , if made without a draft having been approved by a resolution of the House of Commons, is subject to annulment in pursuance of a resolution of the House of Commons. Subsection (2) does not apply to an instrument containing only regulations under section 218(2D). Schedule 36 contains miscellaneous transitional provisions and savings. The Treasury may by order make any other transitional provision which may appear appropriate in consequence of, or otherwise in connection with, this Part or the repeals made by this Act in consequence of this Part. An order under subsection (2) may, in particular, include savings from the effect of any amendment made by this Part or any repeal made by this Act in consequence of this Part. The Treasury may by order make any transitional provision which may appear appropriate in consequence of, or otherwise in connection with, any amendment (or repeal or revocation) made in this Part by any enactment contained in an Act passed after this Act (an “amending Act”). An order under subsection (3A) may, in particular, include savings from the effect of any amendment (or repeal or revocation) made by the amending Act. Nothing in Schedule 36 limits the power conferred by subsection (2) or (3A). Nothing in that Schedule or in any provision made by virtue of subsection (2) or (3A) prejudices the operation of sections 16 and 17 of the Interpretation Act 1978 (c. 30) (effect of repeals). Chapters 3 to 7 and section 281 (with Schedule 35) do not come into force until 6th April 2006. But any power to make an order or regulations under any of those provisions may be exercised at any time after this Act is passed. The Oil Taxation Act 1983 (c. 56) is amended as follows. In section 6(2) (meaning of tariff receipts) after “Subject to the provisions of this section” insert “ and section 6A below ”. After section 6 insert— An amount which is a tax-exempt tariffing receipt (see subsection (2) below) does not constitute a tariff receipt for the purposes of the Oil Taxation Acts. An amount is a “tax-exempt tariffing receipt” for the purposes of the Oil Taxation Acts if— it would, apart from this section, be a tariff receipt of a participator in an oil field, it is received or receivable by the participator in a chargeable period ending on or after 30th June 2004 under a contract entered into on or after 9th April 2003, and it is in respect of tax-exempt business (see subsection (3) below). For the purposes of this section an amount is in respect of tax-exempt business if it is an amount received or receivable by a participator in an oil field in respect of— the use of a qualifying asset, or the provision of services or other business facilities of whatever kind in connection with the use, otherwise than by the participator himself, of a qualifying asset, and that use of the qualifying asset falls within subsection (4) below. Use of a qualifying asset falls within this subsection if it is— use in relation to a new field (see subsection (5) below) or oil won from such a field, or use in relation to a qualifying existing field (see subsection (5) below) or oil won from such a field. “existing field” means any oil field or foreign field which is not a new field; “foreign field” means, subject to subsection (6) below (treatment of transmedian fields), any hydrocarbon accumulation which is not under the jurisdiction of the government of the United Kingdom; “licensee”, in relation to a foreign field, means a person who has rights, interests or obligations in respect of the foreign field under a licence or other authority granted by the government of a country other than the United Kingdom; “new field” means— an oil field for no part of which had— consent for development been granted to a licensee by the Secretary of State before 9th April 2003; or a programme of development been served on a licensee or approved by the Secretary of State before that date; or a foreign field for no part of which had— any consent for development been granted to a licensee by the government of a country other than the United Kingdom before 9th April 2003; or a programme of development been served on a licensee or approved by such a government before that date; and subsections (4) and (5) of section 36 of the Finance Act 1983 (which define “development” for the purposes of subsections (2) and (3) of that section) shall apply also for the purposes of this definition; “the Oil Taxation Acts” means— Parts 1 and 3 of the principal Act; this Act; and any other enactment relating to petroleum revenue tax; “qualifying existing field” means an existing field as respects which the condition in section 6B(1) below is satisfied. For the purposes of this section, in the case of an oil field which, by virtue of section 107 of the Finance Act 1980 (transmedian fields), is deemed to include the sector mentioned in subsection (1)(a)(ii) of that section— that sector shall be treated as a foreign field, and the remainder of that field shall be treated as a separate oil field. In the application of provisions of the Oil Taxation Acts relating to tax-exempt tariffing receipts, references to oil, in relation to a foreign field, are references to any substance that would be oil within the meaning of the principal Act if the enactments mentioned in section 1(1) of that Act extended to the foreign field. This section is subject to the transitional provisions in Part 2 of Schedule 37 to the Finance Act 2004 (expenditure incurred between 9th April and 31st December 2003: treatment of initial portion of tax-exempt tariffing receipts as tariff receipts). The condition for an existing field to be a qualifying existing field for the purposes of section 6A above is that at no time in the period of 6 years ending with 8th April 2003 (“the 6 year period”) was there— any use of a disqualifying asset (see subsection (2) below) in a UK area (see subsection (11) below) in relation to the field or oil won from it, or any provision of any services or other business facilities of whatever kind in connection with the use of a disqualifying asset in a UK area in relation to the field or oil won from it. For the purposes of subsection (1) above “disqualifying asset”, in relation to an existing field and any time in the 6 year period, means an asset which at that time— was a qualifying asset in relation to a participator in an oil field; and was not an excepted asset (see subsection (3) below). For the purposes of subsection (2) above “excepted asset”, in relation to an existing field and any time in the 6 year period, means any of the following— any asset (other than a tanker) which at that time was wholly situated in the existing field; any tanker which at that time was a non-dedicated tanker (see subsection (10) below) being used for transporting from the existing field oil which had been won from that field; any asset which at that time was being used in relation to oil which had been won from the existing field and transported from that field by a non-dedicated tanker; if the existing field is an oil field and is expected not to be a tanker loading field (see subsection (7) below)— any tanker which at that time was a dedicated tanker (see subsection (9) below) being used for transporting from the existing field oil which had been won from that field; any asset which at that time was being used in relation to oil which had been won from the existing field and transported from that field by a dedicated tanker; any asset which at that time was being used to transport from the existing field oil consisting of gas won from that field to another oil field for the purpose of enabling that oil to be used for assisting the extraction of oil from that other field; if at that time the existing field was not a taxable field, any asset by reference to which an election under section 231 of the Finance Act 1994 (election by reference to asset with excess capacity) was at that time in operation with respect to an oil field. Where any use of an asset is, by virtue of subsection (3) above, use of an excepted asset, the provision of any services or other business facilities of whatever kind in connection with that use of that asset accordingly falls to be disregarded for the purposes of subsection (1)(b) above. Where an asset in a UK area— is a qualifying asset in relation to a participator in such an oil field as is mentioned in section 107 of the Finance Act 1980 (a “participator in the UK sector”), and is also, by virtue of paragraph 3 of Schedule 4 to this Act, a chargeable asset in relation to a participator in a foreign field (a “participator in the foreign sector”), subsection (6) below applies in relation to use of the asset in relation to the existing field or oil won from it. Where this subsection applies, then, in determining for the purposes of subsection (1) above whether there has been any use of a disqualifying asset in relation to the existing field or oil won from it, any use of the asset in relation to that field or oil won from it shall be treated— as use of a qualifying asset in relation to a participator in an oil field, if or to the extent that the use is attributable, on a just and reasonable basis, to a participator in the UK sector, or as use of an asset which was not a qualifying asset in relation to a participator in an oil field, if or to the extent that the use is attributable, on a just and reasonable basis, to a participator in the foreign sector. For the purposes of subsection (3) above, the existing field is expected not to be a tanker loading field if, at the time when the relevant contract is entered into, it is expected that all (or virtually all) of the oil (other than oil consisting of gas) to be won from that field and transported from it after the beginning of the operational period will be so transported otherwise than by tanker. For the purposes of subsection (7) above— “the relevant contract” means the contract mentioned in section 6A(2)(b) above; and “the beginning of the operational period” means the time at which the qualifying asset to which that contract relates begins to be used under that contract in relation to the existing field or oil won from that field. For the purposes of subsection (3) above a tanker is a dedicated tanker at any time if— the existing field mentioned in that subsection is an oil field, and at that time the tanker is a mobile asset dedicated to that oil field (see section 2 above). For the purposes of subsection (3) above a tanker is a non-dedicated tanker— at any time, if the existing field mentioned in that subsection is not an oil field, or where that field is an oil field, at any time when the tanker is not a mobile asset dedicated to that oil field. In this section “UK area” means each of the following— the United Kingdom; the territorial sea of the United Kingdom; a designated area, to the extent that it does not fall to be treated by virtue of section 6A(6) above as a foreign field. This section shall be construed as one with section 6A above. In Schedule 2 (supplemental provisions in relation to receipts from qualifying assets) in paragraph 12 (purchase at place of extraction)— in sub-paragraph (1), for “Subject to sub-paragraphs (4) and (5)” substitute “ Subject to sub-paragraphs (4) to (6) ”, and at the end of the paragraph add— In any chargeable period ending on or after 30th June 2004, sub-paragraph (1) above does not apply to oil in a case where— had the operation or operations to which the oil was subjected as mentioned in paragraph (b) of that sub-paragraph been carried out under a contract entered into on or after 9th April 2003, and had an amount been received or receivable under the contract in that chargeable period by the participator, that amount would have been a tax-exempt tariffing receipt. Schedule 37 to this Act has effect; and in that Schedule— Part 1 makes amendments to the Oil Taxation Act 1983 (c. 56) relating to allowable expenditure and disposal receipts; Part 2 makes transitional provision; Part 3 makes amendments to the Taxes Act 1988; Part 4 makes amendments to other enactments. In Part 1 of Schedule 37 to this Act— the amendments made by paragraph 5 (which relate to disposal receipts) have effect in relation to disposals in chargeable periods ending on or after 30th June 2004, and the other amendments made by that Part have effect in relation to expenditure incurred on or after 1st January 2004. The amendments made by Part 4 of that Schedule have effect in relation to chargeable periods (within the meaning of section 98 of the Finance Act 1999 (c. 16)) ending on or after 30th June 2004. Chapter 5 of Part 12 of the Taxes Act 1988 (petroleum extraction activities) is amended as follows. After section 496 (tariff receipts) insert— Schedule 19B to this Act (exploration expenditure supplement) shall have effect. Before Schedule 20 insert the Schedule 19B set out in Schedule 38 to this Act. In Schedule 4 to the Oil Taxation Act 1975 (c. 22), paragraph 2 (restrictions on expenditure allowable where acquisition etc from connected person or otherwise not at arm’s length) is amended as follows. In sub-paragraph (1), for the words following paragraph (b) (which limit the expenditure allowable to the cost in a transaction to which paragraph 2 does not apply) substitute— “ as having incurred that expenditure only to the extent that it does not exceed the lowest of the amounts described in sub-paragraph (1ZA) below which is applicable in the particular case. ”. After sub-paragraph (1) insert— Those amounts are— the amount of expenditure (other than loan expenditure) incurred up to the time mentioned in sub-paragraph (1) above in a transaction to which this paragraph does not apply (or, if there has been more than one such transaction, the later or latest of them) in acquiring, bringing into existence, or enhancing the value of, the asset; the amount of the open market consideration for the acquisition, bringing into existence, or enhancement of the value, of the asset; in a case where the other party to the transaction is a participator in a taxable field and in the case of that participator either— an amount is brought into account under section 2 of this Act in accordance with section 7(1) of the Oil Taxation Act 1983 as disposal receipts in respect of the transaction, or no amount is so brought into account by reason of reductions falling to be made in the amount that would have been so brought into account apart from those reductions, the amount so brought into account or, as the case may be, nil; in a case where the other party to the transaction is not a participator in a taxable field but— the transaction is the latest in a series of transactions in respect of the asset (or in respect of an asset or assets in which the asset was comprised), those transactions are transactions to which this paragraph applies, in the case of at least one of those transactions, there is a party who is a participator in an oil field, and in the case of any such party, an amount either is brought into account as mentioned in paragraph (c)(i) above in respect of the transaction or would have been so brought into account but for such reductions as are mentioned in paragraph (c)(ii) above, so much of the amount so brought into account in respect of that transaction (or, where there are two or more such transactions, the later or latest of them) as is justly and reasonably referable to the asset mentioned in sub-paragraph (1) above (taking that amount as being nil in the case of any transaction where no amount is so brought into account by reason of any such reductions). In sub-paragraph (1B) (meaning of “loan expenditure” in sub-paragraph (1)) for “(1)” substitute “ (1ZA)(a) ”. After sub-paragraph (1B) insert— The reference in sub-paragraph (1ZA)(b) above to the open market consideration for the acquisition, bringing into existence, or enhancement of the value, of an asset is a reference to the consideration which might reasonably have been given for the acquisition, bringing into existence, or enhancement of the value, of the asset (whatever the nature of the acquisition, bringing into existence or enhancement of the value) had it been made in a transaction to which this paragraph does not apply. The amendments made by this section have effect in relation to expenditure incurred on or after 17th March 2004. Schedule 17 to the Finance Act 1980 (c. 48) (transfers of interests in oil fields) is amended as follows. For paragraph 15 (terminal losses) substitute— This paragraph applies in any case where— such an allowable loss as falls to be relieved under section 7(3) accrues to the new participator from the field in a chargeable period ending after 17th March 2004, but some or all of the loss cannot be relieved under section 7(3) against assessable profits accruing to him from the field. So much of the loss as cannot be so relieved (“the remaining loss”) shall be regarded as an allowable unrelievable field loss in relation to the new participator (“the loss-maker”) only to the extent that— so much of it as cannot be relieved in accordance with sub-paragraphs (3) to (6) below, exceeds the aggregate of any relevant previous participators' expenditure unrelated to the field (see sub-paragraphs (10) and (11) below). The remaining loss shall be treated as an allowable loss which falls to be relieved under section 7(3) against so much of any assessable profits accruing to the old participator from the field as is attributable to his represented interest (see sub-paragraphs (9) and (12) below). Where a person is the new participator in relation to two or more old participators— the remaining loss shall be apportioned between those old participators in such manner as is just and reasonable having regard to the interests respectively transferred by them to the new participator, sub-paragraph (3) above shall have effect separately in relation to each of them (and the part of the remaining loss apportioned to him). Any relief by virtue of sub-paragraph (3) above shall be given against the assessable profits accruing to the old participator in an earlier chargeable period only to the extent to which it cannot be given against the assessable profits accruing to him in a later chargeable period. the old participator acquired some or all of his interest in the field by a previous transfer in relation to which he was the new participator, Parts 2 and 3 of this Schedule applied in relation to that previous transfer, and some or all of the part of the remaining loss treated as an allowable loss of his cannot be relieved in accordance with sub-paragraph (3) above, sub-paragraphs (3) to (5) above shall apply in relation to so much of that part of the remaining loss as cannot be so relieved as they apply in relation to the remaining loss, but construing the references in those sub-paragraphs to the new participator and the old participator by reference to that previous transfer and the parties to it, and then applying this sub-paragraph accordingly (and so on). the person who is the old participator in relation to a transfer made before 17th March 2004 (“the later transfer”) is also the new participator in relation to a previous transfer, and Parts 2 and 3 of this Schedule applied in relation to both of those transfers, sub-paragraph (3) above shall not apply by virtue of sub-paragraph (6) above in relation to so much of the assessable profits of the person who is the old participator in relation to that previous transfer as is attributable to so much of his interest as constitutes the whole or part of his represented interest by virtue of the later transfer. Where losses accruing to each of two or more participators fall to be relieved by virtue of sub-paragraph (3) above against the same assessable profits, a loss accruing to the person who last had an interest representing the whole or part of the transferred interest at an earlier time shall be so relieved before one accruing to a person who last had such an interest at a later time. In this sub-paragraph “the transferred interest” means the interest transferred by the person against whose assessable profits the losses fall to be relieved. In determining for the purposes of this paragraph the assessable profits of a participator that are attributable to his represented interest, the assessable profits shall be apportioned between— the represented interest, and the remainder of the participator’s interest, using such method as is just and reasonable, having regard to the respective sizes of those interests. For the purposes of this paragraph “relevant previous participators' expenditure unrelated to the field” means so much of each relevant previous participator’s allowed expenditure unrelated to the field as is referable to his represented interest, other than excepted old expenditure. For the purposes of sub-paragraph (10) above— “allowed expenditure unrelated to the field”, in relation to a participator, is expenditure unrelated to the field which is allowed on a claim or election made by the participator; “excepted old expenditure”is expenditure which has been allowed in pursuance of a claim or election for its allowance received by the Board before 17th March 2004; “relevant previous participator” means a participator against any of whose assessable profits relief is given in accordance with sub-paragraphs (3) to (6) above; and sub-paragraph (9) above shall apply in relation to allowed expenditure unrelated to the field as it applies in relation to assessable profits. “expenditure unrelated to the field” has the meaning given by section 6(9); “the loss-maker” shall be construed in accordance with sub-paragraph (2) above; “previous owner” means a person from whom the loss-maker directly or indirectly derives his title to the whole or any part of his interest; “represented interest”, in the case of a previous owner, means so much of the interest which that previous owner transferred, by a transfer to which Parts 2 and 3 of this Schedule apply, as is represented in the loss-maker’s interest by virtue only of— that transfer, or that transfer and one or more subsequent transfers to which those Parts apply, making, for the purposes of paragraph (b) above, such apportionments as are just and reasonable, having regard to the interests transferred by each of the transferors. The amendment made by this section has effect in relation to losses accruing in chargeable periods ending after 17th March 2004. Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as set out in subsections (2) to (5). In paragraph 13 (exemption for supplies to producers of commodities), in paragraph (b), after sub-paragraph (ii) insert— in producing biodiesel for chargeable use within the meaning of section 6AA of the Hydrocarbon Oil Duties Act 1979 (excise duty on biodiesel), in producing bioblend for delivery for home use from any place mentioned in section 6AB(1)(b) of that Act (excise duty on bioblend), in producing bioethanol for chargeable use within the meaning of section 6AD of that Act (excise duty on bioethanol), in producing bioethanol blend for delivery for home use from any place mentioned in section 6AE(1)(b) of that Act (excise duty on bioethanol blend), In paragraph 13(b)(iii), for “liquids that are not hydrocarbon oil” substitute “ liquids (within the meaning of that section) in respect of which a charge is capable of arising under that section ”. In paragraph 13, for the words from “For this purpose” to the end substitute— “ Expressions which are used in this paragraph and the Hydrocarbon Oil Duties Act 1979 have the same meaning in this paragraph as they have in that Act. ” After paragraph 13 insert— The Commissioners may by regulations make provision amending paragraph 13 for the purpose of— extending the circumstances in which a supply of a taxable commodity is exempt from the levy, or restricting the circumstances in which a supply of a taxable commodity is exempt from the levy. Regulations under this paragraph that include provision made for the purpose mentioned in sub-paragraph (1)(a) may provide for the provision to have retrospective effect. A statutory instrument that contains (whether alone or with other provisions) regulations under this paragraph made for the purpose mentioned in sub-paragraph (1)(b) shall not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of the House of Commons. The amendments made by subsections (2) to (4) have effect— as regards biodiesel and bioblend, in relation to supplies made on or after the day on which this Act is passed; as regards bioethanol and bioethanol blend, in relation to supplies made on or after 1st January 2005. In section 30A of the Finance Act 2001 (c. 9) (aggregates levy: transitional tax credit in Northern Ireland) after subsection (3) insert— The Treasury may by order made by statutory instrument amend subsection (2) above so as to— change the period in relation to which the amount of a tax credit is to be reduced; change the amount by which a tax credit is to be reduced. An order under subsection (4) above shall not be made unless a draft of the order has been laid before Parliament and approved by a resolution of the House of Commons. This section shall be deemed to have come into force on 1st April 2004. Part 2 of the Finance Act 2001 (aggregates levy) is amended as set out in subsections (2) and (3). For section 30A substitute— The Commissioners may by regulations make provision of the kind described in section 30(2) above (entitlement to tax credit) in relation to cases within subsection (2) below. The cases are those where a charge to aggregates levy has arisen on a quantity of aggregate which has been subjected to commercial exploitation in Northern Ireland during a period— starting on the prescribed date, and ending on 31st March 2011. The date prescribed for the purposes of subsection (2)(a) above may be earlier than the date on which this section comes into force. The amount of a tax credit to which a person is entitled under the regulations must not be more than 80% of any aggregates levy charged on the aggregate in question. Regulations under this section may in particular make provision— for a person operating a site to be entitled to a tax credit under the regulations in respect of a period for which he holds an aggregates levy credit certificate which has been issued in respect of the site and which has not been withdrawn; for an aggregates levy credit certificate to be issued to a person in respect of a site only if an aggregates levy credit agreement is in force in respect of the site; for the withdrawal of an aggregates levy credit certificate where the aggregates levy credit agreement in respect of which it was issued is no longer in force; for the form and content of aggregates levy credit certificates and aggregates levy credit agreements. Regulations under this section which make provision such as is mentioned in subsection (5)(d) above may be framed by reference to any provisions of a notice published by the Commissioners in pursuance of the regulations and not withdrawn by a further notice. If regulations under this section make provision such as is mentioned in subsection (5) above, the Commissioners or the Northern Ireland Department may— enter into aggregates levy credit agreements; issue and withdraw aggregates levy credit certificates; take such other steps as the Commissioners or the Northern Ireland Department consider appropriate in relation to aggregates levy credit agreements and aggregates levy credit certificates. Regulations under this section which make provision such as is mentioned in subsection (5) above must include provision requiring the Northern Ireland Department to inform the Commissioners if the Northern Ireland Department issues or withdraws an aggregates levy credit certificate. Subsections (3) to (5) of section 30 above apply to regulations under this section as they apply to regulations under that section. The Treasury may by order made by statutory instrument amend subsection (4) above by substituting for the percentage for the time being specified in that subsection a percentage lower than 80%. An order under subsection (10) above shall not be made unless a draft of the order has been laid before Parliament and approved by a resolution of the House of Commons. Any expenses of the Northern Ireland Department under this section shall be charged on the Consolidated Fund of Northern Ireland. “aggregates levy credit agreement” means an agreement entered into in respect of a site by the person operating the site and the Commissioners or the Northern Ireland Department; “aggregates levy credit certificate” means a certificate issued to the person operating a site by the Commissioners or the Northern Ireland Department as evidence of the fact that an aggregates levy credit agreement has been entered into in respect of the site; “the Northern Ireland Department” means the Department of the Environment in Northern Ireland. In section 48(1) (interpretation), in the definition of “tax credit regulations” after “section 30” insert “ or 30A ”. The preceding provisions of this section come into force on such day as the Treasury may by order made by statutory instrument appoint. An order under subsection (4) may— make different provision for different purposes; make incidental, consequential, supplemental or transitional provision and savings. Section 137 of the Finance Act 2002 (c. 23) (lorry road-user charge) is amended as follows. Lorry road-user charge— shall be under the care and management of the Commissioners of Customs and Excise, and shall be administered and enforced in accordance with such provisions as Parliament may determine.

For subsections (5) and (6) substitute— All money and securities for money collected or received for or on account of lorry road-user charge shall— if collected or received in Great Britain, be placed to the general account of the Commissioners of Customs and Excise kept at the Bank of England under section 17 of the Customs and Excise Management Act 1979; if collected or received in Northern Ireland, be paid into the Consolidated Fund of the United Kingdom in such manner as the Treasury may direct. Section 256 of the Inheritance Tax Act 1984 (c. 51) (regulations about information to be furnished to the Board) is amended as follows. in paragraph (a), after “specified in” insert “ or determined under ”; requiring persons who by virtue of regulations under paragraph (a) above are not required to deliver accounts under section 216 above to produce to the Board, in such manner as may be specified in or determined under the regulations, such information or documents as may be so specified or determined in paragraph (b), after “so specified” insert “ or determined ”; paragraph (c) shall cease to have effect. Regulations under subsection (1)(aa) may in particular— provide that information or documents must be produced to the Board by producing it or them to— a probate registry in England and Wales; the sheriff in Scotland; the Probate and Matrimonial Office in Northern Ireland; provide that information or documents produced as specified in paragraph (a) is or are to be treated for any or all purposes of this Act as produced to the Board; provide for the further transmission to the Board of information or documents produced as specified in paragraph (a). Subsection (2) shall cease to have effect. In subsection (3), at the end insert “ and may make different provision for different cases ”. Regulations under this section may only be made— in relation to England and Wales or Northern Ireland, after consulting the Lord Chancellor; in relation to Scotland, after consulting the Scottish Ministers. In section 109 of the Senior Courts Act 1981 (c. 54) (refusal of grant of probate where inheritance tax unpaid)— for subsection (1) substitute— No grant shall be made, and no grant made outside the United Kingdom shall be resealed, except— on the production of information or documents under regulations under section 256(1)(aa) of the Inheritance Tax Act 1984 (excepted estates); or on the production of an account prepared in pursuance of that Act showing by means of such receipt or certification as may be prescribed by the Commissioners either— that the inheritance tax payable on the delivery of the account has been paid; or that no such tax is so payable. in subsection (2), for “this section” substitute “ subsection (1)(b) ”; after subsection (2) insert— In this section and the following section, “the Commissioners” means the Commissioners of Inland Revenue subsection (3) shall cease to have effect. In section 42 of the Probate and Legacy Duties Act 1808 (c. 149) (grant of confirmation)— the existing text shall become subsection (1) of that section; at the beginning of that subsection, for “And” substitute “ Subject to subsection (2) below, ”; and after that subsection insert— In a case to which regulations under section 256(1)(aa) of the Inheritance Tax Act 1984 (c. 51) apply (excepted estates), it shall not be lawful to grant confirmation such as is mentioned in subsection (1) above except on the production of information or documents in accordance with those regulations. In Article 20 of the Administration of Estates (Northern Ireland) Order 1979 (S.I.1979/1575 (N.I.14)) (inheritance tax accounts)— for paragraph (1) substitute— The High Court shall not make any grant, or reseal any grant made outside the United Kingdom, except— on the production of an account prepared in pursuance of that Act showing by means of such receipt or certification as may be prescribed by the Commissioners of Inland Revenue either— in paragraph (2) of that Article, for “this Article” substitute “ paragraph (1)(b) ”. Subsection (1) shall come into force on such day as the Treasury may after consulting the Lord Chancellor by order made by statutory instrument appoint. Subsection (2) shall come into force on such day as the Treasury may after consulting the Scottish Ministers by order made by statutory instrument appoint. Subsection (3) shall come into force on such day as the Treasury may after consulting the Lord Chancellor by order made by statutory instrument appoint. The Inheritance Tax Act 1984 (c. 51) is amended as specified in subsections (2) to (4). In section 245 (failure to deliver accounts)— in subsections (2)(a) and (3), for “not exceeding” substitute “ of ”; after subsection (4) insert— Without prejudice to any penalties under subsections (2) and (3) above, if— the failure by the taxpayer to deliver the account continues after the anniversary of the end of the period given by section 216(6) or (7) (whichever is applicable), and there would have been a liability to tax shown in the account, the taxpayer shall be liable to a penalty of an amount not exceeding £3,000. In section 245A (failure to provide information etc)— after subsection (1A) insert— Without prejudice to any penalties under subsection (1A) above, if a person continues to fail to comply with the requirements of section 218A after the anniversary of the end of the period of six months referred to in section 218A(1), he shall be liable to a penalty of an amount not exceeding £3,000. in subsection (5)— after “failing to make a return” insert “ , to comply with the requirements of section 218A ”; after “fails to make the return” insert “ , to comply with the requirements of section 218A ”. In section 247 (provision of incorrect information)— in subsection (3), for the words from “, in the case of fraud” to the end substitute “ to a penalty not exceeding £3,000 ”. Subsection (2)(a) above has effect in relation to a failure by any person to deliver an account under section 216 or 217 of the Inheritance Tax Act 1984 (c. 51) where the period under section 216(6) or (7) or 217 of that Act (whichever is applicable) within which the person is required to deliver the account expires after six months from the day on which this Act is passed. Subsection (2)(b) above has effect— in relation to a failure by any person to deliver an account under section 216 of the Inheritance Tax Act 1984 where the period under section 216(6) or (7) of that Act (whichever is applicable) within which the person is required to deliver the account expires after the day on which this Act is passed; and in relation to such a failure to deliver such an account where that period expires on or before the day on which this Act is passed, as if, in the subsection (4A) inserted in section 245 of that Act by subsection (2)(b) above, for the words “anniversary of the end of the period given by section 216(6) or (7) (whichever is applicable)” there were substituted “ end of the period of twelve months beginning with the day on which the Finance Act 2004 is passed ”. Subsection (3)(a) above has effect— in relation to a failure to comply with the requirements of section 218A of the Inheritance Tax Act 1984 where the period of six months referred to in subsection (1) of that section expires after the day on which this Act is passed; and in relation to such a failure to comply with those requirements where that period expires on or before the day on which this Act is passed, as if, in the subsection (1B) inserted in section 245A of that Act by subsection (3)(a) above, for the words “anniversary of the end of the period of six months referred to in section 218A(1)” there were substituted “ end of the period of twelve months beginning with the day on which the Finance Act 2004 is passed ”. Subsection (3)(b) above has effect in relation to a failure to comply with the requirements of section 218A of the Inheritance Tax Act 1984 where the period of six months referred to in subsection (1) of that section expires after the day on which this Act is passed. Subsection (4) above has effect in relation to incorrect accounts, information or documents delivered, furnished or produced after the day on which this Act is passed. Schedule 39 to this Act, which makes amendments to Part 4 (stamp duty land tax) and Part 5 (stamp duty) of the Finance Act 2003 (c. 14), has effect. Part 4 of the Finance Act 2003 (c. 14) (stamp duty land tax) is amended as follows. In subsection (3) of section 43 (land transactions), in paragraph (d) (inserted by paragraph 2(b) of Schedule 39 to this Act), after “where” insert “ (i) ” and at the end insert , or paragraph 15A of Schedule 17A (reduction of rent or term) applies. In section 48 (chargeable interests), at the end of subsection (7) (inserted by paragraph 4(2) of that Schedule) insert “ and to paragraph 15A of Schedule 17A (reduction of rent or term of lease) ”. In section 53 (deemed market value where transaction involves connected company), for subsection (1) substitute— This section applies where the purchaser is a company and— the vendor is connected with the purchaser, or some or all of the consideration for the transaction consists of the issue or transfer of shares in a company with which the vendor is connected. The chargeable consideration for the transaction shall be taken to be not less than— the market value of the subject-matter of the transaction as at the effective date of the transaction, and if the acquisition is the grant of a lease at a rent, that rent. In section 79 (registration of land transactions etc), in subsection (2) (transactions to which section does not apply) (as amended by paragraph 7 of Schedule 39 to this Act)— in paragraph (a) for the words from “by virtue of” to the end substitute by virtue of— section 45 (contract and conveyance: effect of transfer of rights), or paragraph 12B of Schedule 17A (assignment of agreement for lease), at the end insert— under paragraph 12A(2) or 19(3) of Schedule 17A (agreement for lease), or under paragraph 13 (increase of rent) or 15A (reduction of rent or term) of that Schedule. Subsection (1), so far as relating to the entry of a notice under section 34 of the Land Registration Act 2002 or section 38 of the Land Registration Act (Northern Ireland) 1970 (notice in respect of interest affecting registered land), does not apply where the land transaction in question is the variation of a lease. In subsection (3) of that section, after “The certificate” insert “ referred to in subsection (1) ”. In Schedule 4 (chargeable consideration), in paragraph 10 (carrying out of works), in sub-paragraph (2A) (inserted by paragraph 9(2) of Schedule 39 to this Act), for the words from the beginning to “completion),” substitute— Where by virtue of— subsection (8) of section 44 (contract and conveyance), paragraph 12A of Schedule 17A (agreement for lease), or paragraph 19(3) to (6) of Schedule 17A (missives of let etc in Scotland), there are two notifiable transactions (the first being the contract or agreement and the second being the transaction effected on completion or, as the case may be, the grant or execution of the lease), Subsections (2) to (4) and (8) apply in relation to any transaction of which the effective date is on or after the day on which this Act is passed. Subsections (5) to (7) apply in relation to any transaction or deemed transaction of which the effective date is on or after 17th March 2004. In this section “effective date” has the same meaning as in Part 4 of the Finance Act 2003 (c. 14). Part 4 of the Finance Act 2003 (stamp duty land tax) is amended as follows. In section 77 (notifiable transactions)— The assignment of a lease is notifiable if— the grant of the lease, if occurring at the time of the assignment, would be notifiable, or there is consideration for the assignment that is chargeable at a rate of 1% or higher, or would be so chargeable but for a relief. in subsection (3), for “unless it is exempt from charge under Schedule 3” substitute unless— the acquisition is exempt from charge under Schedule 3, or the land consists entirely of residential property and the chargeable consideration for the acquisition, together with that of any linked transactions, is less than £1,000 after subsection (5) (inserted by paragraph 4(3) of Schedule 39 to this Act) insert— In this section “relief” does not include any exemption from charge under Schedule 3. In section 79 (registration of land transactions etc), in subsection (1)(b), after “any register maintained by the Keeper of the Registers of Scotland” insert “ (other than the Register of Community Interests in Land) ”. In section 99 (general provisions about penalties), after subsection (2) insert— Where a person is liable to more than one tax-related penalty in respect of the same land transaction, each penalty after the first shall be reduced so that his liability to such penalties, in total, does not exceed the amount of whichever is (or, but for this subsection, would be) the greatest one. After section 82 insert— Schedule 11A has effect with respect to claims not included in returns. After Schedule 11 insert the Schedule set out in Schedule 40 to this Act. In section 80 (adjustment where contingency ceases or consideration is ascertained), in subsection (4) (claim for repayment), for the words from “the amount” to the end substitute— the purchaser may, within the period allowed for amendment of the land transaction return, amend the return accordingly; after the end of that period he may (if the land transaction return is not so amended) make a claim to the Inland Revenue for repayment of the amount overpaid In section 111 (claim for repayment if regulations under general power not approved) in subsection (1), for the words from “any amount” to the end substitute “ a claim may be made to the Inland Revenue for repayment of any tax, interest or penalty that would not have been payable but for the regulations ”. In section 113 (functions conferred on “the Inland Revenue”), after subsection (3) insert— The following functions of the Inland Revenue under Schedule 11A (claims not included in returns) are functions of the Board— functions under paragraph 2(1) (form of claims), functions relating to a claim made to the Board. In Schedule 10 (returns, enquiries, assessments and appeals), in paragraph 33 (relief in case of double assessment)— in sub-paragraph (1), for “for relief under this paragraph” substitute “ to the Inland Revenue for relief against any double charge ”; omit sub-paragraphs (2) and (3). In paragraph 34 of that Schedule (relief in case of mistake in return)— in sub-paragraph (1), for “for relief under this paragraph” substitute “ to the Inland Revenue for relief against any excessive charge ”; in sub-paragraph (2), omit “by notice in writing given to the Inland Revenue”; omit sub-paragraph (3). In Schedule 3 to the Finance Act 2003 (c. 14) (stamp duty land tax: transactions exempt from charge), after paragraph 3 insert— The acquisition of property by a person in or towards satisfaction of his entitlement under or in relation to the will of a deceased person, or on the intestacy of a deceased person, is exempt from charge. Sub-paragraph (1) does not apply if the person acquiring the property gives any consideration for it, other than the assumption of secured debt. Where sub-paragraph (1) does not apply because of sub-paragraph (2), the chargeable consideration for the transaction is determined in accordance with paragraph 8A(1) of Schedule 4. “debt” means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and “secured debt” means debt that, immediately after the death of the deceased person, is secured on the property. The amendment made by this section is deemed always to have had effect. In Schedule 3 to the Finance Act 2003 (transactions exempt from charge), in paragraph 4 (variation of testamentary dispositions etc) after sub-paragraph (2) insert— Where the condition in sub-paragraph (2)(b) is not met, the chargeable consideration for the transaction is determined in accordance with paragraph 8A(2) of Schedule 4. Schedule 4 to that Act (stamp duty land tax: chargeable consideration) is amended as follows. In paragraph 8 (debt as consideration), after sub-paragraph (1) insert— debt is secured on the subject-matter of a land transaction immediately before and immediately after the transaction, and the rights or liabilities in relation to that debt of any party to the transaction are changed as a result of or in connection with the transaction, then for the purposes of this paragraph there is an assumption of that debt by the purchaser, and that assumption of debt constitutes chargeable consideration for the transaction. Where in a case in which sub-paragraph (1)(b) applies— the debt assumed is or includes debt secured on the property forming the subject-matter of the transaction, and immediately before the transaction there were two or more persons each holding an undivided share of that property, or there are two or more such persons immediately afterwards, the amount of secured debt assumed shall be determined as if the amount of that debt owed by each of those persons at a given time were the proportion of it corresponding to his undivided share of the property at that time. For the purposes of sub-paragraph (1B), in England and Wales and Northern Ireland each joint tenant of property is treated as holding an equal undivided share of it. In sub-paragraph (2) of that paragraph, for “sub-paragraph (1)” substitute “ this paragraph ”. After paragraph 8 insert— Where a land transaction would be exempt from charge under paragraph 3A of Schedule 3 (assents and appropriations by personal representatives) but for sub-paragraph (2) of that paragraph (cases where person acquiring property gives consideration for it), the chargeable consideration for the transaction does not include the amount of any secured debt assumed. “Secured debt” has the same meaning as in that paragraph. Where a land transaction would be exempt from charge under paragraph 4 of Schedule 3 (variation of testamentary dispositions etc) but for a failure to meet the condition in sub-paragraph (2)(b) of that paragraph (no consideration other than variation of another disposition), the chargeable consideration for the transaction does not include the making of any such variation as is mentioned in that sub-paragraph. The amendments made by subsections (3) and (4) apply in relation to any transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14)) is on or after the day on which this act is passed. The other amendments made by this section are deemed always to have had effect. In Schedule 8 to the Finance Act 2003 (stamp duty land tax: charities relief), after paragraph 2 insert— This paragraph applies where— a land transaction is not exempt from charge under paragraph 1 because the first condition in that paragraph is not met, but the purchaser (“C”) intends to hold the greater part of the subject-matter of the transaction for qualifying charitable purposes. In such a case— the transaction is exempt from charge, but for the purposes of paragraph 2 (withdrawal of charities relief) “disqualifying event” includes— any transfer by C of a major interest in the whole or any part of the subject-matter of the transaction, or any grant by C at a premium of a low-rental lease of the whole or any part of that subject-matter, that is not made in furtherance of the charitable purposes of C. For the purposes of sub-paragraph (2)(b)(ii)— a lease is granted “at a premium” if there is consideration other than rent, and a lease is a “low-rental”lease if the annual rent (if any) does not exceed £600 a year. In relation to a transaction that, by virtue of this paragraph, is a disqualifying event for the purposes of paragraph 2— the date of the event for those purposes is the effective date of the transaction; paragraph 2 has effect as if— in sub-paragraph (1)(b), for “at the time of” there were substituted “ immediately before ”, in sub-paragraph (4)(a), for “at the time of” there were substituted “ immediately before and immediately after ”, and sub-paragraph (4)(b) were omitted. “qualifying charitable purposes” has the same meaning as in paragraph 1; “rent” has the same meaning as in Schedule 5 (amount of tax chargeable: rent) and “annual rent” has the same meaning as in paragraph 9(2) of that Schedule. After paragraph 3 of that Schedule (inserted by subsection (1) above) insert— This Schedule applies in relation to a charitable trust as it applies in relation to a charity. In this paragraph “charitable trust” means— a trust of which all the beneficiaries are charities, or a unit trust scheme in which all the unit holders are charities, and “charity” has the same meaning as in paragraph 1. In this Schedule as it applies by virtue of this paragraph— references to the purchaser in paragraphs (a) and (b) of paragraph 1(2) are to the beneficiaries or unit holders, or any of them; the reference to the purchaser in paragraph 2(3)(a) is to any of the beneficiaries or unit holders; the reference in paragraph 3(2)(b) to the charitable purposes of C is to those of the beneficiaries or unit holders, or any of them. In paragraph 1(1) of that Schedule, for “this paragraph” substitute “ this Schedule ”. In paragraph 2(1) of that Schedule, for “paragraph 1 (charities relief)” substitute “ this Schedule ”. In section 81 (further return where relief withdrawn), in paragraph (c) of subsection (4) (meaning of “the disqualifying event”), after “paragraph 2(3)” insert “ or 3(2) ”. In section 87 (interest on unpaid tax), in paragraph (c) of subsection (4) (meaning of “the disqualifying event”), after “paragraph 2(3)” insert “ or 3(2) ”. This section applies in relation to any transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14)) is on or after the day on which this Act is passed. In Schedule 9 to the Finance Act 2003 (stamp duty land tax: right to buy, shared ownership leases etc), after paragraph 4 insert— This paragraph applies where under a shared ownership lease— the lessee or lessees have the right, on the payment of a sum, to require the terms of the lease to be altered so that the rent payable under it is reduced, and by exercising that right the lessee or lessees acquire an interest, additional to one already held, calculated by reference to the market value of the dwelling and expressed as a percentage of the dwelling or its value (a “share of the dwelling”). Such an acquisition is exempt from charge if— an election was made for tax to be charged in accordance with paragraph 2 or, as the case may be, paragraph 4 and any tax chargeable in respect of the grant of the lease has been paid, or immediately after the acquisition the total share of the dwelling held by the lessee or lessees does not exceed 80%. In this paragraph “shared ownership lease” means a lease granted— by a qualifying body, or in pursuance of the preserved right to buy, in relation to which the conditions in paragraph 2(2) or 4(2) are met. Section 118 (meaning of “market value”) does not apply in relation to the references in this paragraph to the market value of the dwelling. In sub-paragraph (1) of paragraph 5 of that Schedule (meaning of “qualifying body” and “preserved right to buy”) for “2 and 4” substitute “ 2, 4 and 4A ”. In Schedule 19 to that Act (stamp duty land tax: commencement and transitional provisions), in paragraph 7 (earlier related transactions under stamp duty), for sub-paragraph (2) substitute— In paragraph 3 of Schedule 9 (relief for transfer of reversion under shared ownership lease where election made for market value treatment) and paragraph 4A of that Schedule (shared ownership lease: treatment of staircasing transaction) as they apply in a case where the original lease was granted before the implementation date— a reference to a lease to which paragraph 2 of that Schedule applies shall be read as a reference to a lease to which section 97 of the Finance Act 1980 applied (which made provision for stamp duty corresponding to that paragraph), and a reference to an election having been made for tax to be charged in accordance with paragraph 2 or 4 of that Schedule shall be read as a reference to the lease having contained a statement of the parties' intention such as is mentioned in section 97(2)(d) of the Finance Act 1980 or, as the case may be, paragraph (d) of section 108(5) of the Finance Act 1981 (which made provision for stamp duty corresponding to paragraph 4). Subsections (1) and (2) apply in relation to an acquisition after 17th March 2004. Subsection (3) is deemed to have come into force on 1st December 2003. Schedule 41 to this Act (which makes provision with respect to the application of stamp duty land tax to certain transactions involving partnerships) has effect. In paragraph 7 of Schedule 15 to the Finance Act 2003 (c. 14) (stamp duty land tax: joint and several liability of responsible partners) after sub-paragraph (1) insert— No amount may be recovered by virtue of sub-paragraph (1)(a) or (b) from a person who did not become a responsible partner until after the effective date of the transaction in respect of which the tax is payable. This Part makes provision about the disclosure of information in relation to arrangements, or proposed arrangements, that enable, or might be expected to enable, a person to obtain a tax advantage. Among other things, this Part— imposes duties to provide information to HMRC (and others); allows HMRC to allocate reference numbers in relation to arrangements and proposed arrangements (in cases where the disclosure duties have been complied with and in other cases); makes provision about publication of information about arrangements and proposed arrangements, and persons involved in their supply; makes provision about penalties. In this Part “notifiable arrangements” means any arrangements which— fall within any description prescribed by the Treasury by regulations, enable, or might be expected to enable, any person to obtain an advantage in relation to any tax that is so prescribed in relation to arrangements of that description, and are such that the main benefit, or one of the main benefits, that might be expected to arise from the arrangements is the obtaining of that advantage. In this Part “notifiable proposal” means a proposal for arrangements which, if entered into, would be notifiable arrangements (whether the proposal relates to a particular person or to any person who may seek to take advantage of it). HMRC may apply to the tribunal for an order that— a proposal is to be treated as notifiable, or arrangements are to be treated as notifiable. An application must specify— the proposal or arrangements in respect of which the order is sought, and the promoter. On an application the tribunal may make the order only if satisfied that HMRC— have taken all reasonable steps to establish whether the proposal or arrangements are notifiable, and have reasonable grounds for suspecting that the proposal or arrangements may be notifiable. Reasonable steps under subsection (3)(a) may (but need not) include taking action under section 313A or 313B. Grounds for suspicion under subsection (3)(b) may include— the fact that the relevant arrangements fall within a description prescribed under section 306(1)(a); an attempt by the promoter to avoid or delay providing information or documents about the proposal or arrangements under or by virtue of section 313A or 313B; the promoter's failure to comply with a requirement under or by virtue of section 313A or 313B in relation to another proposal or other arrangements. Where an order is made under this section in respect of a proposal or arrangements, the prescribed period for the purposes of section 308(1) or (3) in so far as it applies by virtue of the order— shall begin after a date prescribed for the purpose, and may be of a different length than the prescribed period for the purpose of other applications of section 308(1) or (3). An order under this section in relation to a proposal or arrangements is without prejudice to the possible application of section 308, other than by virtue of this section, to the proposal or arrangements. For the purposes of this Part a person is a promoter— in relation to a notifiable proposal, if, in the course of a relevant business, the person (“P”)— is to any extent responsible for the design of the proposed arrangements, makes a firm approach to another person (“C”) in relation to the notifiable proposal with a view to P making the notifiable proposal available for implementation by C or any other person, or makes the notifiable proposal available for implementation by other persons, and in relation to notifiable arrangements, if he is by virtue of paragraph (a)(ii) or (iii) a promoter in relation to a notifiable proposal which is implemented by those arrangements or if, in the course of a relevant business, he is to any extent responsible for— the design of the arrangements, or the organisation or management of the arrangements. For the purposes of this Part a person is an introducer in relation to a notifiable proposal if the person makes a marketing contact with another person in relation to the notifiable proposal. In this section “relevant business” means any trade, profession or business which— involves the provision to other persons of services relating to taxation, or is carried on by a bank, as defined by section 1120 of the Corporation Tax Act 2010 , or by a securities house, as defined by section 1009(3) of that Act. For the purposes of this section anything done by a company is to be taken to be done in the course of a relevant business if it is done for the purposes of a relevant business falling within subsection (2)(b) carried on by another company which is a member of the same group. Section 170 of the Taxation of Chargeable Gains Act 1992 (c. 12) has effect for determining for the purposes of subsection (3) whether two companies are members of the same group, but as if in that section— for each of the references to a 75 per cent subsidiary there were substituted a reference to a 51 per cent subsidiary, and subsection (3)(b) and subsections (6) to (8) were omitted. For the purposes of this Part a person makes a firm approach to another person in relation to a ... proposal if the person makes a marketing contact with the other person in relation to the ... proposal at a time when the proposed arrangements have been substantially designed. For the purposes of this Part a person makes a marketing contact with another person in relation to a notifiable proposal if— the person communicates information about the notifiable proposal to the other person, the communication is made with a view to that other person, or any other person, entering into transactions forming part of the proposed arrangements, and the information communicated includes an explanation of the advantage in relation to any tax that might be expected to be obtained from the proposed arrangements. For the purposes of subsection (4A) proposed arrangements have been substantially designed at any time if by that time the nature of the transactions to form part of them has been sufficiently developed for it to be reasonable to believe that a person who wished to obtain the advantage mentioned in subsection (4B)(c) might enter into— transactions of the nature developed, or transactions not substantially different from transactions of that nature. A person is not to be treated as a promoter or introducer for the purposes of this Part by reason of anything done in prescribed circumstances. In the application of this Part to a proposal or arrangements which are not notifiable, a reference to a promoter or introducer is a reference to a person who would be a promoter or introducer under subsections (1) to (5) if the proposal or arrangements were notifiable. A person who is a promoter in relation to a notifiable proposal must, within the prescribed period after the relevant date, provide the Board with prescribed information relating to the notifiable proposal. In subsection (1) “the relevant date” means the earliest of the following— the date on which the promoter first makes a firm approach to another person in relation to a notifiable proposal, the date on which the promoter makes the notifiable proposal available for implementation by any other person, or the date on which the promoter first becomes aware of any transaction forming part of notifiable arrangements implementing the notifiable proposal. A person who is a promoter in relation to notifiable arrangements must, within the prescribed period after the date on which he first becomes aware of any transaction forming part of the notifiable arrangements, provide the Board with prescribed information relating to those arrangements, unless those arrangements implement a proposal in respect of which notice has been given under subsection (1). Subsection (4A) applies where a person complies with subsection (1) in relation to a notifiable proposal for arrangements and another person is— also a promoter in relation to the notifiable proposal or is a promoter in relation to a notifiable proposal for arrangements which are substantially the same as the proposed arrangements (whether they relate to the same or different parties), or a promoter in relation to notifiable arrangements implementing the notifiable proposal or notifiable arrangements which are substantially the same as notifiable arrangements implementing the notifiable proposal (whether they relate to the same or different parties). Any duty of the other person under subsection (1) or (3) in relation to the notifiable proposal or notifiable arrangements is discharged if— the person who complied with subsection (1) has notified the identity and address of the other person to HMRC or the other person holds the reference number allocated to the proposed notifiable arrangements under section 311, and the other person holds the information provided to HMRC in compliance with subsection (1). Subsection (4C) applies where a person complies with subsection (3) in relation to notifiable arrangements and another person is— a promoter in relation to a notifiable proposal for arrangements which are substantially the same as the notifiable arrangements (whether they relate to the same or different parties), or also a promoter in relation to the notifiable arrangements or notifiable arrangements which are substantially the same (whether they relate to the same or different parties). the person who complied with subsection (3) has notified the identity and address of the other person to HMRC or the other person holds the reference number allocated to the notifiable arrangements under section 311, and the other person holds the information provided to HMRC in compliance with subsection (3). Where a person is a promoter in relation to two or more notifiable proposals or sets of notifiable arrangements which are substantially the same (whether they relate to the same parties or different parties), he need not provide information under subsection (1) or (3) if he has already provided information under either of those subsections in relation to any of the other proposals or arrangements. The Treasury may by regulations provide for this section to apply with modifications in relation to proposals or arrangements that— enable, or might be expected to enable, a person to obtain an advantage in relation to stamp duty land tax, and are of a description specified in the regulations. a promoter (P) has provided information in purported compliance with section 308(1) or (3), but HMRC believe that P has not provided all the prescribed information. HMRC may apply to the tribunal for an order requiring P to provide specified information about, or documents relating to, the notifiable proposal or arrangements. The tribunal may make an order under subsection (2) in respect of information or documents only if satisfied that HMRC have reasonable grounds for suspecting that the information or documents— form part of the prescribed information, or will support or explain the prescribed information. A requirement by virtue of subsection (2) shall be treated as part of P's duty under section 308(1) or (3). In so far as P's duty under section 308(1) or (3) arises out of a requirement by virtue of subsection (2) above, the prescribed period shall begin after a date prescribed for the purpose. In so far as P's duty under section 308(1) or (3) arises out of a requirement by virtue of subsection (2) above, the prescribed period— may be of a different length than the prescribed period for the purpose of other applications of section 308(1) or (3), and may be extended by HMRC by direction. Any person (“the client”) who enters into any transaction forming part of any notifiable arrangements in relation to which— a promoter is resident outside the United Kingdom, and no promoter is resident in the United Kingdom, must, within the prescribed period after doing so, provide the Board with prescribed information relating to the notifiable arrangements. Compliance with section 308(1) by any promoter in relation to the notifiable arrangements discharges the duty of the client under subsection (1). Any person who enters into any transaction forming part of notifiable arrangements as respects which neither he nor any other person in the United Kingdom is liable to comply with section 308 (duties of promoter) or section 309 (duty of person dealing with promoter outside the United Kingdom) must at the prescribed time provide the Board with prescribed information relating to the notifiable arrangements. a person has provided the prescribed information about notifiable proposals or arrangements in compliance with section 308, 309 or 310, or a person has provided information in purported compliance with section 309 or 310 but HMRC believe that the person has not provided all the prescribed information. HMRC may require the person to provide— further specified information about the notifiable proposals or arrangements (in addition to the prescribed information under section 308, 309 or 310); documents relating to the notifiable proposals or arrangements. Where HMRC impose a requirement on a person under this section, the person must comply with the requirement within— the period of 10 working days beginning with the day on which HMRC imposed the requirement, or such longer period as HMRC may direct. This section applies where HMRC— have required a person to provide information or documents under section 310A, but believe that the person has failed to provide the information or documents required. HMRC may apply to the tribunal for an order requiring the person to provide the information or documents required. The tribunal may make an order under subsection (2) only if satisfied that HMRC have reasonable grounds for suspecting that the information or documents will assist HMRC in considering the notifiable proposals or arrangements. Where the tribunal makes an order under subsection (2), the person must comply with it within— the period of 10 working days beginning with the day on which the tribunal made the order, or information has been provided under section 308 about any notifiable arrangements, or proposed notifiable arrangements, to which a reference number is allocated under section 311, and after the provision of the information, there is a change in relation to the arrangements of a kind mentioned in subsection (2). The changes referred to in subsection (1)(b) are— a change in the name by which the notifiable arrangements, or proposed notifiable arrangements, are known; a change in the name or address of any person who is a promoter in relation to the notifiable arrangements or, in the case of proposed notifiable arrangements, the notifiable proposal. A person who is a promoter in relation to the notifiable arrangements or, in the case of proposed notifiable arrangements, the notifiable proposal must inform HMRC of the change mentioned in subsection (1)(b) within 30 days after it is made. Subsections (5) and (6) apply for the purposes of subsection (3) where there is more than one person who is a promoter in relation to the notifiable arrangements or proposal. If the change in question is a change in the name or address of a person who is a promoter in relation to the notifiable arrangements or proposal, it is the duty of that person to comply with subsection (3). If a person provides information in compliance with subsection (3), the duty imposed by that subsection on any other person, so far as relating to the provision of that information, is discharged. HMRC have become aware that— a transaction forming part of arrangements has been entered into, a firm approach has been made to a person in relation to a proposal for arrangements, with a view to making the proposal available for implementation, or a proposal for arrangements is made available for implementation, and HMRC have reasonable grounds for suspecting that the arrangements are notifiable, or the proposal is notifiable. HMRC may issue a notice to a person explaining that, unless the person is able to satisfy HMRC, before the end of the notice period, that the arrangements are not notifiable or (as the case may be) the proposal is not notifiable, HMRC may allocate a reference number to the arrangements or (in the case of a proposal) the proposed arrangements. But HMRC may not issue a notice under this section before the end of the period of 15 days beginning with the day on which they first become aware that the condition in paragraph (a)(i), (ii) or (iii) of subsection (1) is met. A notice under this section must be issued to any person who, on the day the notice is issued, HMRC reasonably suspect to be a promoter in relation to the arrangements or proposal. A notice under this section may be issued to any other person who HMRC reasonably suspect to be involved in the supply of the arrangements or proposed arrangements. This section applies in— a subsection (2) case, or a subsection (3) case. A “subsection (2) case” is a case where a person complies, or purports to comply, with section 308(1) or (3), 309(1) or 310 in relation to a notifiable proposal or notifiable arrangements. A “subsection (3) case” is a case where— notice in relation to arrangements or a proposal has been issued in accordance with section 310D (notice of potential allocation of reference number), the notice period has expired, and the person to whom the notice was given has failed to satisfy HMRC, before the expiry of the notice period, that the arrangements are not notifiable or (as the case may be) that the proposal is not notifiable. “The notice period” means— the period of 30 days beginning with the day on which the notice under section 310D is issued, or HMRC may allocate a reference number to the arrangements or, in the case of a proposal, the proposed arrangements, subject to subsection (6). HMRC may not allocate a reference number to arrangements or proposed arrangements after the time limit for doing so. The time limit for allocating a reference number is— in a subsection (2) case, the end of the period of 90 days beginning with the compliance, or purported compliance, with section 308(1) or (3), 309(1) or 310, as the case may be; in a subsection (3) case, the end of the period of one year beginning with the day after the end of the notice period (see subsection (4)). HMRC may at any time withdraw a reference number allocated to arrangements in a subsection (3) case. The allocation of a reference number to arrangements or proposed arrangements is not to be regarded as constituting an indication by HMRC that the arrangements could as a matter of law result in the obtaining by any person of a tax advantage. If a reference number is allocated in a case within section 311(2), HMRC must notify the following of the number— the person who has complied, or purported to comply, with section 308(1) or (3), 309(1) or 310, and where the person has complied, or purported to comply, with section 308(1) or (3), any other person— who is a promoter in relation to the proposal (or arrangements implementing it) or the arrangements (or a proposal implemented by them), and whose identity and address have been notified to HMRC by the person who complied, or purported to comply, with section 308(1) or (3). If a reference number is allocated in a case within section 311(3), HMRC must notify the following of the number— any person who HMRC reasonably suspect to be, or to have been, a promoter in relation to the arrangements or the proposed arrangements, and any other person who HMRC reasonably suspect to be, or to have been, involved in the supply of the arrangements or the proposed arrangements. The duty in subsection (2) applies irrespective of whether the notice under section 310D as a result of which the reference number was allocated has been issued to the person concerned. This section applies where HMRC have allocated a reference number to arrangements or proposed arrangements in a case within section 311(3). A person who has been notified of the reference number may appeal to the tribunal against its allocation. An appeal under this section may be brought only on the following grounds— that, in issuing the notice under section 310D as a result of which the reference number was allocated, HMRC did not act in accordance with that section; that, in allocating the reference number, HMRC did not act in accordance with section 311; that the arrangements are not in fact notifiable arrangements or, in the case of proposed arrangements, that the proposal for the arrangements is not in fact a notifiable proposal. Notice of appeal under this section must be given to the tribunal in writing before the end of the period of 30 days beginning with the day on which the person is notified of the number by HMRC. Notice may be given after that time if the tribunal give permission. The notice of appeal must specify the grounds of appeal. On an appeal under this section, the tribunal may affirm or cancel HMRC's decision. If the tribunal cancel HMRC's decision, HMRC must withdraw the reference number. Bringing an appeal under this section does not prevent— a power conferred by this Part from being exercised, or a duty imposed by this Part from continuing to apply. HMRC may require a relevant person to provide— specified information about the arrangements or proposed arrangements; documents relating to the arrangements or proposed arrangements. In subsection (2), “relevant person” means— any person who HMRC reasonably suspect to be, or to have been, a promoter in relation to the arrangements or the proposed arrangements; HMRC may require information or documents only if they have reasonable grounds for suspecting that the information or documents will assist them in considering the arrangements or proposed arrangements. Where HMRC impose a requirement on a person under subsection (2), the person must comply with the requirement before the end of— This section applies where a person who is a promoter in relation to notifiable arrangements is providing (or has provided) services to any person (“the client”) in connection with the notifiable arrangements.

The promoter must, within 30 days after the relevant date, provide the client with prescribed information relating to any reference number allocated in a case within section 311(2) (or, if more than one, any one such reference number) that has been notified to the promoter (whether by HMRC or any other person) in relation to— the notifiable arrangements, or any arrangements substantially the same as the notifiable arrangements (whether involving the same or different parties). In subsection (2) “the relevant date” means the later of— the date on which the promoter becomes aware of any transaction which forms part of the notifiable arrangements, and the date on which the reference number is notified to the promoter. But where the conditions in subsection (5) are met the duty imposed on the promoter under subsection (2) to provide the client with information in relation to notifiable arrangements is discharged. Those conditions are that — the promoter is also a promoter in relation to a notifiable proposal and provides services to the client in connection with them both, the notifiable proposal and the notifiable arrangements are substantially the same, and the promoter has provided to the client, in a form and manner specified by HMRC, prescribed information relating to the reference number that has been notified to the promoter in relation to the proposed notifiable arrangements. HMRC may give notice that, in relation to notifiable arrangements specified in the notice, promoters are not under the duty under subsection (2) after the date specified in the notice. This section applies where a person is providing (or has provided) services to another person (“the client”) in connection with arrangements or proposed arrangements. The person must, before the end of the period of 30 days beginning with the relevant date, provide the client with prescribed information relating to any reference number allocated in a case within section 311(3) (or, if more than one, any one such reference number) that has been notified to the person (whether by HMRC or any other person) in relation to— the arrangements or proposed arrangements, or any arrangements substantially the same as the arrangements or proposed arrangements (whether involving the same or different parties). In subsection (2), “the relevant date” means the date on which the person has been notified of the reference number. HMRC may give notice that, in relation to arrangements or proposed arrangements specified in the notice, no person is under the duty imposed by subsection (2) after the date specified in the notice. This section applies where a person (a “client”) to whom a person who is a promoter in relation to notifiable arrangements or a notifiable proposal is providing (or has provided) services in connection with the notifiable arrangements or notifiable proposal receives prescribed information under section 312 relating to the reference number allocated to— the notifiable arrangements or proposed notifiable arrangements, or any arrangements substantially the same as the notifiable arrangements or proposed notifiable arrangements. This section also applies where a person (a “client”) to whom a person is providing (or has provided) services in connection with arrangements or proposed arrangements receives prescribed information under section 312ZA relating to the reference number allocated to— any arrangements substantially the same as the arrangements or proposed arrangements. The client must, within the prescribed period, provide prescribed information relating to the reference number to any other person— who the client might reasonably be expected to know is or is likely to be a party to the arrangements or proposed arrangements, and who might reasonably be expected to gain a tax advantage in relation to any relevant tax by reason of the arrangements or proposed arrangements. Where the client— is an employer, and by reason of the arrangements or proposed arrangements, receives or might reasonably be expected to receive an advantage, in relation to any relevant tax, in relation to the employment of one or more of the client's employees, the client must, within the prescribed period, provide to each of the client's relevant employees prescribed information relating to the reference number. a tax is a “relevant tax”, in relation to arrangements or arrangements proposed in a proposal of any description, if it is prescribed in relation to arrangements or proposals of that description by regulations under section 306; “relevant employee” means an employee in relation to whose employment the client receives or might reasonably be expected to receive the advantage mentioned in subsection (2A); “employee” includes a former employee; a reference to employment includes holding an office (and references to “employee” and “employer” are to be construed accordingly). HMRC may give notice that, in relation to arrangements or a proposal specified in the notice, persons are not under one or both of the duties under this section after the date specified in the notice. The duty under subsection (2) or (2A) does not apply in prescribed circumstances. This section applies where a person (“the client”) has been provided with information under section 312(2) or 312ZA(2) (prescribed information about reference number). The client must, within the prescribed period, provide the person who provided the information with prescribed information relating to the client. The duty under subsection (2) is subject to any exceptions that may be prescribed. Any person who is a party to any ... arrangements must provide the Board with prescribed information relating to— any reference number notified to him ..., and the time when he obtains or expects to obtain by virtue of the arrangements an advantage in relation to any relevant tax. For the purposes of subsection (1) a tax is a “relevant tax” in relation to arrangements of any description if it is prescribed in relation to arrangements of that description by regulations under section 306. Regulations made by HMRC may— in prescribed cases, require the information prescribed under subsection (1) to be included in any return or account which the person is required by or under any enactment to deliver to the Board, and in prescribed cases, require the information prescribed under subsection (1) and such other information as is prescribed to be provided separately to the Board at the prescribed time or times. A person is not liable to a penalty under— any provision relating to incorrect or uncorrected returns made under section 98 of the Finance Act 1986 (administration of stamp duty reserve tax), Schedule 24 to the Finance Act 2007 (penalties for errors), or any other prescribed provision, by reason of any failure to include in any return or account any reference number or other information required by virtue of subsection (3)(a) (but see section 315 for the penalty for failure to comply with this section). HMRC may give notice that, in relation to ... arrangements specified in the notice, persons are not under the duty under subsection (1) after the date specified in the notice. The duty under subsection (1) does not apply in prescribed circumstances. This section applies where a person who is a promoter in relation to notifiable arrangements is providing (or has provided) services to any person (“the client”) in connection with the notifiable arrangements and either— the promoter is subject to the requirement under section 312(2) to provide to the client prescribed information relating to the reference number allocated to— the arrangements, or any arrangements substantially the same as the arrangements, or the promoter has failed to comply with section 308(1) or (3) in relation to the notifiable arrangements (or the notifiable proposal for them) but would be subject to that requirement if a reference number had been allocated to— any arrangements substantially the same as the arrangements. This section also applies where— a person (“the provider”) is providing (or has provided) services to another person (“the client”) in connection with arrangements or proposed arrangements, and the provider is subject to the requirement under section 312ZA(2) to provide to the client prescribed information relating to the reference number allocated to— The promoter or (as the case may be) provider must, within the prescribed period after the end of the relevant period, provide HMRC with prescribed information in relation to the client. In subsection (3) “the relevant period” means— in a case within subsection (1), such period as is prescribed and is a period during which the promoter is or would be subject to the requirement mentioned in that subsection; in a case within subsection (1A), such period as is prescribed and is a period during which the provider is or would be subject to the requirement mentioned in that subsection. The promoter need not comply with subsection (3) in relation to any notifiable arrangements at any time after HMRC have given notice under section 312(6) in relation to the notifiable arrangements. The provider need not comply with subsection (3) in relation to any arrangements at any time after HMRC have given notice under section 312ZA(4) in relation to the arrangements. a person (“the service provider”) is providing or has provided services to another person (“the client”) in connection with arrangements or proposed arrangements, the service provider has provided HMRC with information in relation to the client under section 313ZA(3), and HMRC suspect that a person other than the client is or is likely to be a party to the arrangements. HMRC may by written notice require the service provider to provide prescribed information in relation to any person other than the client who the service provider might reasonably be expected to know is or is likely to be a party to the arrangements. The service provider must comply with a requirement under or by virtue of subsection (2) within— the prescribed period, or This section applies if conditions A, B and C are met. a person who is a promoter in relation to notifiable arrangements or a notifiable proposal is providing (or has provided) services in connection with the arrangements or proposal to a person (“the client”), or a person is providing (or has provided) services in connection with arrangements or a proposal to a person (“the client”). Condition B is that the client receives information under section 312(2) or 312ZA(2) or as mentioned in section 312(5). Condition C is that the client is an employer in circumstances where, as a result of the ... arrangement or proposed ... arrangement— one or more of the client's employees receive, or might reasonably be expected to receive, in relation to their employment, an advantage in relation to any relevant tax, or the client receives or might reasonably be expected to receive such an advantage in relation to the employment of one or more of the client's employees. Where an employee is within subsection (4)(a), or is an employee mentioned in subsection (4)(b), the client must provide HMRC with prescribed information relating to the employee at the prescribed time or times. The client need not comply with subsection (5) in relation to any ... arrangements at any time after HMRC have given notice under section 312(6) , 312ZA(4) or 313(5) in relation to the ... arrangements. The duty under subsection (5) does not apply in prescribed circumstances. Section 312A(3) applies for the purposes of this section as it applies for the purposes of that section. Where HMRC suspect that a person (P) is the promoter or introducer of a proposal, or the promoter of arrangements, which may be notifiable, they may by written notice require P to state— whether in P's opinion the proposal or arrangements are notifiable by P, and if not, the reasons for P's opinion. A notice must specify the proposal or arrangements to which it relates. For the purpose of subsection (1)(b)— it is not sufficient to refer to the fact that a lawyer or other professional has given an opinion, the reasons must show, by reference to this Part and regulations under it, why P thinks the proposal or arrangements are not notifiable by P, and in particular, if P asserts that the arrangements do not fall within any description prescribed under section 306(1)(a), the reasons must provide sufficient information to enable HMRC to confirm the assertion. P must comply with a requirement under or by virtue of subsection (1) within— Where HMRC receive from a person (P) a statement of reasons why a proposal or arrangements are not notifiable by P, HMRC may apply to the tribunal for an order requiring P to provide specified information or documents in support of the reasons. The power under subsection (1)— may be exercised more than once, and applies whether or not the statement of reasons was received under section 313A(1)(b). This section applies where HMRC suspect— that a person (“P”) is an introducer in relation to a proposal, and that the proposal may be notifiable. HMRC may by written notice require P to provide HMRC with one or both of the following— prescribed information in relation to each person who has provided P with any information relating to the proposal; prescribed information in relation to each person with whom P has made a marketing contact in relation to the proposal. A notice must specify the proposal to which it relates. P must comply with a requirement under subsection (1A) within— Nothing in this Part requires any person to disclose to the Board any privileged information. In this Part “privileged information” means information with respect to which a claim to legal professional privilege, or, in Scotland, to confidentiality of communications, could be maintained in legal proceedings. a proposal is notifiable, or arrangements are notifiable. On an application the tribunal may make the order only if satisfied that section 306(1)(a) to (c) applies to the relevant arrangements. A person who fails to comply with a duty imposed by a provision mentioned in the first column of the table is liable to a penalty not exceeding the amount specified in relation to that provision in the second column. The “applicable rate” means— £600, or where an order has been made under section 306A or 314A (orders about notifiability) in respect of the arrangements or proposal in relation to which the person fails to comply— £600 for each day falling before the end of the period of ten days beginning with the day on which the order was made, and £5,000 for each day falling after the end of that period. This subsection applies where an authorised officer considers that the amount otherwise specified in relation to the provision is inappropriately low. The amount specified for section 313(1) or regulations under section 313(3) is— £10,000, if the person has failed to comply with the section or regulations on two or more other occasions during the period of 36 months ending with the date of the current failure, £7,500, if the person has failed to comply with the section or regulations on one other occasion during the period of 36 months ending with the date of the current failure, or £5,000, in any other case. In subsection (1), a reference to a day on which a person fails to comply with a duty is a reference to a day that— begins after the day by which the person was required to comply with the duty, and ends before the earlier of— the day on which the person complies with the duty, the day on which any reference number is allocated to the arrangements or proposed arrangements concerned in the circumstances described in subsection (6), and the day on which a penalty under subsection (1) is imposed in relation to the failure. The circumstances are— the duty referred to in subsection (5) is a duty imposed by section 308(1) or (3), 309(1) or 310, and it is a case within section 311(3). a penalty under section 315 is imposed in relation to a person’s failure to comply with a duty, and after the penalty has been imposed, the person continues to fail to comply with the duty, the person is liable to a further penalty not exceeding the applicable rate (as defined in section 315(2)) for each day on which the failure continues. Subsection (1) does not apply to a failure to comply with a duty imposed by section 313(1) or regulations under section 313(3). A penalty under this Part is to be treated as a penalty under a provision of the Taxes Acts and, accordingly, is a penalty to be determined and imposed by an authorised officer under section 100(1) of TMA 1970. In determining an amount of a specified penalty (including considering whether an amount is inappropriately low under section 315(3)), the authorised officer must have regard to all relevant considerations, including— the desirability of the penalty being set at a level which appears appropriate for deterring the person, or other persons, from similar failures to comply on future occasions; the amount of any fees received, or likely to have been received, by the person in connection with the proposal or arrangements concerned; in the case of a person entering into the arrangements, the amount of any advantage gained, or sought to be gained, by that person. In this section, a “specified penalty” is a penalty under section 315 that is imposed in relation to a person’s failure to comply with a duty imposed by section 308(1) or (3), 309(1), 310, 310A or 311C. A failure to do anything required to be done within a limited period of time does not give rise to liability to a penalty under section 315 or 315A if the person did it within such further time, if any, as an officer of Revenue and Customs or the tribunal may have allowed. A person is deemed not to have failed to comply with a duty imposed by a provision mentioned in the first column of the table in section 315(1) if the person had a reasonable excuse for the failure and— the reasonable excuse continues to apply, or the reasonable excuse has ceased to apply, but the person complied with the duty without unreasonable delay after the cessation. Where an order is made under section 306A or 314A— the order is not evidence that a person either does or does not have a reasonable excuse for non-compliance before the order was made, and the person identified in the order as the promoter cannot rely on doubt as to notifiability as a reasonable excuse for a failure to comply with section 308. Where a person fails to comply with— section 309 and the promoter for the purposes of that section is a monitored promoter, or section 310 and the arrangements for the purposes of that section are arrangements of a monitored promoter, then any legal advice which was given or procured by that monitored promoter and which the person took into account is to be disregarded in determining whether the person has a reasonable excuse for the failure. In determining whether or not a person who is a monitored promoter has a reasonable excuse for a failure to do anything required to be done, reliance on legal advice does not constitute a reasonable excuse if either— the advice was not based on a full and accurate description of the facts, or the conclusions in the advice that the person relied on were unreasonable. For the purposes of this section, “monitored promoter” has the meaning given by section 244(5) of FA 2014. The Treasury may by regulations make provision for the purpose of varying any of the amounts specified in section 315 or 315A. must be made by statutory instrument, and may not be made unless a draft has been laid before and approved by resolution of the House of Commons. HMRC may specify the form and manner in which information required to be provided by any of the information provisions must be provided if the provision is to be complied with. The “information provisions” are sections 308(1) and (3), 309(1), 310, 310A, 310C, 311C, 312(2), 312ZA(2), 312A(2) and (2A), 313(1) and (3), 313ZA(3) and 313ZC(5) . This section applies where a person is required to provide information under section 312(2) , 312ZA(2) or 312A(2) or (2A). HMRC may specify additional information which must be provided by that person to the recipients under section 312(2) , 312ZA(2) or 312A(2) or (2A) at the same time as the information referred to in subsection (1). HMRC may specify the form and manner in which the additional information is to be provided. For the purposes of this section “additional information” means information supplied by HMRC which relates to notifiable proposals or notifiable arrangements in general. No duty of confidentiality or other restriction on disclosure (however imposed) prevents the voluntary disclosure by any person to HMRC of information or documents which the person has reasonable grounds for suspecting will assist HMRC in determining whether there has been a breach of any requirement imposed by or under this Part. HMRC may publish information about— any arrangements, or proposed arrangements, to which a reference number is allocated under section 311; where the reference number is allocated in a case within section 311(2), any person who is a promoter in relation to the arrangements or, in the case of proposed arrangements, the proposal; where the reference number is allocated in a case within section 311(3), any person who is or has been— a promoter in relation to the arrangements or proposed arrangements, or otherwise involved in the supply of the arrangements or proposed arrangements. The information that may be published is (subject to subsection (4))— any information relating to arrangements within subsection (1)(a), or a person within subsection (1)(b) or (c), that is prescribed information for the purposes of section any provision of this Part; any ruling of a court or tribunal relating to— arrangements within subsection (1)(a); a person within subsection (1)(b), in that person's capacity as a promoter; a person within subsection (1)(c), in that person's capacity as a promoter or a person otherwise involved in the supply of arrangements or proposed arrangements; the number of persons in any period who enter into transactions forming part of ... arrangements within subsection (1)(a); whether arrangements within subsection (1)(a) are APN relevant (see subsection (7)); any other information that HMRC considers it appropriate to publish for the purpose of identifying arrangements within subsection (1)(a) or a person within subsection (1)(b) or (c). The information may be published in any manner that HMRC considers appropriate. No information may be published under this section that identifies a person who enters into a transaction forming part of ... arrangements within subsection (1)(a). But where a person within subsection (1)(b) or (c) is also a person mentioned in subsection (4), nothing in subsection (4) is to be taken as preventing the publication under this section of information so far as relating to the person's activities as a promoter or a person involved in the supply of arrangements or proposed arrangements. Before publishing any information under this section that identifies a person as a person within subsection (1)(b) or (c), HMRC must— inform the person that they are considering doing so, and give the person reasonable opportunity to make representations about whether it should be published , and where section 209(2) of FA 2026 applies, provide a declaration made under that subsection substantiating those representations. Arrangements are “APN relevant” for the purposes of subsection (2)(d) if HMRC has indicated in a publication that it may exercise (or has exercised) its power under section 219 of the Finance Act 2014 (accelerated payment notices) by virtue of the arrangements being DOTAS arrangements within the meaning of that section. information about ... arrangements, or proposed ... arrangements, is published under section 316C, at any time after the information is published, a ruling of a court or tribunal is made in relation to tax arrangements, and HMRC is of the opinion that the ruling is relevant to the arrangements mentioned in paragraph (a). A ruling is “relevant” to the arrangements if— the principles laid down, or reasoning given, in the ruling would, if applied to the arrangements, allow the purported advantage arising from the arrangements in relation to tax, and the ruling is final. HMRC must publish information about the ruling. The information must be published in the same manner as HMRC published the information mentioned in subsection (1)(a) (and may also be published in any other manner that HMRC considers appropriate). A ruling is “final” if it is— a ruling of the Supreme Court, or a ruling of any other court or tribunal in circumstances where— no appeal may be made against the ruling, if an appeal may be made against the ruling with permission, the time limit for applications has expired and either no application has been made or permission has been refused, if such permission to appeal against the ruling has been granted or is not required, no appeal has been made within the time limit for appeals, or if an appeal was made, it was abandoned or otherwise disposed of before it was determined by the court or tribunal to which it was addressed. Where a ruling is final by virtue of sub-paragraph (ii), (iii) or (iv) of subsection (5)(b), the ruling is to be treated as made at the time when the sub-paragraph in question is first satisfied. In this section “tax arrangements” means arrangements in respect of which it would be reasonable to conclude (having regard to all the circumstances) that the obtaining of an advantage in relation to tax was the main purpose, or one of the main purposes. Any power of the Treasury or the Board to make regulations under this Part is exercisable by statutory instrument. Regulations made by the Treasury or the Board under this Part may make different provision for different cases and may contain transitional provisions and savings. A statutory instrument containing regulations made by the Treasury or the Board under any provision of this Part is subject to annulment in pursuance of a resolution of the House of Commons. “advantage”, in relation to any tax, means— relief or increased relief from, or repayment or increased repayment of, that tax, or the avoidance or reduction of a charge to that tax or an assessment to that tax or the avoidance of a possible assessment to that tax, the deferral of any payment of tax or the advancement of any repayment of tax, or the avoidance of any obligation to deduct or account for any tax; “arrangements” includes any scheme, transaction or series of transactions; “authorised officer” means an officer of Revenue and Customs authorised by His Majesty’s Revenue and Customs for the purposes of this Part or, as the case may be, section 100 of TMA 1970; “company” has the meaning given by section 1121 of the Corporation Tax Act 2010; “corporation tax” includes any amount which, by virtue of any of the provisions mentioned in paragraph 1 of Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns, assessments and related matters) is assessable and chargeable as if it were corporation tax; “HMRC” means the Commissioners for Her Majesty's Revenue and Customs; “introducer”, in relation to a notifiable proposal, has the meaning given by section 307; “make a firm approach” has the meaning given by section 307(4A); “make a marketing contact” has the meaning given by section 307(4B); “notifiable arrangements” has the meaning given by section 306(1); “notifiable proposal” has the meaning given by section 306(2); “prescribed”, except in section 306, means prescribed by regulations made by the Board; “promoter”, in relation to notifiable arrangements or a notifiable proposal, has the meaning given by section 307; “reference number” means a reference number allocated under section 311; “tax” means— income tax, capital gains tax, corporation tax, petroleum revenue tax, apprenticeship levy, inheritance tax, stamp duty land tax, ... stamp duty reserve tax, or annual tax on enveloped dwellings. “Taxes Acts” has the same meaning as in TMA 1970 (see section 118(1) of that Act); “trade” includes every venture in the nature of trade. “tribunal” means the First-tier tribunal, or where determined by or under Tribunal Procedure Rules, the Upper Tribunal. “working day” means a day which is not a Saturday or a Sunday, Christmas Day, Good Friday or a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom. The following provisions of this Part come into force on the passing of this Act— sections 306 to 315, so far as is necessary for enabling the making of any regulations for which they provide, and sections 317 and 318 and this section. Except as provided by subsection (1), the provisions of this Part come into force on 1st August 2004. Section 308 does not apply to a promoter in the case of— any notifiable proposal as respects which the relevant date, as defined by subsection (2) of that section, fell before 18th March 2004, any notifiable arrangements which implement such a proposal, or any notifiable arrangements which include any transaction entered into before 18th March 2004. Sections 309 and 310 do not apply in relation to notifiable arrangements which include any transaction entered into before 23rd April 2004. Section 313 does not apply in relation to any notifiable arrangements in respect of which, by virtue of subsection (3) or (4), none of the duties imposed by sections 308 to 310 arises. Section 32(1)(c) of the Limitation Act 1980 (c. 58) or, in Northern Ireland, Article 71(1)(c) of the Limitation (Northern Ireland) Order 1989 (S.I. 1989/1339 (N.I. 11)) (extended period for bringing an action in case of mistake) does not apply in relation to a mistake of law relating to a taxation matter under the care and management of the Commissioners of Inland Revenue. This subsection has effect in relation to actions brought on or after 8th September 2003. For the purposes of— section 35(5)(a) of the Limitation Act 1980 or, in Northern Ireland, Article 73(4)(a) of the Limitation (Northern Ireland) Order 1989 (circumstances in which time-barred claim may be brought in course of existing action), and rules of court or county court rules having effect for the purposes of those provisions, as they apply to claims in respect of mistakes of the kind mentioned in subsection (1), a new claim shall not be regarded as arising out of the same facts, or substantially the same facts, if it is brought in respect of a different payment, transaction, period or other matter. This subsection has effect in relation to claims made on or after 20th November 2003. If before the passing of this Act— an action is brought in relation to which a defence of limitation would have been available if subsection (1) had been in force, or a claim is made on or after 20th November 2003 that by virtue of section 35(1)(b) of the Limitation Act 1980 (c. 58) or, in Northern Ireland, Article 73(1)(b) of the Limitation (Northern Ireland) Order 1989 (S.I. 1989/1339 (N.I. 11)) is treated as an action brought before 8th September 2003 and that claim would not have been allowed if subsections (1) and (2) above had been in force, the action (or so much of it as relates to a cause of action in respect of which a defence of limitation would have been available or, as the case may be, a claim would not have been allowed) shall be deemed to be discontinued on the passing of this Act and any payment made by the Commissioners in or towards meeting their liability in the action (or so much of the action as so relates) may be recovered by them (with interest from the date of the payment). Nothing in this section affects a claim made before 20th November 2003 that by virtue of section 35(1)(b) of the Limitation Act 1980 or, in Northern Ireland, Article 73(1)(b) of the Limitation (Northern Ireland) Order 1989 is treated as an action brought before 8th September 2003. For the purposes of this section a claim is treated as made before 20th November 2003 if— the Commissioners have before that date consented in writing to the making of the claim; or immediately before that date— the consent of the Commissioners has been sought and has not been refused, or an application to the court for permission to make the claim has been made and has not been refused. The provisions of this section apply to any action or claim for relief from the consequences of a mistake of law, whether expressed to be brought on the ground of mistake or on some other ground (such as unlawful demand or ultra vires act). This section shall be construed as one with the Limitation Act 1980 or, in Northern Ireland, the Limitation (Northern Ireland) Order 1989. Section 6(4)(a)(ii) of the Prescription and Limitation (Scotland) Act 1973 (c. 52) (extinction of obligations by prescriptive period: exclusion of period during which creditor induced by error to refrain from making claim) does not apply in relation to an obligation based on redress of unjustified enrichment arising from an error of law relating to a taxation matter under the care and management of the Commissioners of Inland Revenue. Subsection (1) has effect in relation to an obligation in respect of which no relevant claim has been made before 8th September 2003. In the case of a relevant claim made on or after that date and before the passing of this Act relating to an obligation that would have been extinguished if subsections (1) and (2) had been in force— proceedings on the claim (or so much of the proceedings as relates to such an obligation) shall be deemed to be discontinued on the passing of this Act, and any payment made by the Commissioners in or towards meeting their liability on the claim (or so much of it as so relates) may be recovered by them (with interest from the date of the payment). The provisions of this section apply in relation to any relevant claim for redress of unjustified enrichment arising from an error of law, whether expressed to be made on the ground of error or on some other ground. In this section “relevant claim” has the same meaning as in section 6 of the Prescription and Limitation (Scotland) Act 1973. The UK mutual assistance provisions have effect for the purposes of giving effect to the EC-Andorra Mutual Assistance Recovery Decision as they have effect for the purposes of giving effect to the Mutual Assistance Recovery Directive. “the EC-Andorra Mutual Assistance Recovery Decision” means Chapter 2 of Title 1 of, and Annex 1 to, Decision No 1/2003 of the EC-Andorra Joint Committee of 3 September 2003 (on the laws, regulations and administrative provisions necessary for the proper functioning of the Customs Union between the European Union and the Principality of Andorra); “the Mutual Assistance Recovery Directive” has the same meaning as MARD has in the UK mutual assistance provisions; “the UK mutual assistance provisions” means the provisions of section 87 of the Finance Act 2011 (mutual assistance for recovery of taxes etc) and Schedule 25 to that Act. In the UK mutual assistance provisions as they have effect in accordance with subsection (1)— references (except for the one in paragraph 1 of Schedule 25) to MARD are to be read as references to the EC-Andorra Mutual Assistance Recovery Decision, references to another member State are to be read as references to the Principality of Andorra, references to an applicant authority of another member State are to be read as references to the competent authority of the Principality of Andorra, references to a MARD-related instrument are to be disregarded, and paragraph 10 of Schedule 25 (power to make further provision) is to be treated as omitted. The powers in section 87(2) of the Finance Act 2011 and paragraph 9 of Schedule 25 to that Act may be exercised so as to make provision for the purposes of giving effect to the EC-Andorra Mutual Assistance Recovery Decision (or amendments of the Decision) which is different to that made for the purposes of giving effect to the Mutual Assistance Recovery Directive (or amendments of the Directive). Relief under section 2 of the Finance Act 1966 (c. 18) (relief for shipbuilders in respect of certain taxes and duties) is not available, and shall be regarded as never having been available, in any case where the contract mentioned in subsection (2) of that section is— a contract made on or after 1st January 2001 relating to a self-propelled sea-going commercial vessel, within the meaning of the 1998 Regulation, or in a case not falling within paragraph (a), a contract made on or after 13th January 2004. In this section “the 1998 Regulation” means Council Regulation (EC) No 1540/ 98 of 29 June 1998 establishing new rules on aid to shipbuilding (under which operating aid for shipbuilding ended on 31st December 2000). The Treasury may incur expenditure with a view to securing that they would be able to exercise their functions under sections 12 to 20A of (and Schedule 5A to) the National Loans Act 1968 (c. 13) (national debt and government accounting) if the United Kingdom were to adopt the single currency in accordance with the Treaty on the Functioning of the European Union. The Director of Savings may incur expenditure with a view to securing that he would be able to exercise his functions if the United Kingdom were to adopt the single currency in accordance with the Treaty on the Functioning of the European Union. Regulations under section 11 of the National Debt Act 1972 (c. 65) (power of Treasury to make regulations as to raising of money under auspices of Director of Savings) may repeal any provision contained in section 54 of, or Schedule 18 to, the Finance Act 1968 (c. 44) (terms of issue of premium savings bonds). The enactments mentioned in Schedule 42 to this Act (which include provisions that are spent or of no practical utility) are repealed to the extent specified. The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule. In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988 (c. 1). This Act may be cited as the Finance Act 2004. The Schedule inserted before Schedule 3 to the Alcoholic Liquor Duties Act 1979 (c. 4) is as follows— Retail containers of alcoholic liquors to which this Schedule applies shall be stamped— in such cases and circumstances, and with a duty stamp of such a type, as may be prescribed; but subject to such exceptions as may be prescribed. In this Schedule “retail container”, in relation to an alcoholic liquor, means a container— of a capacity of 35 centilitres or more, and in which, or from which, the liquor is intended to be sold by retail. This Schedule applies to the following alcoholic liquors— spirits; wine or made-wine of a strength exceeding 22 per cent. For the purposes of this Schedule a retail container is “stamped” if— it carries a duty stamp of a type mentioned in sub-paragraph (5)(a) below which has been affixed to the container in a way that complies with the requirements of regulations under this Schedule, or it carries a label which has been so affixed to the container and the label incorporates a duty stamp of a type mentioned in sub-paragraph (5)(b) below. In this Schedule “duty stamp” means any of the following— a document (a “type A stamp”) issued by or on behalf of the Commissioners which— is designed to be affixed to a retail container of alcoholic liquor, and indicates that the appropriate duty, or an amount representing some or all of the appropriate duty, has been (or is to be) paid; a part of a label for a retail container of alcoholic liquor (a “type B stamp”) which— is incorporated in the label under the authority of the Commissioners, and indicates that the appropriate duty, or an amount representing some or all of the appropriate duty, has been (or is to be) paid. In sub-paragraph (5) above “the appropriate duty” means the duty chargeable on the quantity and description of alcoholic liquor contained, or to be contained, in the retail container to which the stamp, or the label incorporating the stamp, is, or is to be, affixed. The Treasury may by order made by statutory instrument amend paragraph (a) of paragraph 1(2) above for the purpose of varying the capacity from time to time specified in that paragraph. The Treasury may by order made by statutory instrument amend paragraph 1(3) above for the purpose of causing this Schedule— to apply to any description of alcoholic liquor to which it does not apply, or to cease to apply to any description of alcoholic liquor to which it does apply. A statutory instrument containing an order under this paragraph shall not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons. The Commissioners may by regulations make provision as to the terms and conditions on which a person may obtain— a type A stamp, authority to incorporate in a label a type B stamp, authority to obtain a label incorporating a type B stamp, authority to affix such a label to a retail container of alcoholic liquor. Regulations under sub-paragraph (1) above may in particular make provision for or in connection with— requiring a person in prescribed cases or circumstances to pay, or agree to pay, the prescribed amount to the Commissioners or to a person authorised by the Commissioners for this purpose; requiring a person in prescribed cases or circumstances to provide to the Commissioners such security as they may require in respect of payment of the appropriate duty. An amount prescribed for the purposes of sub-paragraph (2)(a) above must not exceed the aggregate of— an amount representing the appropriate duty, and in the case of a type A stamp, the cost of issuing the stamp. Regulations under sub-paragraph (1) above may also in particular make provision for or in connection with requiring or enabling the Commissioners to bear, in prescribed circumstances, in the case of a type B stamp, all or part of so much of the cost of producing the label as is attributable to the incorporation in it of the stamp. The whole of an amount payable for a duty stamp shall be treated for the purposes of the Customs and Excise Acts 1979 as an amount due by way of excise duty. In this paragraph “the appropriate duty” means the duty chargeable on the quantity and description of alcoholic liquor contained, or to be contained, in the retail container to which the stamp, or the label incorporating the stamp, is to be affixed. The Commissioners may by regulations make provision as to such matters relating to duty stamps as appear to them to be necessary or expedient. Regulations under this Schedule may in particular make provision about— the times at which a retail container must bear a duty stamp; the type of duty stamp (see paragraph 1(5)) with which a retail container is to be stamped in any particular case or circumstances; the design and appearance of a duty stamp (including the production of a label incorporating a type B stamp); the information that is to appear on a duty stamp; the cost of issuing a type A stamp for the purposes of paragraph 3(3)(b) above; the procedure for obtaining— authority to affix such a label to a retail container of alcoholic liquor, (including provision setting periods of notice); where on the container a type A stamp, or a label incorporating a type B stamp, is to be affixed; repayment of, or credit for, in prescribed circumstances and subject to such conditions as may be prescribed, all or part of a payment made under or by virtue of this Schedule to the Commissioners or to a person authorised by the Commissioners; liability to forfeiture in prescribed circumstances of some or all of a payment made, or security provided, under or by virtue of this Schedule to the Commissioners or to a person authorised by the Commissioners. Regulations under this Schedule may also, in particular, make provision for or in connection with preventing a type A stamp, or a label incorporating a type B stamp, from being used by a person other than— in the case of a type A stamp, the person to or for whom the stamp was issued or a person authorised by that person to affix the stamp to a retail container of alcoholic liquor, in the case of a type B stamp, the person to or for whom authority to obtain the label incorporating the stamp, or to affix that label to a retail container of alcoholic liquor, was given by the Commissioners. Regulations under this Schedule may also, in particular, make provision— for or in connection with requiring a person who is not established, and does not have any fixed establishment, in the United Kingdom, in prescribed circumstances, to appoint another person (a “duty stamps representative”) to act on his behalf in relation to duty stamps, and as to the rights, obligations or liabilities of duty stamps representatives. The Commissioners may, with a view to the protection of the revenue, make regulations for securing and collecting duty payable in accordance with this Schedule. Regulations under this Schedule may make different provision for different cases. Except in such cases as may be prescribed, a person commits an offence if he— is in possession of, transports or displays, or sells, offers for sale or otherwise deals in, unstamped retail containers containing alcoholic liquor to which this Schedule applies. It is a defence for a person charged with an offence under this paragraph to prove that the retail containers in question were not required to be stamped. A person who commits an offence under this paragraph is liable on summary conviction to a fine not exceeding level 5 on the standard scale. A retail container in relation to which an offence under this paragraph is committed is liable to forfeiture (together with its contents). A manager of premises commits an offence if— he suffers the premises to be used for the sale of liquor in an unstamped retail container, or for the sale of liquor that is from an unstamped retail container; and the liquor is alcoholic liquor to which this Schedule applies. It is a defence for a person charged with an offence under this paragraph to prove that the retail container in question was not required to be stamped. Where an offence is committed under this paragraph, all unstamped retail containers of alcoholic liquor to which this Schedule applies that are on the premises at the time of the offence are liable to forfeiture (together with their contents). For the purposes of this Schedule a person is a “manager” of premises if he— is entitled to control their use, is entrusted with their management, or is in charge of them. A court by or before which a person is convicted of an offence under paragraph 6 above may make an order prohibiting the use of the premises in question for the sale of alcoholic liquors during a period specified in the order. The period specified in an order under this paragraph shall not exceed six months; and the first day of the period shall be the day specified as such in the order. If a manager of premises suffers the premises to be used in breach of an order under this paragraph, he commits an offence and is liable on summary conviction to a fine not exceeding level 5 on the standard scale. This paragraph applies where a person— alters a type A stamp, otherwise than in accordance with regulations under this Schedule, after it has been issued, or so alters a type B stamp after the label in which it is incorporated has been produced. His conduct attracts a penalty under section 9 of the Finance Act 1994 (civil penalties). The stamp, or the label in which it is incorporated, is liable to forfeiture.

This paragraph applies where a person affixes to a retail container that is required to be stamped any of the items mentioned in sub-paragraphs (2) to (5) below. The first is— a type A stamp, or a label incorporating a type B stamp, if the stamp is not a correct stamp for that container in accordance with regulations under this Schedule. The second is— a type A stamp that has been altered, otherwise than in accordance with regulations under this Schedule, after it has been issued, or a label incorporating a type B stamp if the stamp has been so altered after the label has been produced. The third is an item that purports to be, but is not,— a label incorporating a type B stamp. The fourth is any label or other item affixed in such a way as to cover up all or part of— a type A stamp affixed to the container, or a type B stamp incorporated in a label affixed to the container, except where the label or other item is so affixed in accordance with regulations under this Schedule. The person’s conduct attracts a penalty under section 9 of the Finance Act 1994 (civil penalties). The container is liable to forfeiture (together with its contents). If a person fails to comply with a requirement imposed by or under regulations under this Schedule— his conduct attracts a penalty under section 9 of the Finance Act 1994 (civil penalties); any article in respect of which he fails to comply with the requirement is liable to forfeiture (including, in the case of a container, its contents). Regulations under this Schedule may make provision as to the amount by reference to which the penalty under sub-paragraph (1)(a) above is to be calculated. The following items are liable to forfeiture. The first is an item that purports to be, but is not,— The third is— that is in a person’s possession unlawfully. In this Schedule— “duty stamp” has the meaning given by paragraph 1(5) above; “prescribed” means prescribed in regulations made by the Commissioners; “retail container” has the meaning given by paragraph 1(2) above; “stamped” and “unstamped” are to be read in accordance with paragraph 1(4) above; “type A stamp” has the meaning given by paragraph 1(5)(a) above; “type B stamp” has the meaning given by paragraph 1(5)(b) above. After section 58 of the Value Added Tax Act 1994 (c. 23) insert— Schedule 11A (which imposes disclosure requirements relating to the use of schemes for avoiding VAT) shall have effect. After Schedule 11 to that Act insert— “designated scheme” has the meaning given by paragraph 3(4); “notifiable scheme” has the meaning given by paragraph 5(1); “scheme” includes any arrangements, transaction or series of transactions; “tax advantage” is to be read in accordance with paragraph 2. For the purposes of this Schedule, a person obtains a tax advantage if— in any prescribed accounting period, the amount by which the output tax accounted for by him exceeds the input tax deducted by him is less than it otherwise would be, or he obtains a VAT credit when he would not otherwise do so, or obtains a larger VAT credit or obtains a VAT credit earlier than would otherwise be the case. A person also obtains a tax advantage for the purposes of this Schedule if, in a case where he recovers input tax as a recipient of a supply before the supplier accounts for the output tax, the period between the time when the input tax is recovered and the time when the output tax is accounted for is greater than would otherwise be the case. If it appears to the Treasury— that a scheme of a particular description has been, or might be, entered into for the purpose of enabling any person to obtain a tax advantage, and that it is unlikely that persons would enter into a scheme of that description unless the main purpose, or one of the main purposes, of doing so was the obtaining by any person of a tax advantage, the Treasury may by order designate that scheme for the purposes of this paragraph. A scheme may be designated for the purposes of this paragraph even though the Treasury are of the opinion that no scheme of that description could as a matter of law result in the obtaining by any person of a tax advantage. The order must allocate a reference number to each scheme. In this Schedule “designated scheme” means a scheme of a description designated for the purposes of this paragraph. If it appears to the Treasury that a provision of a particular description is, or is likely to be, included in or associated with schemes that are entered into for the purpose of enabling any person to obtain a tax advantage, the Treasury may by order designate that provision for the purposes of this paragraph. A provision may be designated under this paragraph even though it also appears to the Treasury that the provision is, or is likely to be, included in or associated with schemes that are not entered into for the purpose of obtaining a tax advantage. In this paragraph “provision” includes any agreement, transaction, act or course of conduct. For the purposes of this Schedule, a scheme is a “notifiable scheme”if— it is a designated scheme, or although it is not a designated scheme, conditions A and B below are met in relation to it. Condition A is that the scheme includes, or is associated with, a provision of a description designated under paragraph 4. Condition B is that the scheme has as its main purpose, or one of its main purposes, the obtaining of a tax advantage by any person. This paragraph applies in relation to a taxable person where— the amount of VAT shown in a return in respect of a prescribed accounting period as payable by or to him is less than or greater than it would be but for any notifiable scheme to which he is party, or he makes a claim for the repayment of output tax or an increase in credit for input tax in respect of any prescribed accounting period in respect of which he has previously delivered a return and the amount claimed is greater than it would be but for such a scheme. Where the scheme is a designated scheme, the taxable person must notify the Commissioners within the prescribed time, and in such form and manner as may be required by or under regulations, of the reference number allocated to the scheme under paragraph 3(3). Where the scheme is not a designated scheme, the taxable person must, subject to sub-paragraph (4), provide the Commissioners within the prescribed time, and in such form and manner as may be required by or under regulations, with prescribed information relating to the scheme. Sub-paragraph (3) does not apply where the scheme is one in respect of which any person has previously— provided the Commissioners with prescribed information under paragraph 9, and provided the taxable person with a reference number notified to him by the Commissioners under paragraph 9(2)(b). The taxable person is not obliged to comply with sub-paragraph (2) or (3) in relation to any scheme if he has on a previous occasion complied with that sub-paragraph in relation to that scheme. This paragraph has effect subject to paragraph 7. Paragraph 6 does not apply to a taxable person in relation to a scheme— where the taxable person is not a group undertaking in relation to any other undertaking and conditions A and B below, as they have effect in relation to the scheme, are met in relation to the taxable person, or where the taxable person is a group undertaking in relation to any other undertaking and conditions A and B below, as they have effect in relation to the scheme, are met in relation to the taxable person and every other group undertaking. Condition A is that the total value of the person’s taxable supplies and exempt supplies in the period of twelve months ending immediately before the beginning of the relevant period is less than the minimum turnover. Condition B is that the total value of the person’s taxable supplies and exempt supplies in the prescribed accounting period immediately preceding the relevant period is less than the appropriate proportion of the minimum turnover. In sub-paragraphs (2) and (3) “the minimum turnover” means— in relation to a designated scheme, £600,000, and in relation to any other notifiable scheme, £10,000,000. In sub-paragraph (3) “the appropriate proportion” means the proportion which the length of the prescribed accounting period bears to twelve months. The value of a supply of goods or services shall be determined for the purposes of this paragraph on the basis that no VAT is chargeable on the supply. The Treasury may by order substitute for the sum for the time being specified in sub-paragraph (4)(a) or (b) such other sum as they think fit. This paragraph has effect subject to paragraph 8. “relevant period” means the prescribed accounting period referred to in paragraph 6(1)(a) or (b); “undertaking” and “group undertaking” have the same meanings as in Part 7 of the Companies Act 1985. The purpose of this paragraph is to prevent the maintenance or creation of any artificial separation of business activities carried on by two or more persons from resulting in an avoidance of the obligations imposed by paragraph 6. In determining for the purposes of sub-paragraph (1) whether any separation of business activities is artificial, regard shall be had to the extent to which the different persons carrying on those activities are closely bound to one another by financial, economic and organisational links. If the Commissioners make a direction under this section— the persons named in the direction shall be treated for the purposes of paragraph 7 as a single taxable person carrying on the activities of a business described in the direction with effect from the date of the direction or, if the direction so provides, from such later date as may be specified in the direction, and if paragraph 7 would not exclude the application of paragraph 6, in respect of any notifiable scheme, to that single taxable person, it shall not exclude the application of paragraph 6, in respect of that scheme, to the persons named in the direction. The Commissioners shall not make a direction under this section naming any person unless they are satisfied— that he is making or has made taxable or exempt supplies, that the activities in the course of which he makes those supplies form only part of certain activities, the other activities being carried on concurrently or previously (or both) by one or more other persons, and that, if all the taxable and exempt supplies of the business described in the direction were taken into account, conditions A and B in paragraph 7(2) and (3), as those conditions have effect in relation to designated schemes, would not be met in relation to that business. A direction under this paragraph shall be served on each of the persons named in it. A direction under this paragraph remains in force until it is revoked or replaced by a further direction. Any person may, at any time, provide the Commissioners with prescribed information relating to a scheme or proposed scheme of a particular description which is (or, if implemented, would be) a notifiable scheme by virtue of paragraph 5(1)(b). On receiving the prescribed information, the Commissioners may— allocate a reference number to the scheme (if they have not previously done so under this paragraph), and notify the person who provided the information of the number allocated. A person who fails to comply with paragraph 6 shall be liable, subject to sub-paragraphs (2) and (3), to a penalty of an amount determined under paragraph 11. Conduct falling within sub-paragraph (1) shall not give rise to liability to a penalty under this paragraph if the person concerned satisfies the Commissioners or, on appeal, a tribunal that there is a reasonable excuse for the failure. Where, by reason of conduct falling within sub-paragraph (1)— a person is convicted of an offence (whether under this Act or otherwise), or a person is assessed to a penalty under section 60, that conduct shall not give rise to a penalty under this paragraph. Where the failure mentioned in paragraph 10(1) relates to a notifiable scheme that is not a designated scheme, the amount of the penalty is £5,000. Where the failure mentioned in paragraph 10(1) relates to a designated scheme, the amount of the penalty is 15 per cent. of the VAT saving (as determined under sub-paragraph (3)). For this purpose the VAT saving is— to the extent that the case falls within paragraph 6(1)(a), the aggregate of— the amount by which the amount of VAT that would, but for the scheme, have been shown in returns in respect of the relevant periods as payable by the taxable person exceeds the amount of VAT that was shown in those returns as payable by him, and the amount by which the amount of VAT that was shown in such returns as payable to the taxable person exceeds the amount of VAT that would, but for the scheme, have been shown in those returns as payable to him, and to the extent that the case falls within paragraph 6(1)(b), the amount by which the amount claimed exceeds the amount which the taxable person would, but for the scheme, have claimed. In sub-paragraph (3)(a) “the relevant periods” means the prescribed accounting periods beginning with that in respect of which the duty to comply with paragraph 6 first arose and ending with the earlier of the following— the prescribed accounting period in which the taxable person complied with that paragraph, and the prescribed accounting period immediately preceding the notification by the Commissioners of the penalty assessment. Where any person is liable under paragraph 10 to a penalty of an amount determined under paragraph 11, the Commissioners may, subject to sub-paragraph (3), assess the amount due by way of penalty and notify it to him accordingly. The fact that any conduct giving rise to a penalty under paragraph 10 may have ceased before an assessment is made under this paragraph shall not affect the power of the Commissioners to make such an assessment. In a case where the penalty falls to be calculated by reference to the VAT saving as determined under paragraph 11(3) and the VAT that would, but for the scheme, have been shown in returns as payable by or to the taxable person cannot be readily attributed to any one or more prescribed accounting periods, it shall be treated for the purposes of this Schedule as VAT that would, but for the scheme, have been shown as payable by or to the taxable person in returns for such period or periods as the Commissioners may determine to the best of their judgment and notify to the person liable for the penalty. No assessment to a penalty under this paragraph shall be made more than two years from the time when facts sufficient, in the opinion of the Commissioners, to indicate that there has been a failure to comply with paragraph 6 in relation to a notifiable scheme came to the Commissioners' knowledge. Where the Commissioners notify a person of a penalty in accordance with sub-paragraph (1), the notice of assessment shall specify— the amount of the penalty, the reasons for the imposition of the penalty, how the penalty has been calculated, and any reduction of the penalty in accordance with section 70. Where a person is assessed under this paragraph to an amount due by way of penalty and is also assessed under section 73(1), (2), (7), (7A) or (7B) for any of the prescribed accounting periods to which the assessment under this paragraph relates, the assessments may be combined and notified to him as one assessment, but the amount of the penalty shall be separately identified in the notice. If an amount is assessed and notified to any person under this paragraph, then unless, or except to the extent that, the assessment is withdrawn or reduced, that amount shall be recoverable as if it were VAT due from him. Subsection (10) of section 76 (notification to certain persons acting for others) applies for the purposes of this paragraph as it applies for the purposes of that section. Regulations under this Schedule— may make different provision for different circumstances, and may include transitional provisions or savings. In section 70 of the Value Added Tax Act 1994 (c. 23) (mitigation of penalties), in subsection (1) after “69A” insert “ or under paragraph 10 of Schedule 11A ”. In section 83 of that Act (appeals) after paragraph (z) insert— a direction under paragraph 8 of Schedule 11A, any liability to a penalty under paragraph 10(1) of Schedule 11A, any assessment under paragraph 12(1) of that Schedule or the amount of such an assessment; Section 84 of that Act (further provisions relating to appeals) is amended as follows. In subsection (3), for “or (ra)” substitute “ , (ra) or (zb) ”. After subsection (6) insert— Without prejudice to section 70, nothing in section 83(zb) shall be taken to confer on a tribunal any power to vary an amount assessed by way of penalty except in so far as it is necessary to reduce it to the amount which is appropriate under paragraph 11 of Schedule 11A. In section 97 of that Act (orders, rules and regulations) in subsection (4) (which lists powers exercisable subject to affirmative procedure in the House of Commons) after paragraph (f) insert— an order under paragraph 3 or 4 of Schedule 11A. Section 9A of the Taxes Management Act 1970 (c. 9) is amended as follows. For subsection (4) (scope of inquiry) substitute— An enquiry extends to— anything contained in the return, or required to be contained in the return, including any claim or election included in the return, consideration of whether to give the taxpayer a transfer pricing notice under paragraph 5C of Schedule 28AA to the principal Act (provision not at arm’s length: medium-sized enterprise), but this is subject to the following limitation. Section 494 of the Taxes Act 1988 (charges on income) is amended as follows. In subsection (2) (which restricts the loan relationship debits that may be brought into account in a manner resulting in reduction of ring fence profits)— omit paragraph (d) (which imposes a restriction by reference to a reasonable commercial rate of return and is superseded by the application of paragraphs 1A and 1B of Schedule 28AA to the Taxes Act 1988 by virtue of paragraph 11 of that Schedule); omit the third sentence (which defines “net debit” for the purposes of paragraph (d)). Omit subsection (2B) (which relates to the net debit within the meaning of subsection (2)(d)). In Schedule 24 to the Taxes Act 1988, paragraph 20 shall cease to have effect. The Finance Act 1998 (c. 36) is amended as follows. In Schedule 18 (company tax returns, assessments and related matters) paragraph 25 is amended as follows. In sub-paragraph (1), for the words following paragraph (b) substitute— “ and also extends to consideration of whether to give the company a transfer pricing notice under paragraph 5C of Schedule 28AA to the Taxes Act 1988 (provision not at arm’s length: medium-sized enterprise). But this is subject to the following limitation. ”. In section 210A(10) of the Taxation of Chargeable Gains Act 1992 (c. 12) (ring-fencing of losses: policy holders' share of chargeable gains or losses), in paragraph (b) (case where policy holders' share of relevant profits does not exceed BLAGAB profits), for “of the company for the accounting period bears to those relevant profits” substitute “ for the accounting period bears to those BLAGAB profits ”. Sub-paragraph (1) has effect in relation to accounting periods beginning on or after 17th March 2004. In the following provisions of the Taxation of Chargeable Gains Act 1992 (c. 12)— the definitions of “BLAGAB allowable losses” and “BLAGAB chargeable gains” in section 210A(13) (ring-fencing of losses), section 211ZA(10) (transfers of business: transfer of unused losses), and section 213(1A)(a) (spreading of gains and losses under section 212), after “referable” insert “ (in accordance with section 432A of the Taxes Act) ”. In section 88 of that Act (exemption from section 87 in certain cases), omit subsection (2)(b) and subsection (3)(b). Omit section 90 of that Act (changes of accounting method). Where at the relevant time a company holds an asset to which section 92 applies— section 92(7) (deemed disposal and re-acquisition) shall have effect as if the asset had ceased at that time to be an asset to which that section applied (but without ceasing to represent a creditor relationship of the company), and any amount falling to be brought into account under the Taxation of Chargeable Gains Act 1992 (c. 12) shall be brought into account in accordance with section 92(4) accordingly. The relevant time for this purpose is immediately before the end of the last period of account before that in relation to which sub-paragraph (1) has effect (see section 52(3) of this Act). Omit section 92A of that Act (convertible securities etc.: debtor relationships). Omit sections 93, 93A and 93B of that Act (relationships linked to the value of chargeable assets). Where at the relevant time a company holds an asset to which section 93 applies— section 93B (deemed disposal and re-acquisition) shall have effect as if the asset had ceased at that time to be an asset to which section 93 applied (but without ceasing to represent a creditor relationship of the company), and any amount falling to be brought into account under the Taxation of Chargeable Gains Act 1992 (c. 12) shall be brought into account in accordance with section 93(4) accordingly. In section 96 of that Act (special rules for certain other gilts), omit subsection (3). Schedule 9 to the Finance Act 1996 (c. 8) (loan relationships: special computational provisions) is amended as follows. In paragraph 10A (deemed disposal on company ceasing to be resident in UK etc.), omit sub-paragraph (5). In paragraph 7(3) of Schedule 26 to the Transport Act 2000 (c. 38) (transfers under that Act), for “an authorised accounting method” substitute “ a basis of accounting ”. Where a company carries forward to its first period of account beginning on or after 1st January 2005 an amount by way of— management expenses brought forward under section 75 of the Taxes Act 1988, losses brought forward under section 392B or 393 of that Act, or non-trading deficits on loan relationships brought forward under section 83 of the Finance Act 1996, that amount shall be translated into sterling using the London closing exchange rate for the last day of the previous period of account. In the case of an application for an individual to be registered for gross payment, the following conditions must be satisfied by the individual. But where the application is for the registration of the individual as a partner in a firm, this Part of this Schedule has effect with the omission of paragraphs 2 and 3. The applicant must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that he is carrying on a business in the United Kingdom which— consists of or includes the carrying out of construction operations or the furnishing or arranging for the furnishing of labour in carrying out construction operations, and is, to a substantial extent, carried on by means of an account with a bank. The applicant must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the carrying on of the business mentioned in paragraph 2 is likely to involve the receipt in the year following the making of the application of an aggregate amount by way of relevant payments which is not less than the amount specified in regulations made by the Board as the minimum turnover for the purposes of this sub-paragraph. In sub-paragraph (1) “relevant payments” means payments under contracts relating to, or to the work of individuals participating in the carrying out of, any operations which— are of a description specified in subsection (2) of section 74; but are not of a description specified in subsection (3) of that section, other than so much of the payments as represents the direct cost to the person receiving the payments of materials used or to be used in carrying out the operations in question. The Board may make regulations for the purpose of enabling a person who does not satisfy the condition in sub-paragraph (1) to be treated as satisfying that condition in such circumstances as may be prescribed. The applicant must, subject to sub-paragraphs (3) and (4), have complied with— any obligation imposed on him in the qualifying period (see paragraph 14)— to pay the amount liable to be deducted under section 61 of this Act from payments made during that period, to submit returns as required by regulations made under section 70 of this Act, to pay the tax liable to be deducted under PAYE regulations, and to submit a self-assessment return, and to account for or pay VAT as required by or under the Value Added Tax Act 1994, and all requests made in the qualifying period to supply to the Inland Revenue accounts of, or other information about, any business of his. An applicant who at any time in the qualifying period had control of a company is to be taken not to satisfy the condition in sub-paragraph (1) unless the company has satisfied that condition in relation to the period or periods within the qualifying period during which he had control of it; and for this purpose “control” is to be construed in accordance with sections 450 and 451 of the Corporation Tax Act 2010. An applicant or company that has failed to comply with such an obligation or request as— is referred to in sub-paragraph (1), and is of a kind prescribed by regulations made by the Board of Inland Revenue, is, in such circumstances as may be prescribed by the regulations, to be treated as satisfying the condition in that sub-paragraph as regards that obligation or request. An applicant or company that has failed to comply with such an obligation or request as is referred to in sub-paragraph (1) is to be treated as satisfying the condition in that sub-paragraph as regards that obligation or request if the Board of Inland Revenue are of the opinion that— the applicant or company had a reasonable excuse for the failure to comply, and if the excuse ceased, he or it complied with the obligation or request without unreasonable delay after the excuse had ceased. Where the applicant states, for the purpose of showing that he has complied with all obligations imposed on him as mentioned in sub-paragraph (1), that he was not subject to any of one or more obligations in respect of any period within the qualifying period— he must satisfy the Board of Inland Revenue of that fact by such evidence as may be prescribed in regulations made by the Board; and if for that purpose he states that he has been outside the United Kingdom for the whole or any part of the qualifying period, he must also satisfy them, by such evidence as may be so prescribed, that he has complied with any obligations imposed under the tax laws of any country in which he was living during that period which are comparable to the obligations mentioned in sub-paragraph (1). The applicant must, if any contribution has at any time during the qualifying period become due from him under— Part 1 of the Social Security Contributions and Benefits Act 1992 (c. 4), or Part 1 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), have paid the contribution when it became due. There must be reason to expect that the applicant will, in respect of periods after the qualifying period, comply with— such obligations as are referred to in sub-paragraphs (1) to (6), and such requests as are referred to in sub-paragraph (1). Subject to sub-paragraphs (3) and (4), a person is not to be taken for the purposes of this paragraph to have complied with any such obligation or request as is referred to in sub-paragraphs (1) to (5) if there has been a contravention of a requirement as to— the time at which, or the period within which, the obligation or request was to be complied with. In the case of an application for an individual or a company to be registered for gross payment as a partner in a firm, the following conditions must be satisfied by the firm. The applicant must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the firm’s business— is carried on in the United Kingdom, and satisfies the conditions mentioned in paragraph 2(a) and (b). The partners must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the carrying on of the firm’s business is likely to involve the receipt in the year following the making of the application of an aggregate amount by way of relevant payments which is not less than whichever is the smaller of— the multiple turnover threshold; and the amount specified for the purposes of this paragraph in regulations made by the Board; and in this sub-paragraph “relevant payments” has the meaning given by paragraph 3(2). In sub-paragraph (1) “the multiple turnover threshold” means the sum of— the amount obtained by multiplying the number of partners in the firm who are individuals by the amount specified in regulations as the minimum turnover for the purposes of paragraph 3(1); and in respect of each partner in the firm which is a company (other than one to which paragraph 11(1)(b) would apply), the amount equal to what would have been the minimum turnover for the purposes of paragraph 11 (1) if the application had been for registration of that company for gross payment. The Board may make regulations— for determining the number of partners in the firm to be taken into account for the purposes of sub-paragraph (2) (for example, where the number of partners has fluctuated over a period); for the purpose of enabling a firm which does not satisfy the condition in sub-paragraph (1) to be treated as satisfying that condition in such circumstances as may be prescribed. Subject to sub-paragraphs (2) and (3), each of the persons who are partners at the time of the application must have complied, so far as any such charge to income tax or corporation tax is concerned as falls to be computed by reference to the profits or gains of the firm’s business, with— any obligation imposed on that partner in the qualifying period (see paragraph 14)— all requests made in the qualifying period to him as such a partner to supply to the Inland Revenue accounts of, or other information about, the firm’s business or his share of the profits or gains of that business. Where a person has failed to comply with such an obligation or request as— the firm is, in such circumstances as may be prescribed by the regulations, to be treated, in relation to that partner, as satisfying the condition in that sub-paragraph as regards that obligation or request. Where a person has failed to comply with such an obligation or request as is referred to in sub-paragraph (1), the firm is to be treated, in relation to that partner, as satisfying the condition in that sub-paragraph as regards that obligation or request if the Board of Inland Revenue are of the opinion that— the person had a reasonable excuse for the failure to comply, and if the excuse ceased, he complied with the obligation or request without unreasonable delay after the excuse had ceased. There must be reason to expect that each of the persons who are from time to time partners in the firm will, in respect of periods after the qualifying period, comply with such obligations and requests as are referred to in sub-paragraph (1). Subject to sub-paragraphs (2) and (3), a person is not to be taken for the purposes of this paragraph to have complied with any such obligation or request as is referred to in sub-paragraph (1) if there has been a contravention of a requirement as to— This paragraph is subject to paragraph 8A (exception from compliance test: firms). The conditions in paragraph 8 (the compliance test: firms) do not need to be satisfied by the firm if, at the time of the application— one or more of the partners is already registered for gross payment as a partner in another firm or otherwise than as a partner in a firm, and that partner has, or those partners together have, a right to a share of at least half the assets, or at least half the income, of the firm. In sub-paragraph (1)(a) the reference to registration for gross payment does not include registration for gross payment by virtue of this paragraph or paragraph 12A (exception from compliance test: companies). In the case of an application for a company to be registered for gross payment (whether as a partner in a firm or otherwise), the following conditions must be satisfied by the company. The company must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that— it is carrying on (whether or not in partnership) a business in the United Kingdom, and that business satisfies the conditions mentioned in paragraph 2(a) and (b). The company must either— satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the carrying on of its business is likely to involve the receipt in the year following the making of the application of an aggregate amount by way of relevant payments which is not less than the amount which is the minimum turnover for the purposes of this sub-paragraph; or satisfy the Inland Revenue that the only persons with shares in the company are companies which are limited by shares and themselves are registered for gross payment; The minimum turnover for the purposes of sub-paragraph (1) is whichever is the smaller of— the amount obtained by multiplying the amount specified in regulations as the minimum turnover for the purposes of paragraph 3 (1) by the number of persons who are relevant persons in relation to the company; and the amount specified for the purposes of this paragraph in regulations made by the Board of Inland Revenue. For the purposes of sub-paragraph (2) a person is a relevant person in relation to the company— where the company is a close company, if he is a director of the company (within the meaning given by section 67 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1)) or a beneficial owner of shares in the company; and in any other case, if he is such a director of the company. for determining the number of relevant persons to be taken into account for the purposes of sub-paragraph (2) (for example, where the number of such persons has fluctuated over a period); for the purpose of enabling a company which does not satisfy the condition in sub-paragraph (1) to be treated as satisfying that condition in such circumstances as may be prescribed. The company must, subject to sub-paragraphs (2) and (3), have complied with— any obligation imposed on it in the qualifying period (see paragraph 14)— all requests made in the qualifying period to supply to the Inland Revenue accounts of, or other information about, its business. A company that has failed to comply with such an obligation or request as— A company that has failed to comply with such an obligation or request as is referred to in sub-paragraph (1) is to be treated as satisfying the condition in that sub-paragraph as regards that obligation or request if the Board of Inland Revenue are of the opinion that— the company had a reasonable excuse for the failure to comply, and if the excuse ceased, it complied with the obligation or request without unreasonable delay after the excuse had ceased. The company must, if any contribution has at any time during the qualifying period become due from the company under— The company must have complied with any obligations imposed on it by the following provisions of the Companies Act 1985 (c. 6) in so far as those obligations fell to be complied with within the qualifying period— sections 226, 241 and 242 (contents, laying and delivery of annual accounts); section 288(2) (return of directors and secretary and notification of changes therein); sections 363 to 365 (annual returns); section 691 (registration of constitutional documents and list of directors and secretary of oversea company); section 692 (notification of changes in constitution or directors or secretary of oversea company); section 693 (oversea company to state its name and country of incorporation); section 699 (obligations of companies incorporated in Channel Islands or Isle of Man); Chapter 2 of Part 23 (accounts of oversea company). The company must have complied with any obligations imposed on it by the following provisions of the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)) in so far as those obligations fell to be complied with within the qualifying period— Articles 234, 249 and 250 (contents, laying and delivery of annual accounts); Article 296(2) (return of directors and secretary and notification of changes therein); Articles 371 to 373 (annual returns); Article 641 (registration of constitutional documents and list of directors and secretary of Part XXIII company); Article 642 (notification of changes in constitution or directors or secretary of Part XXIII company); Article 643 (Part XXIII company to state its name and country of incorporation); Article 649 (accounts of Part XXIII company). There must be reason to expect that the company will, in respect of periods after the qualifying period, comply with— all such obligations as are referred to in paragraphs 10 and 11 and sub-paragraphs (1) to (6), and Subject to sub-paragraphs (2) and (3), a company is not to be taken for the purposes of this paragraph to have complied with any such obligation or request as is referred to in sub-paragraphs (1) to (6) if there has been a contravention of a requirement as to— This paragraph is subject to paragraph 12A (exception from compliance test: companies). The conditions in paragraph 12 (compliance test: companies) do not need to be satisfied by the company if, at the time of the application— one or more of its members is registered for gross payment (whether as a partner in a firm or otherwise), and that member possesses or is entitled to acquire or those members together possess or are entitled to acquire— at least 50% of the share capital or issued share capital of the company, at least 50% of the voting power in the company, so much of the issued share capital of the company as would, on the assumption that the whole of the income of the company were distributed among its members, entitle the member or members mentioned in paragraph (a) to receive at least 50% of the amount so distributed, or such rights as would entitle the member or members mentioned in paragraph (a), in the event of the winding up of the company or in any other circumstances, to receive at least 50% of the assets of the company which would then be available for distribution among its members. In sub-paragraph (1)(a) the reference to registration for gross payment does not include registration for gross payment by virtue of this paragraph or paragraph 8A (exception from compliance test: firms). For the purposes of this paragraph a person is treated as entitled to acquire anything which the person— is entitled to acquire at a future date, or will at a future date be entitled to acquire. Any rights that a member or any other person has as a loan creditor are to be disregarded for the purposes of the assumption in sub-paragraph (1)(b)(iii); and for this purpose “loan creditor” has the same meaning as in Part 10 of the Corporation Tax Act 2010 (close companies). The Treasury may by order made by statutory instrument amend this Schedule by— a condition for registration for gross payment. No statutory instrument containing an order under this paragraph shall be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons. In this Schedule “the qualifying period” means the period of 12 months ending with the date of the application in question. For any part of the qualifying period falling on 1 October 2009 or later, paragraph 12(5) must be understood as referring instead to— the Companies Act 2006 (c. 46) sections 394, 395, 437 and 441 (accounts); sections 167(1), 167(2), 276(1) and 276(2) of that Act (changes in director or secretary); Part 24 of that Act (annual returns); regulations under Part 34 of that Act (overseas companies) which are about— registration of particulars, accounts, reports or returns, trading disclosures. For such part of the qualifying period, paragraph 12(6) must be disregarded and paragraphs 12(7)(a) and 12(8) understood as referring to sub-paragraphs (1) to (5) instead of (1) to (6). Any power under this Schedule to make regulations prescribing the evidence required for establishing what is likely to happen at any time includes power to provide for such matters to be presumed (whether conclusively or unless the contrary is shown in the manner provided for in the regulations) from evidence of what has previously happened. Regulations under paragraph 3(1), 7 (1) or 11 (1) prescribing the evidence required for establishing the amount by way of relevant payments likely to be received by a person may make different provision according to whether— the person is applying for registration for gross payment, or the Board of Inland Revenue are considering whether to make a determination under section 66(1)(a) cancelling the person’s registration for gross payment. Section 12B of the Taxes Management Act 1970 (c. 9) is amended as follows. In subsection (4A) (records in respect of which duty to preserve records may not be satisfied by preservation of information contained in them) for paragraph (b) substitute— any record (however described) which is required by regulations under section 70(1)(c) of the Finance Act 2004 to be given to a sub-contractor (within the meaning of section 58 of that Act) on the making of a payment to which section 61 of that Act (deductions on account of tax) applies; Section 59D of the Taxes Management Act 1970 is amended as follows. In subsection (4)(d) (amounts taken into account in determining whether repayment is due under subsection (2)) for “by virtue of regulations under section 559A of the principal Act” substitute “ by virtue of regulations under section 62 of the Finance Act 2004 ”. Section 59DA of the Taxes Management Act 1970 is amended as follows. In subsection (7) (deductions under section 559 of the Taxes Act 1988 to be disregarded in considering whether amount paid by company exceeds its probable tax liability, where claim made before return delivered) for “section 559 of the principal Act” substitute “ section 61 of the Finance Act 2004 ”. Section 62 of the Taxes Management Act 1970 is amended as follows. In subsection (1A)(b) (goods or chattels of person in default not to be taken in execution etc unless person seeking execution pays to collector sums due from person in default in respect of deductions under section 559 of the Taxes Act 1988) for “section 559 of the principal Act” substitute “ section 61 of the Finance Act 2004 ”. Section 63 of the Taxes Management Act 1970 (c. 9) is amended as follows. In subsection (3)(b) (application for summary warrant relating to sums due in respect of deductions required to be made under section 559 of the Taxes Act 1988: no requirement to state that 14 days have elapsed since demand) for “section 559 of the principal Act” substitute “ section 61 of the Finance Act 2004 ”. Section 64 of the Taxes Management Act 1970 is amended as follows. In subsection (1A)(b) (moveable goods and effects of person in default not to be taken by diligence etc unless person proceeding to take goods and effects pays to collector sums due from person in default in respect of deductions under section 559 of the Taxes Act 1988) for “section 559 of the principal Act” substitute “ section 61 of the Finance Act 2004 ”. Section 98 of the Taxes Management Act 1970 is amended as follows. In the first column of the Table, omit the entry relating to section 561(8) of the Taxes Act 1988. In the second column of the Table, omit the entry relating to regulations under section 566(1), (2) or (2A) of that Act. In the first column of the Table, insert at the appropriate place— “ Regulations under section 70(3) of the Finance Act 2004. ”. In the second column of the Table, insert at the appropriate place— “ Regulations under section 65(2), 69(1), 70(1)(a) or (c) or 71 of the Finance Act 2004. ”. Section 98A of the Taxes Management Act 1970 is amended as follows. In subsection (1) (regulations which may provide for section 98A to apply) for “section 566 (1) (sub-contractors) of the principal Act” substitute “ section 70(1)(a) or 71 of the Finance Act 2004 (sub-contractors) ”. In subsection (2)(b) (penalty for failure to make return continuing beyond 12 months)— after “not exceeding” insert— in the case of a provision of PAYE regulations, at the end insert in the case of a provision of regulations under section 70(1)(a) or 71 of the Finance Act 2004, £3,000. In subsection (4)(a) (penalty for fraudulently or negligently making incorrect return) after “year of assessment” insert “ (in the case of a provision of PAYE regulations) or period (in the case of a provision of regulations under section 70(1)(a) or 71 of the Finance Act 2004) ”. The Taxes Act 1988 is amended as follows. In Part 13, omit Chapter 4. Schedule 1 to the Social Security Contributions and Benefits Act 1992 (c. 4) is amended as follows. In paragraph 7 (special penalties in case of certain returns) in sub-paragraph (1) (paragraph 7 to apply to certain returns made at the same time as a return made under regulations under section 566 (1) of the Taxes Act 1988 etc) in paragraph (a) for “section 566 (1) (sub-contractors) of the Income and Corporation Taxes Act 1988” substitute “ section 70(1)(a) or 71 (sub-contractors) of the Finance Act 2004 ”. Schedule 1 to the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) is amended as follows. Section 56 of the Finance Act 1998 (c. 36) is amended as follows. In subsection (8) (meaning of “construction trade”) for “Chapter 4 of Part 13 of the Taxes Act 1988” substitute “ section 74 of the Finance Act 2004 ”. Schedule 18 to the Finance Act 1998 is amended as follows. In paragraph 22 (preservation of information instead of original records) in sub-paragraph (3) (records in respect of which duty to preserve records may not be satisfied by preservation of information contained in them) for paragraph (b) substitute— Section 54 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) is amended as follows. In subsection (2) (intermediary to be treated, in calculating the deemed employment payment, as if amounts received subject to deduction under section 559 of the Taxes Act 1988 had been received without deduction) for “section 559 of ICTA” substitute “ section 61 of the Finance Act 2004 ”. In Chapter 11 of Part 4 of the Income Tax (Earnings and Pensions) Act 2003 (miscellaneous exemptions), for section 318 (care for children) substitute— No liability to income tax arises by virtue of Chapter 10 of Part 3 (taxable benefits: residual liability to charge) in respect of the provision for an employee of care for a child if conditions A to D are met. For the meaning of “care” and “child”, see section 318B. If those conditions are met only as respects part of the provision, no such liability arises in respect of that part. Condition A is that the child— is a child or stepchild of the employee and is maintained (wholly or partly) at the employee’s expense, is resident with the employee, or is a person in respect of whom the employee has parental responsibility. For the meaning of “parental responsibility”, see section 318B.

the premises on which the care is provided are not used wholly or mainly as a private dwelling, and any applicable registration requirement is met. The registration requirements are— in England and Wales, that under Part 10A of the Children Act 1989; in Scotland, that under Part 1 or 2 of the Regulation of Care (Scotland) Act 2001; in Northern Ireland, that under Part XI of the Children (Northern Ireland) Order 1995. Condition C is that— the premises on which the care is provided are made available by the scheme employer alone, or the partnership requirements are met. In this section “scheme employer” means the employer operating the scheme under which the care is provided (who need not be the employer of the employee). The partnership requirements are— that the care is provided under arrangements made by persons who include the scheme employer, that the premises on which it is provided are made available by one or more of those persons, and that under the arrangements the scheme employer is wholly or partly responsible for financing and managing the provision of the care. Condition D is that the care is provided under a scheme that is open— to the scheme employer’s employees generally, or generally to those of the scheme employer’s employees at a particular location, and that the employee to whom it is provided is either an employee of the scheme employer or is an employee working at the same location as employees of the scheme employer to whom the scheme is open. If conditions A to C are met in relation to the provision for an employee of care for a child, liability to income tax by virtue of Chapter 10 of Part 3 (taxable benefits: residual liability to charge) arises only in respect of so much of the cash equivalent of the benefit as exceeds the exempt amount. If those conditions are met only as respects part of the provision, subsection (1) applies in respect of that part. is a child or stepchild of the employee and is maintained (wholly or partly) at the employee’s expense, or is resident with the employee and is a person in respect of whom the employee has parental responsibility. Condition B is that the care is qualifying child care. For the meaning of “qualifying child care”, see section 318C. Condition C is that the care is provided under a scheme that is open— to the employer’s employees generally, or generally to those at a particular location. For the purposes of this section the “exempt amount”, in any tax year, is £50 for each qualifying week in that year. A “qualifying week” means a tax week in which care is provided for a child in circumstances in which conditions A to C are met. A “tax week” means one of the successive periods in a tax year beginning with the first day of that year and every seventh day after that (so that the last day of a tax year or, in the case of a tax year ending in a leap year, the last two days is treated as a separate week). An employee is only entitled to one exempt amount even if care is provided for more than one child. But it does not matter that another person may also be entitled to an exempt amount in respect of the same child. An employee is not entitled to an exempt amount under this section and under section 270A (limited exemption for childcare vouchers) in respect of the same tax week. For the purposes of sections 318 and 318A (exemptions for employer-provided or employer-contracted childcare) “care” means any form of care or supervised activity that is not provided in the course of the child’s compulsory education. For the purposes of those sections a person is a “child” until the last day of the week in which falls the 1st September following the child’s fifteenth birthday (or sixteenth birthday if the child is disabled). For the purposes of subsection (2) a child is disabled if— a disability living allowance is payable in respect of him, or has ceased to be payable solely because he is a patient, he— is registered as blind in a register compiled by a local authority under section 29 of the National Assistance Act 1948 (welfare services), has been certified as blind in Scotland and in consequence is registered as blind in a register maintained by or on behalf of a local authority in Scotland, or has been certified as blind in Northern Ireland and in consequence is registered as blind in a register maintained by or on behalf of a Health and Social Services Board, or he ceased to be so registered as blind within the previous 28 weeks. In subsection (3)(a) “patient” means a person (other than a person who is serving a sentence imposed by a court in a prison or youth custody institution or, in Scotland, a young offenders' institution) who is regarded as receiving free in-patient treatment within the meaning of the Social Security (Hospital In-Patients) Regulations 1975 or the Social Security (Hospital In-Patients) Regulations (Northern Ireland) 1975. For the purposes of sections 318 and 318A “parental responsibility” means all the rights, duties, powers, responsibilities and authority which by law a parent of a child has in relation to the child and the child’s property. In this section and section 318C “local authority” means— in relation to England, the council of a county or district, a metropolitan district, a London Borough, the Common Council of the City of London or the Council of the Isles of Scilly; in relation to Wales, the council of a county or county borough; in relation to Scotland, a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994. For the purposes of section 318A “qualifying child care” means registered or approved care within any of subsections (2) to (6) below that is not excluded by subsection (7) below. Care provided for a child in England is registered or approved care if it is provided— by a person registered under Part 10A of the Children Act 1989, by a school or establishment that does not need to be registered under that Part to provide the care because of an exemption under paragraph 1 or 2 of Schedule 9A to that Act, in the case of care provided for a child out of school hours between the child’s 8th birthday and the last day on which he is treated as being a child, by a school on school premises or by a local authority, or by a child care provider approved by an organisation accredited under the Tax Credit (New Category of Child Care Provider) Regulations 1999, wholly or mainly in the child’s home by a child care provider approved in accordance with the Tax Credits (Approval of Home Child Care Providers) Scheme 2003, or by a domiciliary care worker under the Domiciliary Care Agencies Regulations 2002. Care provided for a child in Wales is registered or approved care if it is provided— by a child care provider approved by an organisation accredited under the Tax Credit (New Category of Child Care Provider) Regulations 1999. Care provided for a child in Scotland is registered or approved care if it is provided— by a person in circumstances where the care service provided by him— consists of child minding or of day care of children within the meaning of section 2 of the Regulation of Care (Scotland) Act 2001, and is registered under Part 1 of that Act, or by a local authority in circumstances where the care service provided by the local authority— is registered under Part 2 of that Act. Care provided for a child in Northern Ireland is registered or approved care if it is provided— by a person registered under Part XI of the Children (Northern Ireland) Order 1995, or by an institution or establishment that does not need to be registered under that Part to provide the care because of an exemption under Article 121 of that Order, or in the case of care provided for a child out of school hours between the child’s 12th birthday and the last day on which he is treated as being a child, by a school on school premises or by an education and library board or an HSS trust. Care provided for a child outside the United Kingdom is registered or approved child care if it is provided by a child care provider approved by an organisation accredited under the Tax Credit (New Category of Child Care Provider) Regulations 2002. Child care is excluded from section 318A— if it is provided by the partner of the employee in question, or if it is provided by a relative of the child wholly or mainly in the child’s home or (if different) the home of a person having parental responsibility for the child. In subsection (7)— “partner” means one of a married or unmarried couple; and “relative” means parent, grandparent, aunt, uncle, brother or sister, whether by blood, half blood or marriage. The Treasury may by order amend section 318A(6) (employer-contracted care: the exempt amount) so as to substitute a different sum of money for that for the time being specified. The Treasury may by regulations make such amendments of the provisions of sections 318 to 318C relating to the qualifying conditions for the exemptions conferred by sections 318 and 318A as appear to them appropriate having regard to the corresponding provisions of regulations under section 12 of the Tax Credits Act 2002 relating to entitlement to the child care element of working tax credit. Chapter 4 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (taxable benefits: vouchers and credit-tokens) is amended as follows. In section 84 (meaning of “non-cash voucher”)— in subsection (1), after paragraph (a) insert— a childcare voucher, In this Chapter “childcare voucher” means a voucher, stamp or similar document or token intended to enable a person to obtain the provision of care for a child (whether or not in exchange for it). In section 87 (benefit of non-cash voucher treated as earnings), after subsection (3) insert— In the case of a childcare voucher, the reference in subsection (3)(b) to the services for which the voucher is capable of being exchanged is to the provision of care for a child which may be obtained by using it. In section 95 (disregard for money, goods or services obtained), after subsection (3) insert— In the case of a childcare voucher, the reference in subsection (2)(a) to the services obtained in exchange for the voucher is to the provision of care for a child obtained by using it. In Chapter 6 of Part 4 of the Income Tax (Earnings and Pensions) Act 2003 (exemptions: non-cash vouchers and credit-tokens), after section 270 insert— If qualifying childcare vouchers are provided for an employee, liability to income tax by virtue of Chapter 4 of Part 3 (taxable benefits: vouchers and credit tokens) arises only in respect of so much of the cash equivalent of the benefit as exceeds the exempt amount. A “qualifying childcare voucher” means a non-cash voucher in relation to which Conditions A to C are met. Condition A is that the voucher is provided to enable an employee to obtain care for a child who— Condition B is that the voucher can only be used to obtain qualifying child care. Condition C is that the vouchers are provided under a scheme that is open— A “qualifying week” means a tax week in respect of which a qualifying childcare voucher is received. An employee is not entitled to an exempt amount under this section and under section 318A (limited exemption for employer-contracted childcare) in respect of the same tax week. In this section “care”, “child”, “parental responsibility” and “qualifying child care” have the same meaning as in section 318A (see sections 318B and 318C). The powers conferred by section 318D (childcare: power to vary exempt amount and qualifying conditions) are exercisable— in relation to the exempt amount specified in subsection (6) above as in relation to the exempt amount specified in section 318A(6), and in relation to the qualifying conditions for the exemption conferred by this section as in relation to the qualifying conditions for the exemption conferred by section 318A. Section 114 (cars, vans and related benefits) is amended as follows. In subsection (2), in paragraph (c), for “166” substitute “ 159 ”and after that paragraph insert ; and sections 160 to 164 provide for the cash equivalent of the benefit of any fuel provided for the van to be treated as earnings in certain circumstances. This Chapter does not apply to a van in relation to a tax year if the private use of the van during the tax year by the employee or member of the employee’s family or household is insignificant. In subsection (4), insert at the end— “ section 169A (van available to more than one member of family or household employed by same employer). ” In section 116(2) (when car is first made available and last day on which car is available), after “car”, in each place, insert “ or van ”. In section 119 (where alternative to benefit of car offered), after “car”, in each place (including the heading), insert “ or van ”. For sections 155 to 166 substitute— What is the cash equivalent of the benefit of a van for a tax year depends on whether or not the restricted private use condition is met in relation to the van for the year. The cash equivalent of the benefit of the van for the year is— nil if that condition is met in relation to the van for the tax year, and the amount given by subsection (3) if it is not. That amount is— where the tax year is the tax year 2005-06 or 2006-07— £500 if the age of the van is less than 4 years at the end of the tax year, and £350 in any other case, and where the tax year is a later tax year, £3,000. The restricted private use condition is met in relation to a van for a tax year if— the commuter use requirement is satisfied throughout the year (or the part of the year on which it is available to the employee) or the extent to which it is not satisfied during that period is insignificant, and the business travel requirement is satisfied throughout the year (or the part of the year on which it is available to the employee). The commuter use requirement is satisfied at any time if— the terms on which the van is available to the employee at the time prohibit its private use otherwise than for the purposes of ordinary commuting or travel between two places that is for practical purposes substantially ordinary commuting, and neither the employee nor a member of the employee’s family or household makes private use of the van at the time otherwise than for those purposes. In subsection (5) “ordinary commuting” has the same meaning as in section 338 (travel for necessary attendance) (see subsection (3) of that section). The business travel requirement is satisfied at a time if the van is available to the employee at the time mainly for use for the purposes of the employee’s business travel (see section 171(1)). The cash equivalent of the van may be reduced— under section 156 for any periods when the van is unavailable, under section 157 where the van is shared, and under section 158 in respect of payments by the employee for the private use of the van. The cash equivalent of the benefit of a van for a tax year under section 155(2)(a) or (b) is to be reduced if the van has been unavailable on any day during the year. For the purposes of this section a van is unavailable on any day if the day— falls before the first day on which the van is available to the employee, falls after the last day on which the van is available to the employee, or falls within a period of 30 days or more throughout which the van is not available to the employee. The amount of the reduction is given by the formula— U is the number of days in the year on which the van is unavailable, Y is the number of days in the year, and CE is the amount of the cash equivalent before any reduction. This section applies if in a tax year a van— is available to more than one employee concurrently, is so made available by the same employer, and is available concurrently for each employee’s private use. The cash equivalent of the benefit of the van to each of those employees for that year— is to be calculated separately under sections 155 and 156, and is then to be reduced on a just and reasonable basis. If — any of the employees mentioned in subsection (1)(a) (“E”) is a member of the family or household of another of them (“M”), and E’s employment is an excluded employment, the availability of the van to E is to be disregarded when applying subsection (2)(b) in respect of M. In this section the reference to the van being available for each employee’s private use includes a reference to the van being available for the private use of a member of the employee’s family or household. The cash equivalent of the benefit of a van for a tax year under section 155(2)(a) or (b) (after any reduction under sections 156 and 157) is to be reduced if, as a condition of the van being available for the employee’s private use, the employee— is required in that year to pay (whether by way of deduction from earnings or otherwise) an amount of money for that use, and makes such payment. If the amount paid by the employee in respect of that year is equal to or exceeds that cash equivalent, it is reduced to nil. In any other case that cash equivalent is reduced by the amount paid by the employee. In this section the reference to the van being available for the employee’s private use includes a reference to the van being available for the private use of a member of the employee’s family or household. the van normally available to an employee (“the normal van”) is not available to the employee for a period of less than 30 days, another van (“the replacement van”) is made available to the employee in order to replace the normal van for the whole or part of that period, and the employee is chargeable to tax in respect of both the normal van and the replacement van by virtue of section 154. If this section applies— section 156 applies so that the replacement van is to be treated as unavailable on the days during the period on which it replaces the normal van, and sections 155, 157 and 158 apply as if the replacement van were the normal van. If in a tax year— fuel is provided for a van by reason of an employee’s employment, that person is chargeable to tax in respect of the van by virtue of section 154, and the cash equivalent of the van for that year is that under section 155(2)(b), the cash equivalent of the benefit of the fuel is to be treated as earnings from the employment for that year. The cash equivalent of the benefit of the fuel is calculated in accordance with sections 161 to 164. Fuel is to be treated as provided for a van, in addition to any other way in which it may be provided, if— any liability in respect of the provision of fuel for the van is discharged, a non-cash voucher or a credit-token is used to obtain fuel for the van, a non-cash voucher or a credit-token is used to obtain money which is spent on fuel for the van, or any sum is paid in respect of expenses incurred in providing fuel for the van. References in this section to fuel do not include any facility or means for supplying electrical energy for an electrically propelled vehicle. The cash equivalent of the benefit of the fuel is— where the tax year is the tax year 2005-06 or 2006-07, nil, and where the tax year is a later tax year, £500. The cash equivalent of the benefit of the fuel is nil if condition A or B is met. Condition A is met if in the tax year in question— the employee is required to make good to the person providing the fuel the whole of the expense incurred by that person in connection with the provision of the fuel for the employee’s private use, and the employee does make good that expense. Condition B is met if in the tax year in question the fuel is made available only for business travel (see section 171(1)). The cash equivalent of the benefit of the fuel is to be proportionately reduced if for any part of the tax year in question the van for which the fuel is provided is unavailable (within the meaning of section 156 (reduction for periods when van unavailable)). But if section 159 (van temporarily replaced) applies— section 160 applies as if the replacement van were the normal van, and for the purposes of subsection (1) the replacement van is to be treated as unavailable on the days during the period on which it replaces the normal van. The cash equivalent of the benefit of the fuel is also to be proportionately reduced if for any part of the tax year in question— the facility for the provision of fuel as mentioned in section 160 (1) is not available, the fuel is made available only for business travel (see section 171(1)), or the employee is required to make good to the person providing the fuel the whole of the expense incurred by that person in connection with the provision of the fuel for the employee’s private use and the employee does make good that expense. The fact that any of the conditions specified in subsection (3) is met for part of a tax year is to be disregarded if there is a time later in that year when none of those conditions is met. Where the cash equivalent is to be proportionately reduced under subsection (1) or (3) (or under both those subsections), the reduced amount is given by the formula— CE is the amount of the cash equivalent before any reduction, Y is the number of days in the tax year in question, and D is the total number of days in the tax year on which either the van is unavailable or one or more of the conditions in subsection (3) is met. If a reduction of the cash equivalent of the benefit of the van for which the fuel is provided is made under section 157 (reduction of cash equivalent where van is shared), a corresponding reduction is to be made in relation to the cash equivalent of the benefit of the fuel. After section 169 insert— an employee (“E”) and a member of the employee’s family or household (“M”) are employed by the same employer, and as a result of a van being made available to M in a tax year, E would (apart from this section) be chargeable to tax in respect of the van in that year by virtue of section 154. The cash equivalent of the benefit of the van and of any fuel provided for the van by reason of E’s employment is not to be treated as E’s earnings for that year if— M is chargeable to tax in respect of the van in that year by virtue of section 154, or where M’s employment is an excluded employment, M had the benefit of the van in M’s own right as an employee and condition A or B is met. Condition A is met if equivalent vans are made available on the same terms to employees who— are in similar employment to M with the same employer, and are not members of the family or household of employees of that employer who are employed in employment which is not an excluded employment. Condition B is met if the making available of an equivalent van is in accordance with the normal commercial practice for an employment of the kind held by M. Section 170 (orders etc.) is amended as follows. The Treasury may by order substitute a different amount for that for the time being specified in— section 155(2)(a) (cash equivalent where van subject only to restricted private use by employee), and section 155(3)(b) (cash equivalent in other cases). In subsection (2), after “(1)” insert “ or (1A) ”. In subsection (5), insert at the end “ or section 161(b) (van fuel: cash equivalent) ”. In section 237 (exemption from Chapter 10 of Part 3 in respect of provision of workplace parking), in subsection (3)(a) (car parking space to be “workplace parking”), for “car parking space” substitute “ parking space for a car or van ”. “IHTA 1984” means the Inheritance Tax Act 1984 (c. 51); “ITTOIA 2005” means the Income Tax (Trading and Other Income Act) 2005; “the 1986 Act” means the Finance Act 1986 (c. 41); “chattel” means any tangible movable property (or, in Scotland, corporeal movable property) other than money; “excluded transaction” has the meaning given by paragraph 10; “intangible property” means any property other than chattels or interests in land; “interest in land” has the same meaning as in Chapter 4 of Part 6 of IHTA 1984; “land” has the same meaning as in IHTA 1984; “property” has the same meaning as in IHTA 1984; “regulations” means regulations made by the Treasury under this Schedule; “settlement” and “settled property” have the same meanings as in IHTA 1984. For the purposes of this Schedule whether a person is connected with another person is determined in accordance with section 993 of the Income Tax Act 2007. But for those purposes sections 993 and 994 of that Act are to be read as if in those sections— “relative” included uncle, aunt, nephew and niece, and “settlement”, “settlor” and “trustee” had the same meanings as in IHTA 1984. an individual (“the chargeable person”) occupies any land (“the relevant land”), whether alone or together with other persons, and the disposal condition or the contribution condition is met as respects the land. The disposal condition is that— at any time after 17th March 1986 the chargeable person owned an interest— in the relevant land, or in other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of an interest in the relevant land, and the chargeable person has disposed of all, or part of, his interest in the relevant land or the other property, otherwise than by an excluded transaction. The contribution condition is that at any time after 17th March 1986 the chargeable person has directly or indirectly provided, otherwise than by an excluded transaction, any of the consideration given by another person for the acquisition of— an interest in the relevant land, or an interest in any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of an interest in the relevant land. For the purposes of this paragraph a disposition which creates a new interest in land out of an existing interest in land is to be taken to be a disposal of part of the existing interest. Where this paragraph applies to a person in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 4 is to be treated as income of his chargeable to income tax. For any taxable period the chargeable amount in relation to the relevant land is the appropriate rental value (as determined under sub-paragraph (2)), less the amount of any payments which, in pursuance of any legal obligation, are made by the chargeable person during the period to the owner of the relevant land in respect of the occupation of the land by the chargeable person. The appropriate rental value is— R is the rental value of the relevant land for the taxable period, DV is— (a) in a case falling within paragraph 3(2)(a)(i), the value as at the valuation date of the interest in the relevant land that was disposed of as mentioned in paragraph 3(2)(b) by the chargeable person or, where the disposal was a non-exempt sale, the appropriate proportion of that value, (b) in a case falling within paragraph 3(2)(a)(ii), such part of the value of the relevant land at the valuation date as can reasonably be attributed to the property originally disposed of by the chargeable person or, where the original disposal was a non-exempt sale, to the appropriate proportion of that property, and (c) in a case falling within paragraph 3(3), such part of the value of the relevant land at the valuation date as can reasonably be attributed to the consideration provided by the chargeable person, and V is the value of the relevant land at the valuation date. The “rental value”of the land for the taxable period is the rent which would have been payable for the period if the property had been let to the chargeable person at an annual rent equal to the annual value. The disposal by the chargeable person of an interest in land is a “non-exempt sale”if (although not an excluded transaction) it was a sale of his whole interest in the property for a consideration paid in money in sterling or any other currency; and, in relation to a non-exempt sale, “the appropriate proportion” is— MV is the value of the interest in land at the time of the sale; P is the amount paid. Regulations may— in relation to any valuation date, provide for a valuation of the relevant land or any interest in the relevant land by reference to an earlier valuation date to apply subject to any prescribed adjustments, and in relation to any year of assessment, provide for a determination of the rental value of the land by reference to any earlier year of assessment to apply subject to any prescribed adjustments. “the taxable period” means the year of assessment, or part of a year of assessment, during which paragraph 3 applies to the chargeable person; “the valuation date”, in relation to a taxable period, means such date as may be prescribed. For the purposes of paragraph 4 the annual value of the relevant land is the rent which might reasonably be expected to be obtained on a letting from year to year if— the tenant undertook to pay all taxes, rates and charges usually paid by a tenant, and the landlord undertook to bear the costs of the repairs and insurance and the other expenses (if any) necessary for maintaining the property in a state to command that rent. For the purposes of sub-paragraph (1) that rent— is to be taken to be the amount that might reasonably be expected to be so obtained in respect of a letting of the land, and is to be calculated on the basis that the only amounts that may be deducted in respect of services provided by the landlord are amounts in respect of the cost to the landlord of providing any relevant services. In this paragraph “relevant service” means a service other than the repair, insurance or maintenance of the premises. an individual (“the chargeable person”) is in possession of, or has the use of, a chattel, whether alone or together with other persons, and the disposal condition or the contribution condition is met as respects the chattel. at any time after 17th March 1986 the chargeable person had (whether alone or jointly with others) owned— the chattel, or any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of the chattel, and the chargeable person disposed of all or part of his interest in the chattel or other property otherwise than by an excluded transaction. The contribution condition is that at any time after 17th March 1986 the chargeable person had directly or indirectly provided, otherwise than by an excluded transaction, any of the consideration given by another person for the acquisition of— any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of the chattel. For the purposes of this paragraph, a disposition which creates a new interest in a chattel out of an existing interest in a chattel is to be taken to be a disposal of part of the existing interest. Where this paragraph applies to a person in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 7 is to be treated as income of his chargeable to income tax. For any taxable period the chargeable amount in relation to any chattel is the appropriate amount (as determined under sub-paragraph (2)), less the amount of any payments which, in pursuance of any legal obligation, are made by the chargeable person during the period to the owner of the chattel in respect of the possession or use of the chattel by the chargeable person. N is the amount of the interest that would be payable for the taxable period if interest were payable at the prescribed rate on an amount equal to the value of the chattel as the valuation date, (a) in a case falling within paragraph 6(2)(a)(i), the value as at the valuation date of the interest in the chattel that was disposed of as mentioned in paragraph 6(2)(b) by the chargeable person or, where the disposal was a non-exempt sale, the appropriate proportion of that value, (b) in a case falling within paragraph 6(2)(a)(ii), such part of the value of the chattel at the valuation date as can reasonably be attributed to the property originally disposed of by the chargeable person or, where the original disposal was a non-exempt sale, to the appropriate proportion of that property, and (c) in a case falling within paragraph 6(3), such part of the value of the chattel at the valuation date as can reasonably be attributed to the consideration provided by the chargeable person, and V is the value of the chattel at the valuation date. The disposal by the chargeable person of an interest in a chattel is a “non-exempt sale”if (although not an excluded transaction) it was a sale of his whole interest in the chattel for a consideration paid in money in sterling or any other currency; and, in relation to a non-exempt sale, “the appropriate proportion” is— MV is the value of the interest in the chattel at the time of the sale; Regulations may, in relation to any valuation date, provide for a valuation of the chattel or any interest in the chattel by reference to an earlier valuation date to apply subject to any prescribed adjustments. “the taxable period” means the year of assessment, or part of a year of assessment, during which paragraph 6 applies to the chargeable person; the terms of a settlement, as they affect any property comprised in the settlement, are such that any income arising from the property would be treated by virtue of section 624 of ITTOIA 2005 (income arising under settlement where settlor retains an interest) as income of a person (“the chargeable person”) who is for the purposes of Chapter 5 of Part 5 of that Act the settlor, any such income would be so treated even if section 625(1) of ITTOIA 2005 (settlor's retained interest) did not include any reference to the spouse or civil partner of the settlor, and that property includes any property as respects which the condition in sub-paragraph (2) is met (“the relevant property”). The condition mentioned in sub-paragraph (1)(c) is that the property is intangible property which is or represents property which the chargeable person settled, or added to the settlement, after 17th March 1986. Where this paragraph applies in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 9 is to be treated as income of the chargeable person chargeable to income tax. For the purpose of deciding whether the condition in sub-paragraph (1)(a) is met, ignore section 628A of ITTOIA 2005 (which provides for section 624 of that Act not to apply to certain foreign income arising under a settlement). For any taxable period the chargeable amount in relation to the relevant property is N minus T where— N is the amount of the interest that would be payable for the taxable period if interest were payable at the prescribed rate on an amount equal to the value of the relevant property at the valuation date, and T is the amount of any income tax or capital gains tax payable by the chargeable person in respect of the taxable period by virtue of any of the following provisions— (a) section 461 of ITTOIA 2005, (b) section 624 of that Act, (c) sections 720 to 730 of the Income Tax Act 2007, (d) section 77 of the Taxation of Chargeable Gains Act 1992 (c. 12), and (e) section 86 of that Act, so far as the tax is attributable to the relevant property. Regulations may, in relation to any valuation date, provide for a valuation of the relevant property by reference to an earlier valuation date to apply subject to any prescribed adjustments. “the taxable period” means the year of assessment, or part of a year of assessment, during which paragraph 8 applies to the chargeable person; “the valuation date”, in relation to a year of assessment, means such date as may be prescribed. For the purposes of paragraphs 3(2) and 6(2) (the disposal condition), the disposal of any property is an “excluded transaction” in relation to any person (“the chargeable person”) if— it was a disposal of his whole interest in the property, except for any right expressly reserved by him over the property, either— by a transaction made at arm’s length with a person not connected with him, or by a transaction such as might be expected to be made at arm’s length between persons not connected with each other, the property was transferred to his spouse or civil partner (or where the transfer has been ordered by a court, to his former spouse or civil partner), it was a disposal by way of gift (or, where the transfer is for the benefit of his former spouse or civil partner, in accordance with a court order), by virtue of which the property became settled property in which his spouse or civil partner or former spouse or civil partner is beneficially entitled to an interest in possession, the disposal was a disposition falling within section 11 of IHTA 1984 (dispositions for maintenance of family), or the disposal is an outright gift to an individual and is for the purposes of IHTA 1984 a transfer of value that is wholly exempt by virtue of section 19 (annual exemption) or section 20 (small gifts). For the purposes of paragraphs 3(3) and 6(3) (the contribution condition) the provision by a person (“the chargeable person”) of consideration for another’s acquisition of any property is an “excluded transaction” in relation to the chargeable person if— the other person was his spouse or civil partner (or, where the transfer has been ordered by the court, his former spouse or civil partner), on its acquisition the property became settled property in which his spouse or civil partner or former spouse or civil partner is beneficially entitled to an interest in possession, the provision of the consideration constituted an outright gift of money (in sterling or any other currency) by the chargeable person to the other person and was made at least seven years before the earliest date on which the chargeable person met the condition in paragraph 3(1)(a) or, as the case may be, 6(1)(a), the provision of the consideration is a disposition falling within section 11 of IHTA 1984 (dispositions for maintenance of family), or the provision of the consideration is an outright gift to an individual and is for the purposes of IHTA 1984 a transfer of value that is wholly exempt by virtue of section 19 (annual exemption) or section 20 (small gifts). A disposal is not an excluded transaction by virtue of sub-paragraph (1)(c) or (2)(b), if the interest in possession of the spouse or civil partner or former spouse or civil partner has come to an end otherwise than on the death of the spouse or civil partner or former spouse or civil partner. Paragraph 3 (land), paragraph 6 (chattels) and paragraph 8 (intangible property) do not apply to a person at a time when his estate for the purposes of IHTA 1984 includes— the relevant property, or other property— which derives its value from the relevant property, and whose value, so far as attributable to the relevant property, is not substantially less than the value of the relevant property. Where the estate for the purposes of IHTA 1984 of a person to whom paragraph 3, 6 or 8 applies includes property— whose value, so far as attributable to the relevant property, is substantially less than the value of the relevant property, the appropriate rental value in paragraph 4, the appropriate amount in paragraph 7 or the chargeable amount in paragraph 9 (as the case may be) is to be reduced by such proportion as is reasonable to take account of the inclusion of the property in his estate. Paragraphs 3, 6 and 8 do not apply to a person at a time when— any other property— whose value, so far as attributable to the relevant property, is not substantially less than the value of the relevant property, falls within sub-paragraph (5) in relation to him. Where any property which falls within sub-paragraph (5) in relation to a person includes property— the appropriate rental value in paragraph 4, the appropriate amount in paragraph 7 or the chargeable amount in paragraph 9 (as the case may be) is to be reduced by such proportion as is reasonable to take account of that fact. Property falls within this sub-paragraph in relation to a person at a time when it— would fall to be treated by virtue of any provision of Part 5 of the 1986 Act (inheritance tax) as property which in relation to him is property subject to a reservation, would fall to be so treated but for any of paragraphs (d) to (i) of subsection (5) of section 102 of the 1986 Act (certain cases where disposal by way of gift is an exempt transfer for purposes of inheritance tax), would fall to be so treated but for section 102(7A) of the 1986 Act (cases where property was excluded property under the old inheritance tax regime), would fall to be so treated but for subsection (4) of section 102B of the 1986 Act (gifts with reservation: share of interest in land), or would have fallen to be so treated but for that subsection if the disposal by way of gift of an undivided share of an interest in land had been made on or after 9th March 1999, or would fall to be so treated but for section 102C(3) of, and paragraph 6 of Schedule 20 to, the 1986 Act (exclusion of benefit). Where at any time the value of a person’s estate for the purposes of IHTA 1984 is reduced by an excluded liability affecting any property, that property is not to be treated for the purposes of sub-paragraph (1) or (2) as comprised in his estate except to the extent that the value of the property exceeds the amount of the excluded liability. For the purposes of sub-paragraph (6) a liability is an excluded liability if— the creation of the liability, and any transaction by virtue of which the person’s estate came to include the relevant property or property which derives its value from the relevant property or by virtue of which the value of property in his estate came to be derived from the relevant property, were associated operations, as defined by section 268 of IHTA 1984. In determining whether any property falls within sub-paragraph (5)(b), (c) or (d) in a case where the contribution condition in paragraph 3(3) or 6(3) is met, paragraph 2(2)(b) of Schedule 20 (exclusion of gifts of money) is to be disregarded. In this paragraph “the relevant property” means— in relation to paragraphs 3 and 6— where the disposal condition in paragraph 3(2) or 6(2) is met, the property disposed of, where the contribution condition in paragraph 3(3) or 6(3) is met, the property representing the consideration directly or indirectly provided, in relation to paragraph 8, the relevant property within the meaning of that paragraph. Property is not to be treated as falling within sub-paragraph (5)(b) at any time in a case falling within section 102(5)(h) of the 1986 Act unless the property remains subject to trusts which comply with the requirements of paragraph 3 (1) of Schedule 4 to IHTA 1984. Sub-paragraph (12) applies where at any time— the relevant property has ceased to be comprised in a person's estate for the purposes of IHTA 1984, or he has directly or indirectly provided any consideration for the acquisition of the relevant property, and at any subsequent time the relevant property or any derived property is comprised in his estate for the purposes of IHTA 1984 as a result of section 49(1) of that Act (treatment of interests in possession). Where this sub-paragraph applies, the relevant property and any derived property— are not to be treated for the purposes of sub-paragraphs (1) and (2) as comprised in his estate at that subsequent time, and are not to be treated as falling within sub-paragraph (5) in relation to him at that subsequent time. For the purposes of sub-paragraphs (11) and (12) references, in relation to the relevant property, to any derived property are to other property— This Schedule does not apply in relation to any person for any year of assessment during which he is not resident in the United Kingdom. Where in any year of assessment a person is resident in the United Kingdom but is not a long-term UK resident, this Schedule does not apply to him unless the property falling within paragraph 3(1)(a), 6(1)(a) or 8(1)(c) is situated in the United Kingdom. In this paragraph, “long-term UK resident” has the same meaning as in IHTA 1984. This paragraph applies where, in relation to any person who would (apart from this paragraph) be chargeable under this Schedule for any year of assessment, the aggregate of the amounts specified in sub-paragraph (2) in respect of that year does not exceed £5,000. in relation to any land to which paragraph 3 applies in respect of him, the appropriate rental value as determined under paragraph 4(2), in relation to any chattel to which paragraph 6 applies in respect of him, the appropriate amount as determined under paragraph 7(2), and in relation to any intangible property to which paragraph 8 applies in respect of him, the chargeable amount determined under paragraph 9. Where this paragraph applies, the person is not chargeable for that year of assessment under any of the following provisions— paragraph 3(5) (land), paragraph 6(5) (chattels), or paragraph 8(3) (intangible property). Regulations may confer further exemptions from the charges to income tax imposed by paragraphs 3, 6 and 8. Except as otherwise provided by this Schedule, the value of any property shall for the purposes of this Schedule be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time. Any disposition made by a person (“the chargeable person”) in relation to an interest in the estate of a deceased person is to be disregarded for the purposes of this Schedule if by virtue of section 17 of IHTA 1984 (changes in distribution of deceased’s estate, etc.) the disposition is not treated for the purposes of inheritance tax as a transfer of value by the chargeable person. Where a person (“A”) acts as guarantor in respect of a loan made to another person (“B”) by a third party in connection with B’s acquisition of any property, the mere giving of the guarantee is not to be regarded as the provision by A of consideration for B’s acquisition of the property. Where, in any year of assessment, a person (“the chargeable person”) is (apart from this paragraph) chargeable to income tax both— under paragraph 3 (land) or paragraph 6 (chattels) by reason of his occupation of any land or his possession or use of any chattel, and under paragraph 8 (intangible property) by reference to any intangible property which derives its value (whether in whole or part) from the land or the chattel, he is to be charged to income tax under whichever provision produces the higher chargeable amount in relation to him. Where sub-paragraph (1) applies, only the amount under the paragraph under which he is chargeable is to be taken into account in relation to the chargeable person for the purposes of paragraph 13(2). Where, in any year of assessment, a person is (apart from this paragraph) chargeable, in respect of his occupation of any land or his possession or use of any chattel, to income tax both— under this Schedule, and under Part 3 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1), the provisions of that Part shall have priority and he shall not be chargeable to income tax under this Schedule, except to the extent that the amount chargeable under this Schedule exceeds the amount to be treated as earnings under that Part. Regulations under this Schedule may— make different provision for different cases, and include transitional provisions and savings.

Any power conferred by this Schedule to prescribe a rate of interest includes power— to prescribe different rates in relation to property of different descriptions, and to prescribe a rate by reference to a rate specified in the regulations. a person (“the chargeable person”) would (apart from this paragraph) be chargeable under paragraph 3 (land) or paragraph 6 (chattels) for any year of assessment (“the initial year”) by reference to his enjoyment of any property (“the relevant property”), and he has not been chargeable under the paragraph in question in respect of any previous year of assessment by reference to his enjoyment of the relevant property, or of any other property for which the relevant property has been substituted. The chargeable person may elect in accordance with paragraph 23 that— the preceding provisions of this Schedule shall not apply to him during the initial year and subsequent years of assessment by reference to his enjoyment of the relevant property or of any property which may be substituted for the relevant property, but so long as the chargeable person continues to enjoy the relevant property or any property which is substituted for the relevant property— the chargeable proportion of the property is to be treated for the purposes of Part 5 of the 1986 Act (in relation to the chargeable person) as property subject to a reservation, but only so far as the chargeable person is not beneficially entitled to an interest in possession in the property section 102(3) and (4) of that Act shall apply, but only so far as the chargeable person is not beneficially entitled to an interest in possession in the property, and if the chargeable person is beneficially entitled to an interest in possession in the property, sections 53(3) and (4) and 54 of IHTA 1984 (which deal with cases of property reverting to the settlor etc) shall not apply in relation to the chargeable proportion of the property. In this paragraph, “the chargeable proportion”, in relation to any property, means— where DV and V are to be read in accordance with paragraph 4(2) or 7(2), as the case requires, but as if— (a) any reference in paragraph 4(2) or 7(2) to the valuation date were a reference— (i) in the case of property falling within subsection (3) of section 102 of the Finance Act 1986, to the date of the death of the chargeable person, and (ii) in the case of property falling within subsection (4) of that section, to the date on which the property ceases to be treated as property subject to a reservation, and (iii) in the case of property in which the chargeable person is beneficially entitled to an interest in possession, to the date of his death or (if his interest comes to an end on an earlier date) that earlier date, and (b) the transactions to be taken into account in calculating DV included transactions after the time when the election takes effect as well as transactions before that time. For the purposes of this paragraph a person “enjoys” property if— in the case of an interest in land, he occupies the land, and in the case of an interest in a chattel, he is in possession of, or has the use of, the chattel. a person (“the chargeable person”) would (apart from this paragraph) be chargeable under paragraph 8 (intangible property) for any year of assessment (“the initial year”) by reference to any property (“the relevant property”), and he has not been chargeable under that paragraph in respect of any previous year of assessment by reference to the relevant property or any property which the relevant property represents or is derived from. the preceding provisions of this Schedule shall not apply to him during the initial year and subsequent years of assessment by reference to the relevant property or any property which represents or is derived from the relevant property, but so long as the conditions in sub-paragraph (3) are satisfied— the relevant property and any property which represents or is derived from the relevant property shall be treated for the purposes of Part 5 of the 1986 Act (in relation to the chargeable person) as property subject to a reservation, but only so far as the chargeable person is not beneficially entitled to an interest in possession in the property concerned section 102(3) and (4) of that Act shall apply, but only so far as the chargeable person is not beneficially entitled to an interest in possession in the property concerned, and if the chargeable person is beneficially entitled to an interest in possession in the property concerned, sections 53(3) and (4) and 54 of IHTA 1984 (which deal with cases of property reverting to the settlor etc) shall not apply in relation to that property. The conditions referred to in sub-paragraph (2)(b) are— that the relevant property or the property which represents or is derived from the relevant property remains comprised in the settlement, and that any income arising under the settlement would be treated by virtue of section 624 of ITTOIA 2005 as income of the chargeable person. “election” means an election under paragraph 21 or 22; “the relevant filing date” means 31st January in the year of assessment that immediately follows the initial year within the meaning of paragraph 21 or (as the case requires) paragraph 22. The election must be made in the prescribed manner. The election must be made on or before— the relevant filing date, or such later date as an officer of Revenue and Customs may, in a particular case, allow. The election may be withdrawn or amended, during the life of the chargeable person, at any time on or before the relevant filing date. Subject to sub-paragraph (5), the election takes effect for the purposes of inheritance tax from the beginning of the initial year within the meaning of paragraph 21 or (as the case requires) paragraph 22 or, if later, the date on which the chargeable person would (but for the election) have first become chargeable under this Schedule by reference to the property to which the election relates. Chapter 2 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (employment income: restricted securities) is amended as follows. In section 426 (charge on occurrence of chargeable event), for subsections (1) to (4) substitute— If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year. For this purpose— “chargeable event” has the meaning given by section 427, “the taxable amount”is the amount determined under section 428, and “the relevant tax year”is the tax year in which the chargeable event occurs. Relief may be available under section 428A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section. After section 428 insert— Relief is available under this section against an amount counting as employment income under section 426 (“the employment income amount”) if— an agreement having effect under paragraph 3A of Schedule 1 to the Contributions and Benefits Act has been entered into allowing the secondary contributor to recover from the employee the whole or part of any secondary Class 1 contribution in respect of that amount, or an election having effect under paragraph 3B of that Schedule is in force which has the effect of transferring to the employee the whole or part of the liability to pay secondary Class 1 contributions in respect of that amount. The amount of the relief is the total of— any amount that under the agreement referred to in subsection (1)(a) is recovered in respect of the employment income amount by the secondary contributor before 5th June in the tax year following that in which the chargeable event occurs, and the amount of any liability in respect of the employment income amount that, by virtue of the election referred to in subsection (1)(b), has become the employee’s liability. If notice of withdrawal of approval of the election is given, the amount of the liability referred to in subsection (2)(b) is limited to the amount met before 5th June in the tax year following that in which the chargeable event occurs. Relief under this section is given by way of deduction from the amount otherwise counting as employment income. Relief under this section does not affect the amount to be taken into account— as employment income in determining contributions payable under the Contributions and Benefits Act, or as relevant employment income for the purposes of paragraph 3A or 3B of Schedule 1 to that Act. “approval”, in relation to an election, means approval by the Inland Revenue under paragraph 3B of Schedule 1 to the Contributions and Benefits Act, and “secondary contributor” has the same meaning as in that Act (see section 7). Chapter 3 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (employment income: convertible securities) is amended as follows. In section 438 (charge on occurrence of chargeable event), for subsections (1) to (4) substitute— “chargeable event” has the meaning given by section 439, “the taxable amount”is the amount determined under section 440, and Relief may be available under section 442A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section. After section 442 insert— Relief is available under this section against an amount counting as employment income under section 438 (“the employment income amount”) if— If notice of withdrawal of approval of the election is given, the amount of the liability referred to in subsection (2)(b) is limited to the amount met before 5th June in the tax year following that in which the gain is realised. Chapter 5 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (employment income: securities options) is amended as follows. In section 476 (charge on occurrence of chargeable event), for subsections (1) to (4) substitute— If a chargeable event occurs in relation to an employment-related securities option, the taxable amount counts as employment income of the employee for the relevant tax year. “chargeable event” has the meaning given by section 477, “the taxable amount”is the amount determined under section 478, and Relief under section 481 or 482 (relief for secondary Class 1 contributions or special contribution met by employee) may be available against an amount counting as employment income under this section. In section 480 (deductible amounts), omit subsection (7). In section 481 (deductible amount in respect of secondary Class 1 contributions met by employee)— in the heading for “Deductible amount in respect of” substitute “ Relief for ”; in subsection (1) for the opening words down to “if” substitute “ Relief is available under this section against an amount counting as employment income under section 476 if ”; in subsection (2) for the opening words down to “of” substitute “ The amount of the relief is the total of ”; In section 482 (deductible amount in respect of special contribution met by employee)— after subsection (5) add— The amount of the relief is the amount of the liability referred to in subsection (4). Part 11 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (Pay As You Earn) is amended as follows. In section 698 (PAYE: special charges on employment-related securities), after subsection (2) insert— For the purposes of this section the amount likely to count as employment income under section 426 or 438 means the amount after deducting the amount of any relief likely to be available under section 428A or 442A (relief for secondary Class 1 contributions met by employee). In section 700 (PAYE: gains from securities options), after subsection (4) insert— For the purposes of this section the amount likely to count as employment income under section 476 means the amount after deducting the amount of any relief likely to be available under section 481 or 482 (relief for secondary Class 1 contributions or special contribution met by employee). Section 119A of the Taxation of Chargeable Gains Act 1992 (c. 12) (increase in expenditure by reference to tax charged in relation to employment-related securities) is amended as follows. For subsection (5) (determination of relevant amount) substitute— In determining for the purposes of subsection (4) the amount counting as employment income— in the case of an amount counting as employment income under section 476 of ITEPA 2003 any amounts deducted under section 480(5)(a) or (b) of that Act shall be added back, and no account shall be taken of any relief under section 428A, 442A, 481 or 482 of that Act (relief for secondary Class 1 contributions or special contribution met by employee). Omit subsection (8). Nothing in this paragraph affects the operation of section 119A(5) of the Taxation of Chargeable Gains Act 1992 (c. 12), as inserted by paragraph 50 (1) of Schedule 22 to the Finance Act 2003 (c. 14), in relation to amounts deducted under section 481 or 482 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) before the amendment of those sections by this Schedule. In section 484(7) of the Income Tax (Earnings and Pensions) Act 2003 (definitions for Chapter 5 of Part 7), omit the definition of “the Contributions and Benefits Act” and the word “and” preceding it. In section 721 (1) of that Act (general definitions), at the appropriate place insert— “the Contributions and Benefits Act” means SSCBA 1992 or SSCB(NI)A 1992; In Part 2 of Schedule 1 to that Act (index of defined expressions), for the entry relating to “the Contributions and Benefits Act” substitute— In Chapter 11 of Part 4 of the Income Tax (Earnings and Pensions) Act 2003 (employment income: miscellaneous exemptions), in section 317 (free or subsidised meals), for subsection (1) substitute— No liability to income tax arises in respect of the provision for an employee by the employer of free or subsidised meals if they are provided— in a canteen, or on the employer’s business premises, and conditions A to C are met. This amendment has effect for the year 2004-05 and subsequent tax years. In Part 4 of the Taxes Management Act 1970 (c. 9) (assessments and claims), for section 35 (time limit for assessment: emoluments received after year for which they are assessable) substitute— Where income to which this section applies is received in a year of assessment subsequent to that for which it is assessable, an assessment to income tax as respects that income may be made at any time within six years after the year of assessment in which it was received. This section applies to— pension income, and social security income. This amendment has effect in relation to income assessable for the year 2004-05 and subsequent years of assessment. In section 25(2) of the Finance Act 1990 (c. 29) (donations to charity by individuals: qualifying conditions), in paragraph (i)(i) for the words from “or performs duties” to “performed in the United Kingdom” substitute “ or is in Crown employment as defined in section 28(2) of the Income Tax (Earnings and Pensions) Act 2003 ”. This amendment (which supersedes the amendment made by paragraph 166(3) of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003) has effect for the year 2003-04 and subsequent years of assessment. Section 108 of the Finance Act 1995 (c. 4) shall be deemed not to have been repealed by Part 1 of Schedule 8 to the Income Tax (Earnings and Pensions) Act 2003 and the inclusion of that section among the enactments so repealed shall be deemed not to have affected the amendments made by that section in section 59A of the Taxes Management Act 1970 (c. 9) (payments on account of income tax). Nothing in this paragraph affects anything done— on or after 6th April 2003 (when the Income Tax (Earnings and Pensions) Act 2003 came into force), and before the passing of this Act, in reliance on the view that the amendments referred to in sub-paragraph (1) had ceased to have effect. In section 286 (power to amend sections 279 to 285), in the heading and in subsection (1), for “279” substitute “ 277 ”. In Chapter 11 of Part 7 (supplementary provisions about employee benefit trusts), in section 554(1)(a) (attribution of further interest in company), for “employment” substitute “ employee ”. In section 577 (United Kingdom social security pensions)— in subsection (2), in paragraph (b) of the definition of “state pension”, for “48” substitute “ 48A ”, and omit subsection (3). In section 677 (UK social security benefits wholly exempt from income tax), in Part 2 of Table B (benefits payable under regulations), omit the entry relating to compensation payments where child support reduced because of a change in legislation. In section 38(9) of the Finance Act 1988 (c. 39) (maintenance payments under existing obligations: 1989-90 onwards)— for “68(1)(b) or 192(3)” substitute “or 68(1)(b)”, and after “Taxes Act 1988” insert “or section 355 of the Income Tax (Earnings and Pensions) Act 2003”. Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) (enterprise investment scheme: re-investment) is amended as follows. In paragraph 1(2) (definition of qualifying investment)— in paragraph (a), omit “wholly in cash”, after that paragraph insert— he subscribed for the shares (other than any of them which are bonus shares) wholly in cash, in paragraph (c), for the words from “are fully” to “future date)” substitute “ (other than any of them which are bonus shares) are fully paid up ”, in paragraph (e), after “Act” insert “ (read with section 289(1B) to (1E) of that Act) ”, in paragraph (f), for “all the shares comprised in the issue” substitute “ the shares (other than any of them which are bonus shares) ”, After paragraph 1(4) of that paragraph insert— Shares are not fully paid up for the purposes of sub-paragraph (2)(c) above if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares. In paragraph 1A (failure of conditions of application)— in sub-paragraph (1), after “the shares” insert “ mentioned in sub-paragraph (2)(a) of that paragraph ”, in sub-paragraph (2), after “the shares” insert “ mentioned in sub-paragraph (2)(a) of that paragraph ”, in sub-paragraph (3), for “an issue of eligible shares,” substitute “ the shares mentioned in sub-paragraph (2)(a) of that paragraph, ”, in sub-paragraph (4), for “an issue of eligible shares, the shares” substitute “ the issue of eligible shares, the shares mentioned in sub-paragraph (2)(a) of that paragraph ”, in sub-paragraph (5)(b), after “the shares” insert “ mentioned in paragraph 1(2)(a) above ”. In paragraph 10 (re-investment in same company, etc)— in sub-paragraph (1), for “other securities” substitute “ securities ”, after sub-paragraph (3) insert— In this paragraph “group of companies” means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries. The amendments made by this paragraph have effect, for the purposes of paragraph 10 (1) of Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12), in relation to holdings of shares or securities disposed of on or after 17th March 2004. The amendment made by sub-paragraph (1)(b) has effect, for the purposes of paragraph 10(2) of that Schedule, in relation to eligible shares in a relevant company issued on or after 17th March 2004. In paragraph 13 (value received by investor) in sub-paragraph (2)(b)(i), for “on which he subscribed for the shares” substitute “ of issue of the shares ”. Subject to sub-paragraph (3), the amendment made by this paragraph has effect in relation to shares issued on or after 17th March 2004. The amendment made by this paragraph does not have effect in relation to the repayment of a debt incurred before 17th March 2004 if— the shares were subscribed for before that date, and the debt was incurred on or after the date on which the shares were subscribed for. In paragraph 14 (value received by other persons) in sub-paragraph (7), for “paragraph 14AA” substitute “ paragraphs 14AA and 14A ”. The amendment made by this paragraph has effect in relation to any repayment (within the meaning of paragraph 14A of Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12)) made on or after 17th March 2004. In paragraph 14A (certain receipts to be disregarded for the purposes of paragraph 14) in sub-paragraph (6), omit paragraph (a). The amendment made by this paragraph has effect in relation to any repayment (within the meaning of paragraph 14A of Schedule 5B to the Taxation of Chargeable Gains Act 1992) made on or after 17th March 2004. In paragraph 16 (information)— in sub-paragraph (6), for “293(8) or 308(2)(e)” substitute “ 289(1D) or (9)(e), 289A(8)(b) or (8A), 293(4B), (6) or (8) or 308(2)(e), (3), (3A) or (4) ”, in sub-paragraph (7)— in paragraph (a), after “above” insert “ or section 293(4B) or (6) of the Taxes Act ”, in relation to section 289(1D), 289A(8)(b) or (8A) or 308(3), (3A) or (4) of the Taxes Act, the claimant, the company, any other company in question and any person controlling the company or any other company in question; in paragraph (c), after “section” insert “ 289(9)(e), ”, in the full-out words at the end, for “(a)” substitute “ (a), (aa) ”, The references in sub-paragraphs (6) and (7) above to subsections (3), (3A) and (4) of section 308 of the Taxes Act are to be read as including those provisions as applied by section 289(10) and (11) of that Act. The amendments made by this paragraph have effect in relation to any notice given after the passing of this Act in respect of shares issued on or after 17th March 2004. In paragraph 19 (1) (interpretation)— before the definition of “arrangements” insert— “51 per cent. subsidiary” has the meaning given by section 838 of the Taxes Act; after the definition of “associate” insert— “bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise); The amendment made by sub-paragraph (1)(a) has effect in relation to shares issued on or after 17th March 2004, except that, for the purposes of the amendment made by sub-paragraph (1)(b) of paragraph 15 of this Schedule, it has effect in accordance with sub-paragraphs (2) and (3) of that paragraph. Except where otherwise provided, the amendments made by this Schedule have effect in relation to shares issued on or after 17th March 2004. Section 151A(3) of the Taxation of Chargeable Gains Act 1992 (c. 12) (which introduces Schedule 5C) shall cease to have effect. Schedule 5C to that Act (venture capital trusts: deferred charge on re-investment) shall cease to have effect. In paragraph 2(4) of Schedule 5B (enterprise investment scheme: re-investment) omit “or Schedule 5C”. The amendments made by this Part have effect in relation to shares issued on or after 6th April 2004 which are shares by reference to which an individual is given relief under Part 1 of Schedule 15B to the Taxes Act 1988. But nothing in this Act affects the continuing operation of Schedule 5C to the Taxation of Chargeable Gains Act 1992 (c. 12) for the purposes of section 151B(8)(b)(ii) of that Act. Schedule 15 to the Finance Act 2000 (c. 17) (the corporate venturing scheme) is amended as follows. In paragraph 3 (meaning of “the qualification period”)— in sub-paragraph (1)(b)(ii), and in sub-paragraph (2)(a) and (b), for “qualifying subsidiaries” substitute “ qualifying 90% subsidiaries ”. In paragraph 15 (introduction) after paragraph (e) insert— property managing subsidiaries (see paragraph 21A); In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2) substitute— For the purpose of sub-paragraph (2), the question whether a person controls a company shall be determined in accordance with section 416(2) to (6) of the Taxes Act 1988. Paragraph 21 (meaning of “qualifying subsidiary”) is amended as follows. In sub-paragraph (2)— omit paragraphs (a) to (c), before paragraph (d) insert— the subsidiary is a 51% subsidiary of the relevant company; in paragraph (e) for “the conditions in paragraphs (a) to” substitute “ either of the conditions in paragraphs (ca) and ”. In sub-paragraph (4)(a)(ii), after “company” insert “ concerned ”. In sub-paragraph (5)— after “qualifying subsidiary” insert “ of the relevant company ”, for “and not part” substitute “ and is not to be part ”. After paragraph 21 insert— The issuing company is not a qualifying issuing company in relation to the relevant shares if, at any time during the qualification period relating to those shares, it has a property managing subsidiary which is not a qualifying 90% subsidiary of the issuing company (see paragraph 23(10) and (11)). “Property managing subsidiary” means a qualifying subsidiary of the issuing company whose business consists wholly or mainly in the holding or managing of land or any property deriving its value from land. In sub-paragraph (2), “land” and “property deriving its value from land” have the same meaning as in section 776 of the Taxes Act 1988. In paragraph 23 (the trading activities requirement)— in sub-paragraph (3)(b), for “at least one group company” substitute “ the issuing company or a qualifying 90% subsidiary of the issuing company ”, in sub-paragraph (5)— for “a subsidiary” substitute “ a qualifying 90% subsidiary of the issuing company ”, for “or subsidiary” substitute “ or a qualifying 90% subsidiary of the issuing company ”, in sub-paragraph (6), for “the company”, in the first place, substitute “ a company ”, In paragraph 24 (ceasing to meet trading requirements by reason of administration, receivership etc)— in sub-paragraph (1)— omit “which is in administration or receivership”, after “by reason” insert “ only ”, in sub-paragraph (2)(b), after “company” insert “ concerned ”, in sub-paragraph (4)— in paragraph (a), for “of the company or any of its subsidiaries” substitute “ only of the company or any of its qualifying subsidiaries ”, in paragraph (b), for “and not” substitute “ and is not ”. In paragraph 25 (meaning of “qualifying trade”) in sub-paragraph (3)(b), for “any other group company” substitute “ the issuing company or any of its qualifying 90% subsidiaries ”. In paragraph 35 (requirement as to the shares) in sub-paragraph (2), for “the issuing company at a future date” substitute “ any person at a future date in respect of the acquisition of the shares ”. In paragraph 36 (requirement as to money raised)— in sub-paragraph (1B)(b)— for “relevant trade was not being carried on” substitute “ issuing company or a qualifying 90% subsidiary of that company had not begun to carry on the relevant trade ”, for “subsidiary” substitute “ qualifying 90% subsidiary of that company ”, in sub-paragraphs (4)(b)(ii) and (5)(b), for “qualifying subsidiary” substitute “ qualifying 90% subsidiary ”. In paragraph 40 (entitlement to claim)— in sub-paragraph (2), for paragraph (a) substitute— the funded trade has been carried on for four months by no person other than the issuing company or a qualifying 90% subsidiary of that company, disregarding— any time spent preparing to carry on that trade, and any person required to be disregarded in accordance with sub-paragraph (2A) or (2B), and after sub-paragraph (2) insert— At any time when the funded trade is carried on by the partners in a partnership of which the issuing company, or a qualifying 90% subsidiary of that company, is a member, there shall be disregarded for the purposes of sub-paragraph (2)(a) any other members of the partnership at that time. At any time when the funded trade is carried on by the parties to a joint venture to which the issuing company, or a qualifying 90% subsidiary of that company, is a party, there shall be disregarded for the purposes of sub-paragraph (2)(a) any other parties to the joint venture at that time. for sub-paragraph (5)(a) substitute— by reason only of the issuing company or any other company being wound up or dissolved without winding up, the funded trade is carried on as mentioned in sub-paragraph (2)(a) for a period shorter than four months, and in sub-paragraph (5)(b), for “was”, in each place, substitute “ is ”, for sub-paragraph (6)(a) substitute— by reason only of anything done as a consequence of the issuing company or any other company being in administration or receivership, the funded trade is carried on as mentioned in sub-paragraph (2)(a) for a period shorter than four months, and in sub-paragraph (6)(b), after “company” insert “ concerned ”. In paragraph 102 (minor definitions etc) after sub-paragraph (7) insert— In determining for the purposes of paragraph 3(2), 23(5) or 36(1B) when a trade is begun to be carried on by a qualifying 90% subsidiary of the issuing company there shall be disregarded any carrying on of the trade by it before it became such a subsidiary. In paragraph 103 (index of defined expressions), after the entry for “qualifying subsidiary” insert— The amendments made by this Schedule have effect in relation to shares issued on or after 17th March 2004. Section 165 of the Taxation of Chargeable Gains Act 1992 is amended as follows. In subsection (1) (circumstances in which subsection (4) applies, subject to certain provisions) for “and 169” substitute “ , 169, 169B and 169C ”. In subsection (3) (relief not to apply to disposal in certain cases) after paragraph (b) insert— in the case of a disposal of shares or securities, the transferee is a company, In subsection (10) (deduction to be allowed in computing chargeable gain on subsequent disposal by transferee, where disposal by transferor is chargeable transfer for inheritance tax purposes) for “after 13th March 1989, in respect of which a claim is made under this section,” substitute “ in relation to which subsection (4) above applies ”. After section 169A of the Taxation of Chargeable Gains Act 1992 (c. 12) insert— Neither section 165(4) nor section 260(3) shall apply in relation to a disposal (“the relevant disposal”)— made by a person (“the transferor”) to the trustees of a settlement, and in respect of which Condition 1 or Condition 2 below is satisfied. Condition 1 is that, immediately after the making of the relevant disposal,— there is a settlor (see section 169E) who has an interest in the settlement (see section 169F), or an arrangement (see section 169G) subsists under which such an interest will or may be acquired by a settlor. Condition 2 is that— a chargeable gain would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal, in computing the gain, the allowable expenditure would to any extent fall to be reduced in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and immediately after the making of the relevant disposal,— that individual has an interest in the settlement, or an arrangement subsists under which such an interest will or may be acquired by him. This section is subject to section 169D (exception for maintenance funds for historic buildings and certain settlements for disabled persons). This section applies in relation to a disposal (“the relevant disposal”)— made by a person (“the transferor”) to the trustees of a settlement, in relation to which section 165(4) or 260(3) applies, or would apart from this section apply, and Condition 1 is that, at any time during the clawback period,— there is a settlor who has an interest in the settlement, or an arrangement subsists under which such an interest will or may be acquired by a settlor. in computing the chargeable gain which would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal, the allowable expenditure would fall to be reduced, that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and at any time during the clawback period,— If no claim for relief under section 165 or 260 in respect of the relevant disposal is made before the material time, neither section 165(4) nor section 260(3) shall apply in relation to that disposal. Subsections (7) to (9) below apply if a claim for relief under section 165 or 260 in respect of the relevant disposal is made before the material time. But those subsections do not apply if— the transferor is an individual, and he dies before the material time. A chargeable gain, of an amount equal to the amount of the held-over gain (within the meaning of section 165 or 260) on the relevant disposal, shall be treated for the purposes of tax in respect of chargeable gains as accruing to the transferor at the material time. For any chargeable period ending after the making of the relevant disposal, the chargeable gains and allowable losses of— the trustees of the settlement, or any person whose title to any property to any extent derives, directly or indirectly, from them, shall be determined on the assumption that neither section 165(4)(b) nor section 260(3)(b) ever applied in relation to that disposal. All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to subsection (8) above (notwithstanding any limitation on the time within which any adjustment may be made). If a claim for relief under section 165 or 260 in respect of the relevant disposal is revoked, this section shall apply as if the claim had never been made. In this section “the clawback period” means the period— beginning immediately after the making of the relevant disposal, and ending six years after the end of the year of assessment in which that disposal was made. In this section “the material time” means the time at which subsection (1)(c) above first becomes satisfied. This section is subject to section 169D. Sections 169B and 169C shall not apply in relation to a disposal to the trustees of a settlement in a year of assessment if the trustees have elected that section 691(2) of the Taxes Act (certain income of maintenance funds for historic buildings not to be income of settlor etc) shall have effect in the case of— the settlement, or any part of the settlement, in relation to that year of assessment. Sections 169B and 169C shall not apply in relation to a disposal to the trustees of a settlement if the following conditions are satisfied. The first condition is that, immediately after the making of the disposal,— the settled property is held on trusts which secure that, during the lifetime of a disabled person, not less than half of the property which is applied is applied for the benefit of that person, and the settled property is held on trusts— which secure that, during his lifetime, he is entitled to not less than half of the income arising from the property, which secure that, during his lifetime, no such income may be applied for the benefit of any other person, or under which, during his lifetime, no interest in possession in the settled property subsists. The second condition is that if, immediately after the making of the disposal, one or more settlors is an interested settlor, each such settlor must at that time be a disabled beneficiary. For the purposes of subsection (4) above a settlor is an “interested settlor” in relation to a settlement if— he has an interest in the settlement, or an arrangement subsists under which such an interest will or may be acquired by him; and for this purpose, the references to an individual’s spouse in section 169F(2) and (3) shall be disregarded. In subsection (4) above “disabled beneficiary”, in relation to a settlement, means a disabled person who— is a beneficiary under the settlement, or would be such a beneficiary if he had the interest in the settlement by virtue of which subsection (5)(b) above applies in relation to him. In this section “disabled person” means— a person who by reason of mental disorder within the meaning of the Mental Health Act 1983 is incapable of administering his property or managing his affairs; or a person in receipt of attendance allowance or of a disability living allowance by virtue of entitlement to the care component at the highest or middle rate. In this section “attendance allowance” means an allowance under— section 64 of the Social Security Contributions and Benefits Act 1992, or section 64 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992. In this section “disability living allowance” means a disability living allowance under— section 71 of the Social Security Contributions and Benefits Act 1992, or section 71 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992. The trusts on which settled property is held shall not be treated as falling outside subsection (3) above by reason only of the powers conferred on the trustees by— section 32 of the Trustee Act 1925, or section 33 of the Trustee Act (Northern Ireland) 1958 (powers of advancement). The references in subsection (3) above to the lifetime of a person shall, where the income from the settled property is held for his benefit on trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts), be construed as references to the period during which the income is held on trust for him. For the purposes of this section, sections 169B to 169D and section 169G, a person is a settlor in relation to a settlement if— he is an individual, and the settled property consists of, or includes, property originating from him. In subsection (1) above, the reference to property originating from a settlor is a reference to— property which that settlor has provided directly or indirectly for the purposes of the settlement, and property which wholly or partly represents that property or any part of it. In subsection (2) above, the references to property which a settlor has provided directly or indirectly— include references to property which has been provided directly or indirectly by another person in pursuance of reciprocal arrangements with that settlor, but do not include references to property which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person. In subsection (2) above, the reference to property which represents other property includes a reference to property which represents accumulated income from that other property. For the purposes of this section and sections 169B to 169D, an individual is to be regarded as having an interest in a settlement if subsection (2) or (3) below applies. This subsection applies if— any property which may at any time be comprised in the settlement, or any derived property, is, or will or may become, payable to or applicable for the benefit of the individual or his spouse in any circumstances whatsoever. This subsection applies if the individual or his spouse enjoys a benefit deriving directly or indirectly from— any property which is comprised in the settlement, or any derived property. The references in subsections (2) and (3) above to the spouse of the individual do not include— a spouse from whom the individual is separated— under an order of a court, under a separation agreement, or in such circumstances that the separation is likely to be permanent, or the widow or widower of the individual. An individual is not to be regarded as having an interest in a settlement by virtue of subsection (2) above if and so long as none of the property which may at any time be comprised in the settlement, and no derived property, can become payable or applicable as mentioned in that provision except in the event of— in the case of a marriage settlement, the death of both parties to the marriage and of all or any of the children of the marriage, or the death of a child of the individual where the child had become beneficially entitled to the property or any derived property at an age not exceeding 25. In this section “derived property”, in relation to any property, means— income from that property, property directly or indirectly representing— proceeds of that property, or proceeds of income from that property, or income from property which is derived property by virtue of paragraph (b) above. In sections 169B to 169E “arrangement” or “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable. An officer of the Board may by notice require any person to whom subsection (3) or (4) below applies to give him within such time as he may direct, not being less than 28 days, such particulars as he thinks necessary for the purposes of sections 169B to 169F. This subsection applies to a person who is or has been— a trustee of a settlement, a beneficiary under a settlement, or a settlor in relation to a settlement. This subsection applies to a person who— is the spouse of a settlor in relation to a settlement, or has at any time on or after the making of the relevant disposal been the spouse of such a settlor. In subsection (4) above “relevant disposal” means the disposal— to which section 169B(1), 169C (1) or 169D (1) or (2) applies or may apply, and in connection with which the notice is given. Section 260 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. In subsection (1) (circumstances in which subsection (3) applies, subject to certain provisions) after “169” insert “ , 169B, 169C ”. Omit subsection (6A) (unnecessary provision for preventing reduction in case of disposal which is chargeable event for purposes of Schedule 5B). Omit subsection (6B) (unnecessary provision for preventing reduction in case of disposal which is chargeable event for purposes of Schedule 5C). In subsection (7) (deduction to be allowed in computing chargeable gain on subsequent disposal by transferee, where disposal by transferor is chargeable transfer for inheritance tax purposes) after “subsection (2)(a) above” insert “ (whether or not subsection (3) above applies in relation to it) ”. Section 281 of the Taxation of Chargeable Gains Act 1992 is amended as follows. In subsection (2) (option to pay capital gains tax by instalments by giving notice to inspector) for “the inspector” substitute “ an officer of the Board ”. After subsection (7) insert— Subsection (2) above applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a gain accruing to a person on a disposal if— the relevant disposal (within the meaning of section 169C) in question was a disposal of the whole or any part of any assets to which this section applies, and at the material time (within the meaning of that section), no part of the subject-matter of that relevant disposal has been disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person). Where subsection (2) above so applies, subsections (4) to (7) above apply accordingly but as if for paragraphs (a) and (b) of subsection (7) there were substituted “ any part of the subject-matter of the relevant disposal in question is disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person). ”. Section 282 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. This section applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a chargeable gain accruing to a person on the disposal of an asset by way of gift. For the purposes of this section as applied by subsection (5) above— the transferor shall be taken to be the donor, and the trustees to whom the relevant disposal (within the meaning of section 169C) in question was made shall be taken to be the donee. Schedule 7 to the Taxation of Chargeable Gains Act 1992 is amended as follows. In paragraph 2 (1) (circumstances in which section 165(4) applies, subject to certain provisions, in relation to disposals by trustees of settlement) for “and 169” substitute “ , 169, 169B and 169C ”. The amendment in paragraph 1(2) of this Schedule has effect in relation to any notice given— after the passing of this Act, and in respect of the year 2003-04 or any subsequent year of assessment. The amendment in paragraph 2(2) of this Schedule has effect in relation to the provision of property on or after 10th December 2003. The amendments in paragraphs 2(3) and 6(2) of this Schedule have effect in relation to any notice given in respect of the year 2004-05 or any subsequent year of assessment. The amendments in paragraphs 3(2), 4, 5(2), 6(3), 7(2)... and 9(2) of this Schedule have effect in relation to disposals on or after 10th December 2003 (whenever any earlier disposal as mentioned in section 169B(3)(b) or 169C(3)(b) was made). The amendment in paragraph 3(3) of this Schedule has effect in relation to disposals on or after 21st October 2003. The amendment in paragraph 3(5) of this Schedule has effect in relation to disposals on or after 10th December 2003. The amendments in paragraph 5(3) and (4) of this Schedule have effect in relation to gains accruing on or after 6th April 2004. The amendment in paragraph 5(5) of this Schedule has effect in relation to disposals on or after 6th April 2004. Section 222 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. In subsection (5)(a) (notice to inspector to determine which of two or more residences is individual’s main residence) for “the inspector” (on both occasions) substitute “ an officer of the Board ”. Section 223 of the Taxation of Chargeable Gains Act 1992 is amended as follows. In subsection (4) (dwelling-house let as residential accommodation) in paragraph (a), omit the unnecessary words “or those provisions as applied by section 225”. This section is subject to— section 224 (amount of relief: further provisions), and section 226A (private residence relief: cases where relief obtained under section 260). Section 224 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. In subsection (1) (gain accruing from disposal of dwelling-house part of which is used exclusively for purposes of trade etc: relief to apply only to portion of gain) for “accrues from” substitute “ accrues on ”. Section 225 of the Taxation of Chargeable Gains Act 1992 is amended as follows. In the opening words— for “a trustee” substitute “ the trustees of a settlement ”, and for “the trustee” substitute “ the trustees ”. In paragraph (a), for “the trustee” substitute “ the trustees ”. In paragraph (b)— for “the inspector” substitute “ an officer of the Board ”, and At the end of that paragraph insert “ ; but section 223 (as so applied) shall apply only on the making of a claim by the trustees. ”. After section 225 of the Taxation of Chargeable Gains Act 1992 insert— Sections 222 to 224 shall also apply in relation to a gain accruing to the personal representatives of a deceased person on a disposal of an asset within section 222 (1) if the following conditions are satisfied. The first condition is that, immediately before and immediately after the death of the deceased person, the dwelling-house or part of the dwelling-house mentioned in section 222 (1) was the only or main residence of one or more individuals.

The second condition is that— that individual or one of those individuals has a relevant entitlement, or two or more of those individuals have relevant entitlements, and the relevant entitlement accounts for, or the relevant entitlements together account for, 75% or more of the net proceeds of disposal; and for this purpose “relevant entitlement” means an entitlement as legatee of the deceased person to, or to an interest in possession in, the whole or any part of the net proceeds of disposal. In subsection (3) above “net proceeds of disposal” means— the proceeds of the disposal of the asset realised by the personal representatives, less any incidental costs allowable as a deduction in accordance with section 38(1)(c) in computing the gain accruing to the personal representatives on that disposal, but on the assumption that none of the proceeds is required to meet the liabilities of the deceased person’s estate (including any liability to inheritance tax). In sections 222 to 224 as applied by this section— references to the individual shall be taken as references to the personal representatives except in relation to the occupation of the dwelling-house or part of the dwelling-house, and the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the personal representatives and the individual or individuals entitled to occupy the dwelling-house or part of the dwelling-house. But section 223 (as so applied) shall apply only on the making of a claim by the personal representatives. After section 226 of the Taxation of Chargeable Gains Act 1992 insert— section 223 applies, or would apart from this section apply, in relation to a gain or part of a gain accruing to an individual or the trustees of a settlement (“the transferor”) on a disposal (the “later disposal”), in computing the chargeable gain which would, apart from section 223, accrue to the transferor on the later disposal, the allowable expenditure would fall to be reduced, and that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim or claims under section 260 in respect of one or more earlier disposals (whether or not made to the transferor). If a claim for relief under section 260 in respect of— the earlier disposal, or if there were two or more such disposals, any of them, is made on or before the making of the later disposal, section 223 shall not apply in relation to the gain or part of a gain accruing on the later disposal. is made after the making of the later disposal and subsection (2) above does not apply, it is to be assumed for the purposes of capital gains tax that section 223 never applied in relation to the gain or part of a gain accruing on the later disposal. All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to subsection (3) above (notwithstanding any limitation on the time within which any adjustment may be made). Where the later disposal is made by the trustees of a settlement, the references in subsections (2) and (3) above to the making of the later disposal shall be read as references to the making of a claim for relief under section 223 in respect of the gain or part of a gain accruing on that disposal. If a claim for relief under section 260 in respect of an earlier disposal is revoked, this section shall apply as if the claim had never been made. This section is subject to section 226B (exception for maintenance funds for historic buildings). Section 226A shall not apply in relation to a later disposal made by the trustees of a settlement if the trustees have elected that section 691(2) of the Taxes Act (certain income of maintenance funds for historic buildings not to be income of settlor etc) shall have effect in the case of— in relation to each year of assessment in which a relevant earlier disposal is made. In this section “relevant earlier disposal”, in relation to a later disposal, means an earlier disposal in respect of which a claim mentioned in section 226A(1)(c) is made. This section is to be construed as one with section 226A. The amendments in paragraphs 1(2) and 4(4)(a) of this Schedule have effect in relation to any notice given on or after 10th December 2003. The amendments in paragraphs 2(2), 3(2), 4(2), (3), (4)(b) and (5) and 5 of this Schedule have effect in relation to disposals made on or after 10th December 2003. Subject to paragraph 8 of this Schedule, the amendments in paragraphs 2(3) and 6 of this Schedule have effect in relation to gains or parts of gains accruing on later disposals (within the meaning of the section 226A inserted by paragraph 6 of this Schedule) made on or after 10th December 2003 (whenever any relevant earlier disposal was made). In sub-paragraph (3) above “relevant earlier disposal”, in relation to a later disposal (within the meaning of the section 226A inserted by paragraph 6 of this Schedule), means an earlier disposal in respect of which a claim mentioned in subsection (1)(c) of that section is made. This paragraph has effect where section 226A of the Taxation of Chargeable Gains Act 1992 (c. 12) (as inserted by paragraph 6 of this Schedule) (“section 226A”) applies in circumstances in which— the relevant earlier disposal, or if there were two or more such disposals, each of them, was made before 10th December 2003. Section 226A shall have effect subject to the following modifications. In subsection (2), omit “not” and at the end insert “ subject to the modifications set out in subsections (2A) to (2C) below ”. After subsection (2) insert— Section 223 (1) shall not apply. For the purposes of section 223(2)(a) and (3)— the dwelling-house or the part of the dwelling-house in question is to be taken not to have been the individual’s only or main residence during the post-commencement period or any part of that period, and the words “but inclusive of the last 36 months of the period of ownership in any event” shall not have effect in respect of so much of that period of 36 months as falls within the post-commencement period. In subsection (2B) above “post-commencement period” means the period beginning on 10th December 2003 and ending on the date of the later disposal. In subsection (3), omit “never” and at the end insert “ subject to the modifications set out in subsections (2A) to (2C) above ”. In this paragraph “relevant earlier disposal”, in relation to a later disposal, means an earlier disposal in respect of which a claim mentioned in subsection (1)(c) of section 226A is made. This paragraph is to be construed as one with section 226A. Subsections (5) and (6) of section 223 of the Taxation of Chargeable Gains Act 1992 apply in relation to the subsection (2B)(b) treated as inserted by sub-paragraph (4) above as they apply in relation to subsections (1) and (2)(a) of that section. Sections 228B to 228E of the Capital Allowances Act 2001 (c. 2) (as inserted by section 134) are subject to paragraphs 2 to 9 of this Schedule in their application in relation to existing leasebacks. Paragraph 10 of this Schedule makes provision in relation to the taxation of chargeable gains where an existing leaseback terminates. This paragraph applies if the pre-commencement rentals are greater than the total of the actual rental deductions for periods of account up to, but excluding, the transitional period of account. Section 228B shall not apply in relation to— the transitional period of account if the lessee’s excess rentals are greater than the notional rental deduction for that period, or a subsequent period of account if the unrelieved portion of the lessee’s excess rentals is greater than the notional rental deduction for that period. Section 228B is subject to sub-paragraph (4) in its application to— the transitional period of account if the lessee’s excess rentals are not greater than the notional rental deduction for that period, or a subsequent period of account if the unrelieved portion of the lessee’s excess rentals is not greater than the notional rental deduction for that period. The permitted maximum for that period of account is the total of— the lessee’s excess rentals (in the case of the transitional period of account) or the unrelieved portion of the lessee’s excess rentals (in the case of a subsequent period of account), and the amount given by this calculation— “Basic Amount” means the amount calculated in accordance with section 228B(2), “Notional Rental Deduction” means the notional rental deduction for the period of account in question, and “Deductible Excess” means the amount included in the permitted maximum by virtue of sub-paragraph (4)(a). But where, in relation to the transitional period of account, the amount given by sub-paragraph (4) is less than the appropriate fraction of the notional rental deduction for that period, the permitted maximum shall be that fraction of that deduction. “the lessee’s excess rentals” means— the pre-commencement rentals, minus the total of the actual rental deductions referred to in sub-paragraph (1), and “the unrelieved portion of the lessee’s excess rentals”, in relation to a period of account, means— the lessee’s excess rentals, minus the total of the actual rental deductions for periods of account from and including the transitional period up to, but excluding, the period in question. “actual rental deduction”, in relation to a period of account, means the amount that may be deducted in respect of amounts payable under the existing leaseback in calculating the lessee’s income or profits for that period of account for the purpose of income tax or corporation tax; “notional rental deduction”, in relation to a period of account, means the amount that could, if section 228B did not apply, be deducted in respect of amounts payable under the existing leaseback in calculating the lessee’s income or profits for that period of account for the purpose of income tax or corporation tax. Nothing in sub-paragraphs (3) to (5) prevents the inclusion of an amount in the permitted maximum by virtue of section 228B(3) and (4). This paragraph does not apply in relation to any period of account later than a period of account for which the permitted maximum has been determined in accordance with sub-paragraph (3) to (5). the existing leaseback terminates, and in the period of account immediately following that in which it terminates, paragraph 2(2)(b) or 2(3)(b) would apply were it not for the termination. The permitted maximum for the period of account in which the leaseback terminates shall also include an amount equal to the amount that the unrelieved portion of the lessee’s excess rentals would have been in the period of account immediately following. Section 228C shall not apply where the existing leaseback terminates before 17 March 2004. Section 228C applies subject to this paragraph where— the existing leaseback terminates otherwise than by expiry of its term, and the amount calculated in accordance with section 228C(3) exceeds the relevant cap. In determining the amount by which income or profits are to be increased under section 228C(2), the amount calculated in accordance with section 228C(3) shall be disregarded to the extent that it exceeds the relevant cap. The relevant cap is— “Original Consideration” has the same meaning as in section 228B; “Relevant Rentals” means— (a) the pre-commencement rentals, minus (b) the total of— (i) finance charges shown in the accounts for periods that end before 17 March 2004, and (ii) the appropriate proportion of finance charges shown in the accounts for the transitional period of account; “Net Consideration” has the same meaning as in section 228C. This paragraph applies if— the existing leaseback terminates otherwise than by expiry of its term, upon the termination of the leaseback, or during the period of one month beginning with the date of termination, the lessee becomes the owner of the plant of machinery by acquiring it— from the lessor, or where no person other than the lessor or a person connected with the lessee has owned the plant or machinery at any time since the termination of the leaseback, from a person connected with the lessee, the person who first acquires the plant or machinery from the lessor does so as a result of incurring capital expenditure equal (at least) to the market value of the plant or machinery at the termination of the leaseback, and the amount of the lessee acquisition expenditure that counts as qualifying expenditure is restricted under section 226. If the section 226 restriction is greater than the amount calculated in accordance with section 228C(3)— section 228C(2) to (4) shall not apply, but if there is a taxable disposal, section 228C(2) to (4) shall apply subject to sub-paragraph (5). If the section 226 restriction is not greater than the amount calculated in accordance with section 228C(3)— the amount by which profits or income are increased in accordance with section 228C(2) shall be reduced by the section 226 restriction, and if there is a taxable disposal, section 228C(2) to (4) shall apply again subject to sub-paragraph (5). For the purposes of sub-paragraphs (2) and (3) there is a taxable disposal if, during the period of six years beginning with the date of termination of the leaseback— the whole of the plant or machinery is the subject of a disposal event (within the meaning of Part 2), or part of the plant or machinery is the subject of such a disposal event. Where section 228C(2) to (4) applies subject to this sub-paragraph— a reference to the termination shall be treated as a reference to the cessation of ownership of the plant or machinery, and the amount by which profits or income are increased in accordance with section 228C(2) shall be— in a case falling within sub-paragraph (2)(b), the relevant fraction of the amount calculated in accordance with section 228C(3), or in a case falling within sub-paragraph (3)(b), the relevant fraction of the section 226 restriction. In sub-paragraph (5)(b)(i) and (ii) “relevant fraction” means— where “Disposal Proceeds” means the consideration due to the lessee under the taxable disposal or, if higher, the market value of the plant or machinery at the time of the taxable disposal; but— (a) where that amount is greater than the lessee acquisition expenditure, the Disposal Proceeds shall be the amount of the lessee acquisition expenditure, or (b) where that amount is less than the restricted qualifying expenditure, the Disposal Proceeds shall be the amount of the restricted qualifying expenditure. Where there is a taxable disposal by virtue of sub-paragraph (4)(b), this paragraph applies in relation to that disposal with the following modifications— references in sub-paragraphs (5)(a) and (6) to the plant or machinery shall be taken to be references to the part of the plant or machinery comprised in the taxable disposal; the amount by which profits or income are to be increased by virtue of sub-paragraph (5)(b) shall be the partial disposal fraction of the amount given by sub-paragraph (5)(b)(i) or (ii); the partial disposal fraction of the restricted qualifying expenditure and of the lessee acquisition expenditure shall be used for the purposes of sub-paragraph (6) instead of those amounts of expenditure. For the purposes of sub-paragraph (7) the partial disposal fraction is— where “Apportioned Lessee Acquisition Expenditure” means so much of the lessee acquisition expenditure as was attributable to the acquisition of the part of the plant or machinery comprised in the taxable disposal. “lessee acquisition expenditure” means the capital expenditure incurred by the lessee in acquiring the plant or machinery as described in sub-paragraph (1)(b), “restricted qualifying expenditure” means the qualifying expenditure under section 226, and “section 226 restriction” means— the lessee acquisition expenditure, minus the restricted qualifying expenditure. This paragraph applies if the pre-commencement rentals are greater than the total of the actual taxed rentals for periods of account up to, but excluding, the transitional period of account. Section 228D shall not apply in relation to— the transitional period of account if the lessor’s excess rentals are greater than the notional taxed rental for that period, or a subsequent period of account if the untaxed portion of the lessor’s excess rentals is greater than the notional taxed rental for that period. Section 228D is subject to sub-paragraph (4) in its application to— the transitional period of account if the lessor’s excess rentals are not greater than the notional taxed rental for that period, or a subsequent period of account if the untaxed portion of the lessor’s excess rentals is not greater than the notional taxed rental for that period. The permitted threshold for that period of account is the total of— the lessor’s excess rentals (in the case of the transitional period of account) or the untaxed portion of the lessor’s excess rentals (in the case of a subsequent period of account), and “Basic Amount” means the amount calculated in accordance with section 228D(4); “Notional Taxed Rental” means the notional taxed rental for the period of account in question, and “Deductible Excess” means the amount included in the permitted threshold by virtue of sub-paragraph (4)(a). But where, in relation to the transitional period of account, the amount given by sub-paragraph (4) is less than the appropriate fraction of the notional taxed rental for that period, the permitted threshold shall be that fraction of that rental. “the lessor’s excess rentals” means— the total of the actual taxed rentals referred to in sub-paragraph (1), and “the untaxed portion of the lessor’s excess rentals”, in relation to a period of account, means— the lessor’s excess rentals, minus the total of the actual taxed rentals for periods of account from and including the transitional period up to, but excluding, the period in question. “actual taxed rental”, in relation to a period of account, means the amount that should be taken into consideration in respect of amounts receivable under the existing leaseback in calculating the lessor’s income or profits for that period of account for the purpose of income tax or corporation tax; “notional taxed rental”, in relation to a period of account, means the amount that would, if section 228D did not apply, be taken into consideration in respect of amounts receivable under the existing leaseback in calculating the lessor’s income or profits for that period of account for the purpose of income tax or corporation tax. Nothing in sub-paragraphs (3) to (5) prevents the inclusion of an amount in the permitted threshold by virtue of section 228D(2). This paragraph does not apply in relation to any period of account later than a period of account for which the permitted threshold has been determined in accordance with sub-paragraphs (3) to (5). in the period of account immediately following that in which it terminates, paragraph 7(2)(b) or 7(3)(b) would apply were it not for the termination. The permitted threshold for the period of account in which the leaseback terminates shall also include an amount equal to the amount that the untaxed portion of the lessor’s excess rentals would have been in the period of account immediately following. Section 228E shall not apply where the existing leaseback terminates before 17 March 2004. Sub-paragraph (2) applies where— an existing leaseback is the leaseback in a lease and finance leaseback, on or after the termination there is a disposal, by the user, of the whole or part of the plant and machinery subject to the leaseback, and a chargeable gain that accrues on that disposal (“the relevant chargeable gain”) falls to be taken into account for the purposes of a chargeable gains computation. The following fraction of the relevant chargeable gain shall instead be taken into account for the purposes of the chargeable gains computation— “Net Rentals” means— (a) the total of the amounts deducted in calculating the user’s income or profits, for the purpose of income tax or corporation tax, in respect of amounts payable under the leaseback, minus (b) the total of the amounts shown in the user’s accounts in respect of finance charges relating to the leaseback; “Termination Charge” means the amount by which the user’s income or profits are to be increased by virtue of section 228C(2) of the CAA 2001 because of the termination; “Lease Premium” means the consideration relating to the leaseback referred to in section 228F(6)(b) of the CAA 2001. References in this paragraph to termination of the leaseback shall be construed in accordance with section 228H (1) of the CAA 2001. “CAA 2001” means the Capital Allowances Act 2001 (c. 2); “chargeable gains computation” means the computation, for the purposes of the TCGA 1992, of the total amount of chargeable gains that accrue to the user in any chargeable period that ends on or after 17 March 2004; “disposal” shall be construed in accordance with the TCGA 1992; “lease and finance leaseback” has the same meaning as in section 228F of the CAA 2001; “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12); “user” means the person who is the lessee under the leaseback. “existing leaseback” means a leaseback the term of which began before 17 March 2004; “pre-commencement rentals”, in relation to an existing leaseback, means— any amounts payable by the lessee to the lessor under the leaseback before 17 March 2004, any amounts so payable on or after 17 March 2004 in respect of a period that ends before 17 March 2004, or where any amounts are so payable on or after 17 March 2004 in respect of a period which begins before that date and ends on or after that date, the appropriate fraction of each of those amounts; “transitional period of account” means a period of account that includes 17 March 2004. In this Schedule the “appropriate fraction”, in respect of an amount that relates to a particular period, means this fraction— “Pre-commencement Period” means the number of days in the part of the period that falls before 17 March 2004, and “Whole Period” means the number of days in the whole of the period. The Finance Act 1993 (c. 34) is amended as follows. After section 179A insert— Schedule 20A to this Act (which makes provision for certain reliefs to be available where a member converts to limited liability underwriting) shall have effect. After Schedule 20 insert— This Part of this Schedule applies if the following conditions are satisfied. Condition 1 is that— a member gives notice of his resignation from membership of Lloyd’s in accordance with the rules or practice of Lloyd's, in accordance with such rules or practice, the member does not undertake any new insurance business at Lloyd’s after the end of the member’s last underwriting year, and the member does not withdraw that notice. Condition 2 is that all of the member’s outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor company (“the syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the member’s last underwriting year. Condition 3 is that, immediately before the syndicate capacity disposal,— the member controls the successor company, and more than 50% of the ordinary share capital of the successor company is beneficially owned by the member. Condition 4 is that the syndicate capacity disposal is made in consideration solely of the issue to the member of shares in the successor company. Condition 5 is that the successor company starts to carry on its underwriting business in the underwriting year (“the successor company’s first underwriting year”) next following the member’s last underwriting year. In this paragraph “the member’s last underwriting year”, in relation to a member who gives notice of his resignation from membership of Lloyd's, means the underwriting year during which, or at the end of which, he ceases to be an underwriting member and becomes a non-underwriting member in accordance with the rules or practice of Lloyd's. In this paragraph “outstanding syndicate capacity”, in relation to a member, means the syndicate capacity of the member other than any which— the member disposes of to a person other than a successor member at or before the end of the member’s last underwriting year, or ceases to exist with effect from the end of that year. the member’s total income for a year of assessment includes any income derived by the member from the successor company (whether by way of dividends on the shares issued to the member or otherwise), and throughout the period beginning with the time of the syndicate capacity disposal and ending with the end of that year of assessment,— The carry-forward provision shall apply as if the income so derived were profits on which the member was assessed under Schedule D in respect of the member’s underwriting business for that year. But where under the carry-forward provision as applied by sub-paragraph (2) above a loss falls to be deducted from or set off against any income for any year of assessment, the deduction or set-off shall be made in the first place against that part, if any, of the income in respect of which the member has been, or is liable to be, assessed to tax for that year. In this paragraph “the carry-forward provision” means section 385 of the Taxes Act 1988 (carry-forward of trading losses against subsequent profits). the aggregate of any chargeable gains accruing to the member on the syndicate capacity disposal exceeds the aggregate of any allowable losses accruing to him on that disposal, and the member makes a claim under this paragraph to an officer of the Board. The amount of the excess mentioned in sub-paragraph (1)(a) above (“the amount of the syndicate capacity gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain. For the purpose of computing any chargeable gain accruing to the member on a disposal by him of any issued share or any asset directly or indirectly derived from any issued share— the amount of the rolled-over gain shall be apportioned between the issued shares as a whole, and the sums allowable as a deduction under section 38(1)(a) of the Gains Tax Act shall be reduced by the amount apportioned to the issued share under paragraph (a) above; but, in the case of a derived asset, the reduction shall be by an appropriate proportion of that amount; and if the issued shares are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the member. In this paragraph “the amount of the rolled-over gain” means the lesser of— the amount of the syndicate capacity gain, and the aggregate amount of any sums which would be allowable as a deduction under section 38(1)(a) of the Gains Tax Act if the issued shares were disposed of as a whole by the member in circumstances giving rise to a chargeable gain. In this paragraph the “issued shares” means the shares in the successor company issued to the member in consideration for the syndicate capacity disposal. at the time of, or after, the syndicate capacity disposal, assets forming some or all of the member’s ancillary trust fund are— withdrawn from the fund, and without unreasonable delay, disposed of by him to the successor company (the “ATF disposal”), the aggregate of any chargeable gains accruing to the member on the ATF disposal exceeds the aggregate of any allowable losses accruing to him on that disposal, throughout the period beginning with the time of the syndicate capacity disposal and ending with the time of the ATF disposal,— more than 50% of the ordinary share capital of the successor company is beneficially owned by the member, the ATF disposal is made in consideration solely of the issue to the member of shares (the “issued shares”) in the successor company, and But this paragraph does not apply if— the member could have made a claim under paragraph 3 above, and at the time the member makes a claim under this paragraph, no claim under paragraph 3 above is or has been made by him. The amount of the excess mentioned in sub-paragraph (1)(b) above (“the amount of the ATF assets gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain. subject to sub-paragraph (6) below, the amount of the ATF assets gain, and If the market value, immediately before the ATF disposal, of the assets disposed of under that disposal exceeds the amount of the ATF assets required, the amount of the ATF assets gain shall for the purposes of sub-paragraph (5)(a) above be reduced by multiplying it by— R is the amount of the ATF assets required, and T is the market value, immediately before the ATF disposal, of the assets disposed of under that disposal. In sub-paragraph (6) above “the amount of the ATF assets required” means the lesser of— the amount of security required to be provided by the member in respect of his underwriting business in the member’s last underwriting year, and the amount of security required to be provided by the successor company in respect of its underwriting business in the successor company’s first underwriting year. This paragraph applies only on the first occasion on or after 6th April 2004 on which the member makes an ATF disposal. If a claim made by the member under paragraph 3 above is revoked, this paragraph shall apply as if the claim had never been made. In this Part of this Schedule— “control” shall be construed in accordance with section 416 of the Taxes Act 1988; “ordinary share capital” has the meaning given by section 832 (1) of the Taxes Act 1988; “successor company” means a corporate member (within the meaning of Chapter 5 of Part 4 of the Finance Act 1994) which is a successor member; “the member’s last underwriting year” has the meaning given by paragraph 1(7) above; “the successor company’s first underwriting year” has the meaning given by paragraph 1(6) above; “the syndicate capacity disposal” has the meaning given by paragraph 1(3) above; “underwriting business”, in relation to a successor company, has the same meaning as in Chapter 5 of Part 4 of the Finance Act 1994. For the purposes of this Part of this Schedule, shares comprised in any letter of allotment or similar instrument shall be treated as issued unless— the right to the shares conferred by it remains provisional until accepted, and there has been no acceptance. Paragraphs 3 and 4 above (and paragraph 1 above so far as relating to those paragraphs) are to be construed as one with the Gains Tax Act. Condition 2 is that all of the member’s outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor partnership (“the syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the member’s last underwriting year. Condition 3 is that the member is the only person who disposes of syndicate capacity under a conversion arrangement to the successor partnership. Condition 4 is that the successor partnership starts to carry on its underwriting business in the underwriting year next following the member’s last underwriting year. the member’s total income for a year of assessment includes profits of the successor partnership’s underwriting business, and throughout the period beginning with the time of the syndicate capacity disposal and ending with the end of that year of assessment, the member is beneficially entitled to more than 50% of the profits of that business. Section 385 of the Taxes Act 1988 (carry-forward of trading losses against subsequent profits) shall have effect, in its application in relation to the losses of the old underwriting business, as if the profits of the successor partnership’s underwriting business to which the member is beneficially entitled for that year were profits on which the member was assessed under Schedule D in respect of the old underwriting business for that year. In sub-paragraph (2) above “the old underwriting business” means the member’s underwriting business carried on otherwise than through the successor partnership. “successor partnership” means a limited partnership formed under the law of Scotland which is a successor member; “the syndicate capacity disposal” has the meaning given by paragraph 6(3) above. This paragraph applies if a member— makes a claim for relief under or by virtue of this Schedule, and subsequently withdraws the notice of his resignation from membership of Lloyd's. The member must give written notice of such withdrawal to an officer of the Board. Such a notice must be given no later than six months from the date of the withdrawal of the notice of resignation. All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made). If a member fails, fraudulently or negligently, to comply with sub-paragraphs (2) and (3) above, section 95 of the Taxes Management Act 1970 shall apply to him as if he had fraudulently or negligently made an incorrect return, statement or declaration in connection with the claim for relief made by him under or by virtue of this Schedule. In this paragraph “tax” means income tax, capital gains tax or inheritance tax. “conversion arrangement” means a conversion arrangement made under the rules or practice of Lloyd's; “successor member” has the meaning given by the rules or practice of Lloyd's; “syndicate capacity”, in relation to a member, means an asset comprising the rights of the member under a syndicate in which he participates. Paragraphs 2 and 3 above (and the other provisions of this Schedule so far as relating to those paragraphs) have effect in relation to syndicate capacity disposals (within the meaning of Part 1 of this Schedule) made on or after 6th April 2004. Paragraph 4 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 6th April 2004 (even if the syndicate capacity disposal mentioned in that paragraph was made before that date). Paragraph 7 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 2 of this Schedule) made on or after 6th April 2004. Paragraph 3 of Schedule 10 to the Finance Act 1996 (c. 8) (assumptions to be made in relation to creditor relationships) shall cease to have effect. In relation to a fund established on or before the day on which this Act is passed, this paragraph only has effect if an election that it should have effect has been made by or on behalf of the fund. Any such election— must be made by notice to an officer of the Board, in such form and within such time as the Board may determine, and is irrevocable. For the purpose of determining the United Kingdom equivalent profits of an offshore fund for the first account period of the fund in relation to which this paragraph has effect— any profits, gains or losses arising from a creditor relationship that were taken into account in determining the United Kingdom equivalent profits of the fund for the preceding account period shall be disregarded, and any profits, gains or losses arising from a creditor relationship that— arose in, or in respect of, the preceding account period, but were not taken into account in determining the United Kingdom equivalent profits of the fund for that period, shall be taken into account. “creditor relationship” has the same meaning as in Part 5 of the Corporation Tax Act 2009; and “United Kingdom equivalent profits” has the meaning given in paragraph 5 of Schedule 27 to the Taxes Act 1988. Paragraph 35 of Schedule 26 to the Finance Act 2002 (c. 23) (assumptions to be made in relation to derivative contracts) shall cease to have effect. any profits or losses arising from a derivative contract that were taken into account in determining the United Kingdom equivalent profits of the fund for the preceding account period shall be disregarded, and any profits or losses arising from a derivative contract that— “derivative contract” has the same meaning as in Part 7 of the Corporation Tax Act 2009; At the beginning of Chapter 5 of Part 17 of that Act (offshore funds) insert— In this Chapter references to an offshore fund are to a collective investment scheme constituted by— a company that is resident outside the United Kingdom, or a unit trust scheme the trustees of which are not resident in the United Kingdom, or arrangements not falling within paragraph (a) or (b) taking effect by virtue of the law of a territory outside the United Kingdom and which under that law create rights in the nature of co-ownership (without restricting that expression to its meaning in the law of any part of the United Kingdom). Subsection (1) has effect subject to— section 756B (treatment of umbrella funds), and section 756C (treatment of funds comprising more than one class of interest). In this section “collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000. In this Chapter, an “umbrella fund” means an offshore fund— which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are made to them; and under which the participants are entitled to exchange rights in one pool for rights in another; and references in this Chapter to a part of an umbrella fund are to such of the arrangements as relate to a separate pool. For the purposes of this Chapter (except subsection (1))— each part of an umbrella fund shall be regarded as a separate offshore fund, and the umbrella fund as a whole shall not be regarded as an offshore fund. In this Chapter, in relation to a part of an umbrella fund— a reference to the assets of an offshore fund is to such of the assets of the umbrella fund as under the arrangements form part of the separate pool to which that part of the umbrella fund relates; a reference to the income of an offshore fund is to the income arising from those assets; a reference to a person having an interest in an offshore fund is to a person for the time being having an interest in that separate pool; and a reference to an offshore fund being a non-qualifying fund shall be read in relation to times before the coming into force of this section as a reference to the umbrella fund being a non-qualifying fund. For the purposes of this Chapter where there is more than one class of interest in an offshore fund (the “main fund”)— each class of interest shall be regarded as a separate offshore fund, and the main fund shall not be regarded as an offshore fund. In this section, references to a class of interest in an offshore fund do not include— a part of an umbrella fund which is regarded as an offshore fund by virtue of section 756B, or a class of interest in an offshore fund which by virtue of section 759(5), (6) or (8) is not a material interest in the fund. In this Chapter, in relation to a class of interest in an offshore fund— a reference to the assets of an offshore fund is to the assets of the main fund; a reference to the income of an offshore fund is to such of the income of the main fund as is attributable to interests of that class under the arrangements constituting the main fund; a reference to a person having an interest in an offshore fund is to a person for the time being having an interest of that class; and a reference to an offshore fund being a non-qualifying fund shall be read in relation to times before the coming into force of this section as a reference to the main fund being a non-qualifying fund. In section 212 of the Taxation of Chargeable Gains Act 1992 (c. 12) (annual deemed disposal of holdings of unit trusts etc.) in subsection (6A)— in paragraph (a), for “paragraphs (a) to (c) of subsection (1) of section 759” substitute “ paragraphs (a) to (c) of subsection (1) of section 756A ”; in paragraph (b), for “that section” substitute “ section 759 of that Act ”. This paragraph applies for the purposes of determining whether an offshore fund that is— a part of an umbrella fund (which is treated as an offshore fund under section 756B of the Taxes Act 1988), or a class of interest in a part of an umbrella fund (which is treated as an offshore fund under section 756C of that Act), may be certified as a distributing fund under Chapter 5 of Part 17 of that Act in respect of an account period ending on or after the day on which this Act is passed and on or before 31st December 2005. Where this paragraph applies— subsection (3) of section 760 of the Taxes Act 1988 shall not have effect, and the fund shall not be certified as a distributing fund in respect of a period if at any time in that period— more than 5 per cent by value of the assets of that offshore fund consists of interests in other offshore funds, and more than 5 per cent by value of the assets of the umbrella fund consists of interests in other offshore funds. Where this paragraph applies, references to subsection (3) of section 760 of the Taxes Act 1988 shall have effect as references to sub-paragraph (2)(b) above. Words used in Chapter 5 of Part 17 of the Taxes Act 1988 have the same meaning in this paragraph as they have in that Chapter. Schedule 15 to the Finance Act 2000 (the corporate venturing scheme) is amended as set out in sub-paragraphs (2) to (4). In paragraph 23 (the trading activities requirement), in sub-paragraph (8)(a)(i) for “oil rigs” substitute “ offshore installations ”. In paragraph 28 (excluded activities: leasing of ships), in sub-paragraph (1) for “oil rigs” substitute “ offshore installations ”. In paragraph 28(6) omit the definition of “oil rig”. This paragraph has effect in relation to shares issued on or after 6th April 2004. Nothing in this paragraph affects the operation of Schedule 15 to the Finance Act 2000 in relation to shares issued before that date. In Schedule 22 to the Finance Act 2000 (tonnage tax), in paragraph 20 (vessels excluded from being qualifying ships) omit sub-paragraph (5). This paragraph has effect for accounting periods ending on or after 1st April 2004. In section 94 of the Capital Allowances Act 2001 (expenditure on ships that is not long-life asset expenditure) omit subsections (2)(b) and (3). Section 153 of the Capital Allowances Act 2001 (ships that are not qualifying ships) is amended as follows. For subsection (2) substitute— A ship is not a qualifying ship at any time when it is an offshore installation. Omit subsection (3). In Part 2 of Schedule 1 to the Capital Allowances Act 2001 (index of defined expressions) at the appropriate place insert— Paragraphs 8 to 10 have effect— for income tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 6th April 2004; for corporation tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 1st April 2004. In this paragraph “chargeable period” has the meaning given by section 6 of the Capital Allowances Act 2001. In section 40 of the Income Tax (Earnings and Pensions) Act 2003 (duties on board vessel or aircraft), in subsection (5) for paragraph (b) (meaning of ship) substitute— “ship” does not include an offshore installation; In section 305 of the Income Tax (Earnings and Pensions) Act 2003 (offshore oil and gas workers: mainland transfers), in subsection (6) omit the definition of “offshore installation”. For section 385 of the Income Tax (Earnings and Pensions) Act 2003 substitute— In this Chapter “ship” does not include an offshore installation. In Part 2 of Schedule 1 to the Income Tax (Earnings and Pensions) Act 2003 (index of defined expressions) at the appropriate place insert— Paragraphs 12 to 15 have effect for the year 2004-05 and subsequent years of assessment. In paragraph 18 (excluded activities: leasing of certain ships), in sub-paragraph (1) for “oil rigs” substitute “ offshore installations ”. In paragraph 18(2) for “oil rig” substitute “ offshore installation ”. In paragraph 18(8) omit the definition of “oil rig”. In paragraph 59 (index of defined expressions) at the appropriate place insert— This paragraph has effect in relation to a right to acquire shares in a company granted on or after 6th April 2004. Nothing in this paragraph affects the operation of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 in relation to a right to acquire shares in a company granted before that date. For the purposes of this Part the ill-health condition is met if— the scheme administrator has received evidence from a registered medical practitioner that the member is (and will continue to be) incapable of carrying on the member’s occupation because of physical or mental impairment, and the member has in fact ceased to carry on the member’s occupation. A pension payable to the member is a scheme pension for the purposes of this Part if— it is payable by the scheme administrator or by an insurance company selected by the scheme administrator, and it satisfies the condition in sub-paragraph (3). The condition is that (subject to sub-paragraph (4)— the pension is payable (at least annually) until the member’s death or until the later of the member’s death and the end of a term certain not exceeding ten years, and the rate of pension payable at any time during any relevant 12 month period is not less than the rate payable at the relevant time. “The relevant time” is— in the case of the first relevant 12 month period, the day on which the member becomes entitled to the pension, and in the case of any other relevant 12 month period, immediately before the beginning of that period. None of the following prevent the pension satisfying the condition in sub-paragraph (3)— the reduction of the pension if the member became entitled to it by reason of the ill-health condition being met, a reduction in the rate of the pension which applies to all the scheme pensions being paid to or in respect of members of the pension scheme, ... the reduction of the pension in consequence of a pension sharing order or provision, forfeiture of entitlement to the pension in circumstances prescribed by regulations made by the Board of Inland Revenue, the reduction of the pension in consequence of an order of a court, if the pension is under a public service pension scheme, its reduction by abatement, or the reduction of the pension in any other circumstances prescribed by regulations made by the Board of Inland Revenue. In sub-paragraph (4) references to the reduction of a pension include its ceasing to be payable (whether temporarily or permanently). A pension is payable until the end of a term certain even if it may, after the death of the member during the term, end on the pensioner— marrying, entering into a civil partnership, reaching the age of 18, or ceasing to be in full-time education.

The Board of Inland Revenue may by regulations provide that if— a scheme pension payable by an insurance company selected by the scheme administrator of a registered pension scheme (“the original scheme pension”) ceases to be payable, and in consequence of the transfer of sums or assets (or both) from the insurance company to another insurance company in connection with the original scheme pension ceasing to be payable, another scheme pension becomes payable by the other insurance company (“the new scheme pension”), the new scheme pension is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original scheme pension. A relevant 12 month period is any 12 month period which— begins on or after the first anniversary of the day on which the member becomes entitled to the pension, and ends before the day on which the pension ceases to be payable. Regulations under sub-paragraph (4)(e) or (h) ... may include provision having effect in relation to times before they are made. Where, under a collective money purchase arrangement— a scheme pension has become payable to the member, and the member subsequently becomes entitled to income payable by virtue of section 36(7)(b) or 87(7)(b) of the Pension Schemes Act 2021 (periodic income paid while pursuing continuity option 1), the income so payable is to be treated for the purposes of this Part as a continuation of the scheme pension. the member becomes entitled to income payable by virtue of section 36(7)(b) or 87(7)(b) of the Pension Schemes Act 2021 (periodic income paid while pursuing continuity option 1), and no scheme pension was previously payable to the member, the income so payable is to be treated for the purposes of this Part as a scheme pension. Where this paragraph applies in relation to a pension payable to the member, the pension scheme is to be treated as making an unauthorised payment to the member of the appropriate amount. This paragraph applies to a pension if it fails to satisfy the condition in sub-paragraph (3) of paragraph 2— by reason of not complying with paragraph (a) of that sub-paragraph, or by reason of not complying with paragraph (b) of that sub-paragraph because a substantial reduction occurs in the rate of the pension, or if it is a pension which is reduced in accordance with paragraph (a) of sub-paragraph (4) of paragraph 2, or the rate of which is reduced in accordance with paragraph (b) of that sub-paragraph, and the reduction is part of avoidance arrangements. For the purposes of sub-paragraph (2)(b) a substantial reduction occurs in the rate of a pension if the rate at which the pension is payable at any time during any relevant 12 month period (within the meaning of paragraph 2(7)) is less than 80% of the rate payable when the member became entitled to the pension. But for the purposes of sub-paragraph (2)(b), no substantial reduction occurs in the rate of a pension if— the pension is payable in respect of a collective money purchase arrangement, and the reduction is in accordance with the rules of the scheme. For the purposes of sub-paragraph (2) “avoidance arrangements” includes schemes, arrangements and understandings of any kind (whether or not legally enforceable) the main purpose, or one of the main purposes, of which is to increase the member's entitlement to a lump sum on which there is no liability to income tax. “The appropriate amount”, in relation to the pension, is the amount of any lump sum on which there is no liability to tax to which the member became entitled in connection with the pension. Once this paragraph has applied in relation to the pension, it does not apply in relation to it again. The application of this paragraph in relation to the pension does not prevent any payments of the pension themselves being unauthorised member payments. For the purposes of this Part an annuity payable to the member is a lifetime annuity if— it is payable by an insurance company, the member had an opportunity to select the insurance company, the member becomes entitled to it before 6 April 2015, it is payable until the member’s death or until the later of the member’s death and the end of a term certain not exceeding ten years, and its amount either cannot decrease or falls to be determined in any manner prescribed by regulations made by the Board of Inland Revenue. For the purposes of this Part, but subject to any provision made under sub-paragraph (2C)(za), an annuity payable to the member is also a lifetime annuity if— the member becomes entitled to it on or after 6 April 2015, and it is payable until the member's death or until the later of the member's death and the end of a term certain. An annuity is payable until the end of a term certain even if it may, after the death of the member during the term, end on the annuitant— An annuity does not fail to satisfy sub-paragraph (1)(d) by reason of the operation of a pension sharing order or provision , or an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer). The Board of Inland Revenue may by regulations make provision in relation to cases in which a lifetime annuity payable by an insurance company (“the original lifetime annuity”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another lifetime annuity (a “new lifetime annuity”) or a scheme pension, short-term annuity, dependants' scheme pension, dependants' annuity, nominees' annuity or dependants' short-term annuity by the other insurance company, or sums or assets are transferred to the relevant registered pension scheme. The regulations may provide that— in a case where— a new annuity becomes payable, the member becomes entitled to it on or after 6 April 2015, it would be a lifetime annuity if any provision made under this paragraph were ignored, the terms of the contract for it are such that there will or could be decreases in its amount other than allowed decreases (see sub-paragraph (2E)), and any other conditions prescribed by the regulations are met, the new annuity is not a lifetime annuity for the purposes of this Part, in a case where a new lifetime annuity becomes payable, the new lifetime annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original lifetime annuity, and in a case other than one where a new lifetime annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment to the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (2B) and (2C) a registered pension scheme is the relevant registered pension scheme if the original lifetime annuity was acquired using sums or assets held for the purposes of the pension scheme. In sub-paragraph (2C)(za)(iv) “allowed decreases” means decreases from time to time allowed by regulations under sub-paragraph (1)(d); and any such regulations are to be treated as having effect for this purpose. “Drawdown pension” means— a short-term annuity, or For the purposes of this Part an annuity payable to the member is a short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the member's drawdown pension fund in respect of an arrangement, it is payable for a term which does not exceed five years ..., and For the purposes of this Part, but subject to any provision made under sub-paragraph (1C)(za), an annuity payable to the member is also a short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the member's drawdown pension fund, or of the member's flexi-access drawdown fund, in respect of an arrangement, it is payable for a term which does not exceed five years. An annuity does not fail to satisfy sub-paragraph (1)(e) by reason of the operation of a pension sharing order or provision. The Board of Inland Revenue may by regulations make provision in relation to cases in which a short-term annuity payable by an insurance company (“the original short-term annuity”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another short-term annuity (a “new short-term annuity”) or a scheme pension, lifetime annuity, dependants' scheme pension, dependants' annuity, nominees' annuity or dependants' short-term annuity by the other insurance company, or it would be a short-term annuity if any provision made under this paragraph were ignored, the terms of the contract for it are such that there will or could be decreases in its amount other than allowed decreases (see sub-paragraph (1E)), and the new annuity is not a short-term annuity for the purposes of this Part, in a case where a new short-term annuity becomes payable, the new short-term annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original short-term annuity, and in a case other than one where a new short-term annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment to the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (1B) and (1C) a registered pension scheme is the relevant registered pension scheme if the original short-term annuity was acquired using sums or assets held for the purposes of the pension scheme. In sub-paragraph (1C)(za)(iv) “allowed decreases” means decreases from time to time allowed by regulations under sub-paragraph (1)(e); and any such regulations are to be treated as having effect for this purpose. Income withdrawal” means an amount (other than an annuity) which the member is entitled to be paid from the member's drawdown pension fund in respect of an arrangement or from the member's flexi-access drawdown fund in respect of an arrangement. For the purposes of this Part the member's drawdown pension fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are member-designated funds. For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if ...— they have, at any time before 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and— sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and section 165(3A) did not apply to the arrangement immediately before 6 April 2015, or they arise, or (directly or indirectly) derive, from member-designated funds under paragraph (a) or (aa) or from sums or assets which so arise or derive, and have not been applied towards the provision of a scheme pension. If any sums or assets representing the member's drawdown pension fund in respect of an arrangement under the pension scheme would (apart from this sub-paragraph) come to be taken to represent another unsecured pension fund of his under the pension scheme, or a dependant's drawdown pension fund of his under the pension scheme, they are to be treated as not doing so. For the purposes of this Part the member's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated funds. For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated funds if— they— have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and are not member-designated funds, or they were member-designated funds immediately before 6 April 2015 and section 165(3A) applied to the arrangement at that time, or they have become newly-designated funds by the operation of paragraph 8B, 8C or 8D, or they arise, or (directly or indirectly) derive, from newly-designated funds under paragraph (a), (b) or (c) or from sums or assets which so arise or derive. Any sums or assets that become newly-designated funds under sub-paragraph (2)(b) cease to be member-designated funds as from the start of 6 April 2015. Sub-paragraph (2) applies if— a member's drawdown pension fund in respect of an arrangement came into being before 6 April 2015, section 165(3A) did not apply to the arrangement immediately before 6 April 2015, and at a time on or after 6 April 2015, a payment— of income withdrawal from the fund, or of a short-term annuity purchased using sums or assets out of the fund, is made that (apart from sub-paragraph (2)) would breach the cap. The sums and assets that make up the fund immediately before the payment is made become newly-designated funds immediately before the payment is made (so that the payment is made out of the member's flexi-access drawdown fund in respect of the arrangement and therefore is not part of the total capped by pension rule 5). For the purposes of sub-paragraph (1)(c), a payment of drawdown pension in respect of an arrangement is one that would breach the cap if, when its amount is added to the amounts of any drawdown pension in respect of the arrangement— paid— before it is made, but in the same drawdown pension year in respect of the arrangement, or paid at the time it is made, the total is greater than the cap set by pension rule 5 for that drawdown pension year. the member notifies the scheme manager that the member wishes the fund to become the member's flexi-access drawdown fund in respect of the arrangement. At— the time the scheme manager accepts the notification, or the start of 6 April 2015 if that is later, the sums and assets that then make up that fund become newly-designated funds, if they have not previously done so by the operation of paragraph 8B. Sub-paragraphs (2) and (3) apply if— there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”) of member-designated funds held for the purposes of an arrangement under the old scheme, and the sums or assets transferred are, under the arrangement under the new scheme for whose purposes they are first held after the transfer, designated as available for the payment of drawdown pension. If the member, when or before making the designation, notifies the scheme manager of the new scheme that the member wishes the sums or assets to be newly-designated funds, the sums or assets become newly-designated funds and do so— when the designation is made, or if later, immediately after the transfer, except that, if both the designation and transfer are made before 6 April 2015, the sums or assets become newly-designated funds at the start of 6 April 2015. If sub-paragraph (2) does not provide for the sums or assets to become newly-designated funds, the sums or assets become member-designated funds and do so— if later, immediately after the transfer. “Drawdown pension year” means— the period of 12 months beginning with the day on which the member first becomes entitled to drawdown pension in respect of the arrangement, and each succeeding period of 12 months. This is subject to paragraph 10B. The drawdown pension year in which the member dies is the last drawdown pension year and ends immediately before the member's death. This paragraph applies in relation to drawdown pension years beginning on or before the member's 75th birthday. Subject as follows, the period of three drawdown pension years beginning with the first drawdown pension year, and each succeeding period of three drawdown pension years, is a “reference period”. But the reference period in which the member reaches the age of 75 ends with the drawdown pension year in which the member reaches that age. Sub-paragraph (1B) applies if, at any time during a reference period (“the current reference period”), the member notifies the scheme administrator that the member wishes a new reference period to begin on the next day that is an anniversary of the reference date in relation to the current reference period. The scheme administrator may determine— that the current reference period is to end immediately before that day (so that sub-paragraph (1) no longer applies), and that (subject to sub-paragraph (1ZA) and any further operation of this sub-paragraph) the period of three drawdown pension years beginning with that day, and each succeeding period of three drawdown pension years, is to be a reference period. The first day of each reference period is, in relation to that period, “the reference date”. For the first drawdown pension year falling within a reference period, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the member's drawdown pension fund on the nominated date (but subject to sub-paragraph (5)). “The nominated date”— in relation to the first reference period, is the reference date, and in relation to any subsequent reference period, is such day, within the period of 60 days ending with the reference date, as is nominated by the scheme administrator (or, if no day is nominated by the scheme administrator, is the reference date). For each other drawdown pension year falling within a reference period, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the member's drawdown pension fund— if there has been no recent annuity purchase, recent additional fund designation or recent pension sharing event, on the nominated date, and otherwise, immediately after the last annuity purchase, additional fund designation or pension sharing event, (but subject to sub-paragraph (5)). On the occasion of each additional fund designation during a drawdown pension year, the basis amount for that drawdown pension year is to be recalculated in accordance with sub-paragraph (6). The basis amount for the drawdown pension year is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the member's drawdown pension fund immediately after the additional fund designation. But sub-paragraph (5) does not apply where the operation of that sub-paragraph in relation to an additional fund designation during a drawdown pension year would reduce the basis amount for that drawdown pension year. “Annuity purchase” means the purchase of a scheme pension or a lifetime annuity by the application of sums or assets representing the whole or part of the member's drawdown pension fund. “Additional fund designation” means the designation under the arrangement of further sums or assets held for the purposes of the arrangement as available for the payment of drawdown pension. “Pension sharing event” means the coming into operation of a pension sharing order or provision relating to the sums and assets representing the member's drawdown pension fund. An annuity purchase, additional fund designation or pension sharing event is “recent” if it took place during the period— ending with the last day of the immediately preceding drawdown pension year. Paragraph 14 defines “relevant annuity”. This paragraph applies in relation to drawdown pension years beginning after the member's 75th birthday. For the first drawdown pension year beginning after the member reached the age of 75, and each succeeding drawdown pension year, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the member's drawdown pension fund on the nominated date. In a case where the member first becomes entitled to drawdown pension in respect of the arrangement after reaching the age of 75, “the nominated date”, in relation to the first drawdown pension year in respect of the arrangement, is the first day of that year. In any other case, “the nominated date”, in relation to the first drawdown pension year beginning after the member reached the age of 75, is— if the member and the scheme administrator so agree, the day immediately before the member's 75th birthday, or if they do not so agree, such day within the period of 60 days ending with the first day of the drawdown pension year as is nominated by the scheme administrator (or, if no day is nominated by the scheme administrator, the first day of that year). “The nominated date”, in relation to each other drawdown pension year, is such day within the period of 60 days ending with the first day of the drawdown pension year as is nominated by the scheme administrator (or, if no day is nominated by the scheme administrator, is the first day of that year). On the occasion of each additional fund designation during a drawdown pension year, the basis amount of that drawdown pension year is to be recalculated in accordance with sub-paragraph (7). The basis amount for the drawdown pension year is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the member's drawdown pension fund immediately after the additional fund designation. But sub-paragraph (6) does not apply where the operation of that sub-paragraph in relation to an additional fund designation during a drawdown pension year would reduce the basis amount for that drawdown pension year. “Additional fund designation” has the meaning given by paragraph 10(8). This paragraph applies if the member has reached the age of 75. Sub-paragraph (3) applies if, at any time during a drawdown pension year in respect of an arrangement (“the current drawdown pension year”), the member notifies the scheme administrator that the member wishes the drawdown pension year following the current drawdown pension year to begin on the day on which the next drawdown pension year in respect of another arrangement relating to the member under the pension scheme (including any arrangement relating to that person as a dependant) will begin. that the current drawdown pension year is to end immediately before that day, and that the period of 12 months beginning with that day, and each succeeding period of 12 months, is a drawdown pension year in respect of the arrangement. The scheme administrator may not make a determination under this paragraph more than once in relation to the same arrangement. A “relevant annuity”is an annuity of a description prescribed by regulations made by the Board of Inland Revenue. The annual amount of a relevant annuity is to be ascertained in accordance with regulations made by the Board of Inland Revenue. The regulations may in particular provide for the annual amount to be ascertained by reference to— comparative annuity tables published by the Financial Conduct Authority or the Prudential Regulation Authority, or material published by any other person. A person who was married to , or a civil partner of, the member at the date of the member’s death is a dependant of the member. If the rules of the pension scheme so provide, a person who was married to , or a civil partner of, the member when the member first became entitled to a pension under the pension scheme is a dependant of the member. A child of the member is a dependant of the member if the child— has not reached the age of 23, or has reached that age and, in the opinion of the scheme administrator, was at the date of the member’s death dependant on the member because of physical or mental impairment. has reached the age of 23, and is not within sub-paragraph (2)(b). But this paragraph, so far as it has effect for the purpose of determining the meaning of “dependant”— in paragraphs 16 to 17 and 27A, and in paragraph 18 of Schedule 29, has effect with the omission of sub-paragraph (2A). A person who was not married to , or a civil partner of, the member at the date of the member’s death and is not a child of the member is a dependant of the member if, in the opinion of the scheme administrator, at the date of the member’s death— the person was financially dependant on the member, the person’s financial relationship with the member was one of mutual dependence, or the person was dependant on the member because of physical or mental impairment. A pension payable to a dependant is a dependants' scheme pension for the purposes of this Part if— it is payable by the scheme administrator or by an insurance company selected by the scheme administrator, ... The Board of Inland Revenue may by regulations make provision in relation to cases in which a dependants' scheme pension payable to a dependant of a member of a registered pension scheme by an insurance company (“the original dependants' scheme pension”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another dependants' scheme pension (a “new dependants' scheme pension”) or a scheme pension, lifetime annuity, short-term annuity, dependants' annuity or dependants' short-term annuity by the other insurance company, or in a case where a new dependants' scheme pension becomes payable, the new dependants' scheme pension is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original dependants' scheme pension, and in any other case, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (2A) and (2B) a registered pension scheme is the relevant registered pension scheme if the original dependants' scheme pension was acquired using sums or assets held for the purposes of the pension scheme. Paragraphs 16B and 16C apply where— the member dies after 5th April 2006, he has reached the age of 75 before his death, and at the time of his death he is actually or prospectively entitled to one or more scheme pensions under the pension scheme. Sub-paragraph (1) is subject to paragraphs 16AA and 16AB. References in this paragraph and paragraph 16B to a scheme pension include a pension payable before 6th April 2006 which would be a scheme pension if payable after that date. Where, immediately before the member’s death, the member is actually or prospectively entitled to CMP periodic income, any CMP periodic income that is at any later time payable to a dependant of the member is to be ignored for the purposes of paragraphs 16AA to 16B. Paragraphs 16B and 16C do not apply if— paragraph 12 of Schedule 36 (enhanced protection by reference to pre-6 April 2006 rights) applies in the case of the member immediately before the member's death. Paragraph 16B does not apply if, at all times in the post-death year (as defined in that paragraph), the payable annual rate is less than the limit. Paragraph 16C does not apply in relation to a period of 12 months within paragraph (a) or (b) of paragraph 16C(1) if, at all times in that period of 12 months, the payable annual rate is less than the limit. “The payable annual rate”, at any time, is arrived at as follows— identify each dependants' scheme pension payable in respect of the member under the scheme to which a dependant of the member is actually entitled at that time, and identify the annual rate at which each pension identified at paragraph (a) is payable at that time, and if only one pension is identified at paragraph (a), the payable annual rate is the annual rate identified at paragraph (b), and if two or more pensions are identified at paragraph (a), the payable annual rate is the total of the annual rates identified at paragraph (b). “The limit”, at any time, is— the general limit at that time (see paragraph 16AC), or, if higher, the personal limit at that time (see paragraph 16AD). This paragraph applies for the purposes of paragraph 16AB(4). “The general limit” at a time in the tax year 2016-17 is £25,000. “The general limit” at a time in a later tax year (“year T”)— is given by— where G is the general limit at times in the tax year (“year P”) that precedes year T, or if the amount given by paragraph (a) is not a multiple of £100, is that amount rounded up to the nearest amount that is such a multiple. See paragraph 16AE for the meaning of U%. “The personal limit” at a time in the tax year in which the member dies is arrived at as follows— identify each scheme pension under the scheme to which the member is actually or prospectively entitled immediately before the member's death, and as regards each pension identified at paragraph (a)— if it is one to which the member is actually entitled immediately before the member's death, identify the annual rate at which it is payable immediately before the member's death, or if it is one to which the member is prospectively entitled immediately before the member's death, identify the annual rate at which it would have been payable immediately before the member's death had the member been actually entitled to it immediately before the member's death, and if only one pension is identified at paragraph (a), the personal limit is the annual rate identified at paragraph (b), and if two or more pensions are identified at paragraph (a), the personal limit is the total of the annual rates identified at paragraph (b). “The personal limit” at a time in a tax year (“year S”) later than the tax year in which the member dies— where L is the personal limit at times in the tax year (“year P”) that precedes year S, or If the scheme is a public service pension scheme, ignore any abatement when identifying at sub-paragraph (2)(b) the annual rate of any scheme pension under the scheme. In paragraphs 16AC(3) and 16AD(3), U% means the highest of— 5%, CPI% (see sub-paragraph (2)), and RPI% (see sub-paragraph (3)). If the consumer prices index for September in year P is higher than the consumer prices index for September in the tax year preceding year P, CPI% is the percentage increase in the index (but is otherwise 0%). If the retail prices index for September in year P is higher than the retail prices index for September in the tax year preceding year P, RPI% is the percentage increase in the index (but is otherwise 0%). In this paragraph “year P” has the same meaning as in paragraph 16AC or (as the case may be) paragraph 16AD. Where a pension is payable under the pension scheme to a dependant of the member in the period of 12 months beginning with the date of the member's death (“the post-death year”), so much of the pension as exceeds the initial member pension limit is not a dependants' scheme pension. more than one pension is so payable to one of the dependants of the member in the post-death year, or pensions are so payable to more than one dependant of the member in the post-death year, (or both), so much of any of the pensions as exceeds the appropriate portion of the initial member pension limit is not a dependants' scheme pension. The “initial member pension limit” is (subject to sub-paragraph (4)) the sum of— the aggregate of the amounts of the scheme pensions to which the member is actually entitled under the pension scheme immediately before his death payable to the member in the period of 12 months ending with the date of his death (“the pre-death year”), the aggregate of the amounts of the scheme pensions to which the member is prospectively entitled under the pension scheme at that time which would have been so payable if he had been actually entitled to the pensions throughout the pre-death year, and 5% of the aggregate of the uprated amounts (see sub-paragraph (6)) of the lump sums on which there is no liability to income tax to which the member has become entitled in connection with scheme pensions under the pension scheme before his death. But if the member became (actually) entitled to a scheme pension under the pension scheme during the pre-death year, sub-paragraph (3)(a) has effect as if the amount of that scheme pension which was payable to the member under the pension scheme in the pre-death year were the amount which would have been payable to him in the period of 12 months beginning with the date on which he became entitled to it had he not died. The “appropriate portion” of the initial member pension limit, in relation to any pension payable under the pension scheme to a dependant of the member in the post-death year, is— P is the amount of that pension payable in the post-death year, and AP is the aggregate of the amounts of each of the pensions payable under the pension scheme to dependants of the member in the post-death year. The “uprated amount” of a lump sum is the amount of the lump sum increased by the higher of C% and R%, where— if the consumer prices index for the month in which the member dies is higher than it was for the month in which the member became entitled to the lump sum, C% is the percentage increase in the index (but is otherwise 0%), and if the retail prices index for the month in which the member dies is higher than it was for the month in which the member became entitled to the lump sum, R% is the percentage increase in the index (but is otherwise 0%). Where a pension is payable under the pension scheme to a dependant of the member, otherwise than in excepted circumstances, in— the period of 12 months beginning with the end of the post-death year, or any succeeding period of 12 months, (“the 12 months in question”), so much of the pension as exceeds the current member pension limit is not a dependants' scheme pension. more than one pension is so payable to one of the dependants in the 12 months in question, or pensions are so payable to more than one dependant of the member in the 12 months in question, (or both), so much of any of the pensions as exceeds the appropriate portion of the current member pension limit is not a dependants' scheme pension. “Excepted circumstances” means— that at the beginning of the ... 12 months in question there are at least 50 pensioner members of the pension scheme, and that the condition in sub-paragraph (4) is met. The condition is that if the annual rate of a pension payable under the pension scheme to a dependant of the member is increased at any time in the period of 12 months in question— the dependant is at that time one of a group of at least 20 pensioner members of the pension scheme, and all the pensions being paid under the pension scheme to pensioner members of that group are at that time increased at the same rate. The “current member pension limit”, in relation to the 12 months in question, is the initial member pension limit increased by the permitted margin. The “permitted margin” is the amount by which the initial member pension limit would be greater if it had been increased by whichever of calculation A and calculation B gives the greater amount. Calculation A involves increasing the initial member pension limit by the relevant annual percentage rate for the whole of the period— beginning with the first month beginning after the member's death (“the opening month”), and ending with the first month ending after the start of the 12 months in question (“the closing month”). The relevant annual percentage rate is— if the relevant valuation factor in relation to the pension scheme is a number greater than 20, the annual rate agreed by the Inland Revenue and the scheme administrator, and otherwise, 5% per annum. Calculation B involves increasing the initial member pension limit by the relevant indexation percentage. If the retail prices index for the closing month is higher than it was for the month in which the member died, the relevant indexation percentage is the percentage increase in the retail prices index. If it is not, the relevant indexation percentage is 0%. The “appropriate portion” of the current member pension limit, in relation to any pension payable under the pension scheme to a dependant of the member in the 12 months in question, is— P is the amount of that pension payable in the 12 months in question, and AP is the aggregate of the amounts of each of the pensions payable under the pension scheme to one or more dependants of the member in the 12 months in question. For the purposes of this Part an annuity payable to a dependant is a dependants' annuity if— it is purchased together with a lifetime annuity payable to the member and the member becomes entitled to that lifetime annuity before 6 April 2015, or it is purchased after the member's death and the dependant becomes entitled to it before 6 April 2015, the member or dependant had an opportunity to select the insurance company, its amount either cannot decrease or falls to be determined in any manner prescribed by regulations made by the Board of Inland Revenue, where the dependant is not the member’s child, it is payable until the dependant’s death or until the earlier of the dependant’s marrying, entering into a civil partnership or dying, and where the dependant is the member’s child, it is payable until the earlier of the dependant’s ceasing to be a dependant or dying, or until the earliest of the dependant’s marrying, entering into a civil partnership, ceasing to be a dependant or dying. For the purposes of this Part, but subject to any provision made under sub-paragraph (4)(za), an annuity payable to a dependant is also a dependants' annuity if— it is purchased together with a lifetime annuity payable to the member and the member becomes entitled to that lifetime annuity on or after 6 April 2015, or it is purchased after the member's death and the dependant becomes entitled to it on or after 6 April 2015, where the dependant is not the member's child, it is payable until the dependant's death or until the earliest of the dependant's marrying, entering into a civil partnership or dying, and where the dependant is the member's child, it is payable until the earlier of the dependant's ceasing to be a dependant or dying, or until the earliest of the dependant's marrying, entering into a civil partnership, ceasing to be a dependant or dying. For the purposes of sub-paragraphs (1)(za) and (1ZA)(a) a dependants' annuity is purchased together with a lifetime annuity if the dependant's annuity is related to the lifetime annuity. An annuity does not fail to satisfy sub-paragraph (1)(c) by reason of the operation of The Board of Inland Revenue may by regulations make provision in relation to cases in which a dependants' annuity payable to a person (“the original dependants' annuity”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another dependants' annuity (a “new dependants' annuity”) or a scheme pension, lifetime annuity, short-term annuity, dependants' scheme pension or dependants' short-term annuity by the other insurance company, or the dependant becomes entitled to it on or after 6 April 2015, it would be a dependants' annuity if any provision made under this paragraph were ignored, the terms of the contract for it are such that there will or could be decreases in its amount other than allowed decreases (see sub-paragraph (6)), and the new annuity is not a dependants' annuity for the purposes of this Part, in a case where a new dependants' annuity becomes payable, the new dependants' annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original dependants' annuity, and in a case other than one where a new dependants' annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (3) and (4) a registered pension scheme is the relevant registered pension scheme if the original dependants' annuity was acquired using sums or assets held for the purposes of the pension scheme. In sub-paragraph (4)(za)(iv) “allowed decreases” means decreases from time to time allowed by regulations under sub-paragraph (1)(c); and any such regulations are to be treated as having effect for this purpose. “Dependants' drawdown pension” means— a dependants' short-term annuity, or dependants' income withdrawal. For the purposes of this Part an annuity payable to a dependant is a dependants' short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the dependant's drawdown pension fund in respect of an arrangement, the dependant had an opportunity to select the insurance company, the dependant becomes entitled to it before 6 April 2015, it is payable for a term which does not exceed five years and ends before the dependant ... dies, and For the purposes of this Part, but subject to any provision made under sub-paragraph (1C)(za), an annuity payable to a dependant is also a dependants' short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the dependant's drawdown pension fund, or of the dependant's flexi-access drawdown fund, in respect of an arrangement, the dependant becomes entitled to it on or after 6 April 2015, and it is payable for a term which does not exceed five years and ends before the dependant dies. The Board of Inland Revenue may by regulations make provision in relation to cases in which a dependants' short-term annuity payable to a person (“the original dependants' short-term annuity”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied towards the provision of either another dependants' short-term annuity (a “new dependants' short-term annuity”) or a scheme pension, lifetime annuity, short-term annuity, dependants' scheme pension or dependants' annuity by the other insurance company, or it would be a dependants' short-term annuity if any provision made under this paragraph were ignored, the new annuity is not a dependants' short-term annuity for the purposes of this Part, in a case where a new dependants' short-term annuity becomes payable, the new dependants' short-term annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original dependants' short-term annuity, and in a case other than one where a new dependants' short-term annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (1B) and (1C) a registered pension scheme is the relevant registered pension scheme if the original dependants' short-term annuity was acquired using sums or assets held for the purposes of the pension scheme. Dependants' income withdrawal” means an amount (other than an annuity) which the dependant is entitled to be paid from the dependant's drawdown pension fund in respect of an arrangement or from the dependant's flexi-access drawdown fund in respect of an arrangement. For the purposes of this Part a dependant's drawdown pension fund in respect of an arrangement consists of such of the sums and assets held for the purposes of the arrangement— as are dependant-designated funds, and have not been applied towards the provision of a dependants' scheme pension. For the purposes of this Part sums or assets held for the purposes of an arrangement are dependant-designated funds if ...— they have, at any time before 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension ..., they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension ..., and— section 167(2A) did not apply to the arrangement immediately before 6 April 2015, or they arise, or (directly or indirectly) derive, from dependant-designated funds under paragraph (a) or (aa) or from sums or assets which so arise or derive. If any sums or assets representing a person's dependant's drawdown pension fund in respect of an arrangement under the pension scheme would (apart from this sub-paragraph)— come to be taken to represent another dependant's drawdown pension fund of his under the pension scheme, or a drawdown pension fund of his under the pension scheme, or are applied towards the provision of a scheme pension or a lifetime annuity, they are to be treated as not doing so. For the purposes of this Part a dependant's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated dependant funds. For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated dependant funds if— have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension, and are not dependant-designated funds, or they were dependant-designated funds immediately before 6 April 2015 and section 167(2A) applied to the arrangement at that time, or they have become newly-designated dependant funds by the operation of paragraph 22B, 22C or 22D, or they arise, or (directly or indirectly) derive, from newly-designated dependant funds under paragraph (a), (b) or (c) or from sums or assets which so arise or derive. Any sums or assets that become newly-designated dependant funds under sub-paragraph (2)(b) cease to be dependant-designated funds as from the start of 6 April 2015. a dependant's drawdown pension fund in respect of an arrangement came into being before 6 April 2015, section 167(2A) did not apply to the arrangement immediately before 6 April 2015, and of dependants' income withdrawal from the fund, or of a dependants' short-term annuity purchased using sums or assets out of the fund, The sums and assets that make up the fund immediately before the payment is made become newly-designated dependant funds immediately before the payment is made (so that the payment is made out of the dependant's flexi-access drawdown fund in respect of the arrangement and therefore is not part of the total capped by pension death benefit rule 4). For the purposes of sub-paragraph (1)(c), a payment of dependants' drawdown pension in respect of an arrangement is one that would breach the cap if, when its amount is added to the amounts of any dependants' drawdown pension in respect of the arrangement— the total is greater than the cap set by pension death benefit rule 4 for that drawdown pension year. the dependant notifies the scheme manager that the dependant wishes the fund to become the dependant's flexi-access drawdown fund in respect of the arrangement.

the sums and assets that then make up that fund become newly-designated dependant funds, if they have not previously done so by the operation of paragraph 22B. there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”) of dependant-designated funds held for the purposes of an arrangement under the old scheme, and If the dependant, when or before the designation is made, notifies the scheme manager of the new scheme that the dependant wishes the sums or assets to be newly-designated dependant funds, the sums or assets become newly-designated dependant funds and do so— except that, if both the designation and transfer are made before 6 April 2015, the sums or assets become newly-designated dependant funds at the start of 6 April 2015. If sub-paragraph (2) does not provide for the sums or assets to become newly-designated dependant funds, the sums or assets become dependant-designated funds and do so— the period of 12 months beginning with the day on which the dependant first becomes entitled to dependants' drawdown pension in respect of the arrangement, and This is subject to paragraph 24B. The drawdown pension year in which the dependant dies is the last drawdown pension year and ends immediately before the dependant's death. This paragraph applies in relation to drawdown pension years beginning on or before the dependant's 75th birthday. But the reference period in which the dependant reaches the age of 75 ends with the drawdown pension year in which the dependant reaches that age. Sub-paragraph (1B) applies if, at any time during a reference period (“the current reference period”), the dependant notifies the scheme administrator that the dependant wishes a new reference period to begin on the next day that is an anniversary of the reference date in relation to the current reference period. For the first drawdown pension year falling within a reference period, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the dependant's drawdown pension fund on the nominated date (but subject to sub-paragraph (5)). in relation to any subsequent reference period, is such day, within the period of 60 days ending with the reference date, as is nominated by the scheme administrator (or if no day is nominated by the scheme administrator, is the reference date). For each other drawdown pension year falling within a reference period, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the dependant's drawdown pension fund— The basis amount for the drawdown pension year is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the dependant's drawdown pension fund immediately after the additional fund designation. “Annuity purchase” means the purchase of a dependants' scheme pension or dependants' annuity by the application of sums or assets representing the whole or part of the dependant's drawdown pension fund. “Additional fund designation” means the designation under the arrangement of further sums or assets held for the purposes of the arrangement as available for the payment of dependants' drawdown pension to the dependant. “Pension sharing event” means the coming into operation of a pension sharing order or provision relating to the sums and assets representing the dependant's drawdown pension fund. This paragraph applies in relation to drawdown pension years beginning after the dependant's 75th birthday. For each drawdown pension year beginning after the dependant reached the age of 75, the basis amount is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the dependant's drawdown pension fund on the nominated date. “The nominated date” is such day within the period of 60 days ending with the first day of the drawdown pension year as is nominated by the scheme administrator (or, if no day is nominated by the scheme administrator, is the first day of that year). On the occasion of each additional fund designation during a drawdown pension year, the basis amount of that drawdown pension year is to be recalculated in accordance with sub-paragraph (5). The basis amount for the drawdown pension year is the annual amount of the relevant annuity which could have been purchased by the application of the sums and assets representing the dependant's drawdown pension fund immediately after the additional fund designation. But sub-paragraph (4) does not apply where the operation of that sub-paragraph in relation to an additional fund designation during a drawdown pension year would reduce the basis amount for that drawdown pension year. “Additional fund designation” has the meaning given by paragraph 24(8). This paragraph applies if the dependant has reached the age of 75. Sub-paragraph (3) applies if, at any time during a drawdown pension year in respect of an arrangement (“the current drawdown pension year”), the dependant notifies the scheme administrator that the dependant wishes the drawdown pension year following the current drawdown pension year to begin on the day on which the next drawdown pension year in respect of another arrangement relating to the dependant under the pension scheme (including any arrangement relating to that person as a member of the scheme) will begin. “Nominee of the member” means an individual— nominated by the member, or nominated by the scheme administrator, who is not a dependant of the member, but see sub-paragraph (2). In relation to any particular benefits under an arrangement, no individual nominated by the scheme administrator counts as a nominee of the member at any time when there is— a dependant of the member, or an individual, or charity, nominated by the member in relation to the benefits. The reference in sub-paragraph (2)(b) to being nominated in relation to particular benefits under an arrangement includes— a reference to being nominated in relation to the scheme, a reference to being nominated in relation to arrangements that include the arrangement, a reference to being nominated in relation to the arrangement, and a reference to being nominated in relation to benefits that include the particular benefits. For the purposes of this Part an annuity payable to a nominee is a nominees' annuity if— it is purchased after the member's death, the member dies on or after 3 December 2014 and the nominee becomes entitled to the annuity on or after 6 April 2015, it is payable by an insurance company, and it is payable until the nominee's death or until the earliest of the nominee's marrying, entering into a civil partnership or dying. For the purposes of sub-paragraph (1)(a) a nominees' annuity is purchased together with a lifetime annuity if the nominees' annuity is related to the lifetime annuity. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision in relation to cases in which a nominees' annuity payable to a person (“the original nominees' annuity”) ceases to be payable and in consequence of that— sums or assets (or both) are transferred from the insurance company to another insurance company and are applied— towards the provision of another nominees' annuity (a “new nominees' annuity”) by the other insurance company, or otherwise, or in a case where a new nominees' annuity becomes payable, the new nominees' annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original nominees' annuity, and in any other case, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the sums, and the market value of the assets, transferred. For the purposes of sub-paragraphs (3) and (4) a registered pension scheme is the relevant registered pension scheme if the original nominees' annuity was acquired using sums or assets held for the purposes of the pension scheme. “Nominees' drawdown pension” means— a nominees' short-term annuity, or nominees' income withdrawal. For the purposes of this Part an annuity payable to a nominee is a nominees' short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the nominee's flexi-access drawdown fund in respect of an arrangement, the nominee becomes entitled to it on or after 6 April 2015, and it is payable for a term which does not exceed five years and ends before the nominee dies. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision in relation to cases in which a nominees' short-term annuity payable to a person (“the original nominees' short-term annuity”) ceases to be payable and in consequence of that— towards the provision of another nominees' short-term annuity (a “new nominees' short-term annuity”) by the other insurance company, or in a case where a new nominees' short-term annuity becomes payable, the new nominees' short-term annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original nominees' short-term annuity, and For the purposes of sub-paragraphs (2) and (3) a registered pension scheme is the relevant registered pension scheme if the original nominees' short-term annuity was acquired using sums or assets held for the purposes of the pension scheme. “Nominees' income withdrawal” means an amount (other than an annuity) which the nominee is entitled to be paid from the nominee's flexi-access drawdown fund in respect of an arrangement. For the purposes of this Part a nominee's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated nominee funds. For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated nominee funds if— have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of nominees' drawdown pension, and were, immediately before being so designated, unused drawdown funds or unused uncrystallised funds, or they arise, or (directly or indirectly) derive, from newly-designated nominee funds under paragraph (a) or from sums or assets which so arise or derive. Sums or assets held for the purposes of an arrangement after the member's death are unused drawdown funds if— immediately before the member's death, they were held for the purposes of the arrangement and represented (whether alone or with other sums or assets) the member's flexi-access drawdown fund, or drawdown pension fund, in respect of the arrangement, or they arise, or (directly or indirectly) derive, from unused drawdown funds under paragraph (a) or from sums or assets which so arise or derive, and since the member's death they have not been designated as available for the payment of dependants' drawdown pension, not been designated as available for the payment of nominees' drawdown pension, not been applied towards the provision of a dependants' annuity, not been applied towards the provision of a nominees' annuity and not been applied towards the provision of a dependants' scheme pension. In the case of a cash balance arrangement, sums or assets held for the purposes of the arrangement after the member's death are unused uncrystallised funds if— they represent the whole or any part of the sum that would have been available immediately before the member's death for the provision of benefits to or in respect of the member if entitlement had arisen immediately before the member's death to all benefits under the arrangement to which entitlement had not previously arisen, and since the member's death they have not been designated as available for the payment of dependants' drawdown pension, not been designated as available for the payment of nominees' drawdown pension, not been applied towards the provision of a dependants' annuity, not been applied towards the provision of a nominees' annuity and not been applied towards the provision of a dependants' scheme pension. In the case of any other money purchase arrangement, sums or assets held for the purposes of the arrangement after the member's death are unused uncrystallised funds if— immediately before the member's death they were held for the purposes of the arrangement and at that time— were not member-designated funds, were not newly-designated funds, had not been applied towards the provision of a scheme pension, and had not been applied towards the provision of a dependants' scheme pension, or they arise, or (directly or indirectly) derive, from unused uncrystallised funds under paragraph (a) or from sums or assets which so arise or derive, and since the member's death they have not been designated as available for the payment of dependants' drawdown pension, not been designated as available for the payment of nominees' drawdown pension, not been applied toward the provision of a dependants' annuity, not been applied towards the provision of a nominees' annuity and not been applied toward the provision of a dependants' scheme pension. “Successor of the member” means an individual— nominated by a dependant of the member, nominated by a nominee of the member, nominated by a successor of the member, or but see sub-paragraph (2). In relation to any particular benefits under an arrangement relating to a dependant, nominee or successor of the member (“the beneficiary”) in that capacity, no individual nominated by the scheme administrator counts as a successor of the member at any time after the beneficiary's death when there is an individual, or charity, nominated by the beneficiary in relation to the benefits. A reference in sub-paragraph (2) to being nominated in relation to particular benefits under an arrangement includes— Where a successor of the member is an individual who is also a dependant of the member, the individual in the capacity of a successor of the member is to be treated as not also being a dependant of the member. For the purposes of this Part an annuity payable to a successor is a successors' annuity if— the successor becomes entitled to it on or after 6 April 2015, it is payable until the successor's death or until the earliest of the successor's marrying, entering into a civil partnership or dying, it is purchased after the death of a dependant, nominee or successor of the member (“the beneficiary”), it is purchased using undrawn funds, and the beneficiary dies on or after 3 December 2014. For the purposes of sub-paragraph (1)(e), sums or assets held for the purposes of an arrangement after the beneficiary's death are undrawn funds if— immediately before the beneficiary's death, they were held for the purposes of the arrangement and, as the case may be, represented (alone or with other sums or assets) the beneficiary's— dependant's flexi-access drawdown fund, dependant's drawdown pension fund, nominee's flexi-access drawdown fund, or successor's flexi-access drawdown fund, in respect of the arrangement, or they arise, or (directly or indirectly) derive, from undrawn funds under paragraph (a) or from sums or assets which so arise or derive. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision in relation to cases in which a successors' annuity payable to a person (“the original successors' annuity”) ceases to be payable and in consequence of that— towards the provision of another successors' annuity (a “new successors' annuity”) by the other insurance company, or in a case where a new successors' annuity becomes payable, the new successors' annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original successors' annuity, and For the purposes of sub-paragraphs (3) and (4) a registered pension scheme is the relevant registered pension scheme if the original successors' annuity was acquired using sums or assets held for the purposes of the pension scheme. “Successors' drawdown pension” means— a successors' short-term annuity, or successors' income withdrawal. For the purposes of this Part an annuity payable to a successor is a successors' short-term annuity if— it is purchased by the application of sums or assets representing the whole or any part of the successor's flexi-access drawdown fund in respect of an arrangement, the successor becomes entitled to it on or after 6 April 2015, and it is payable for a term which does not exceed five years and ends before the successor dies. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision in relation to cases in which a successors' short-term annuity payable to a person (“the original successors' short-term annuity”) ceases to be payable and in consequence of that— towards the provision of another successors' short-term annuity (a “new successors' short-term annuity”) by the other insurance company, or in a case where a new successors' short-term annuity becomes payable, the new successors' short-term annuity is to be treated, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, as if it were the original successors' short-term annuity, and For the purposes of sub-paragraphs (2) and (3) a registered pension scheme is the relevant registered pension scheme if the original successors' short-term annuity was acquired using sums or assets held for the purposes of the pension scheme. “Successors' income withdrawal” means an amount (other than an annuity) which the successor is entitled to be paid from the successor's flexi-access drawdown fund in respect of an arrangement. For the purposes of this Part a successor's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated successor funds. For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated successor funds if— have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of successors' drawdown pension, and were, immediately before being so designated, unused drawdown funds of the same deceased dependant, nominee or successor of the member, or they arise, or (directly or indirectly) derive, from newly-designated successor funds under paragraph (a) or from sums or assets which so arise or derive. Sums or assets held for the purposes of an arrangement after the death of a dependant, nominee or successor (“the beneficiary”) are unused drawdown funds of the beneficiary's if— immediately before the beneficiary's death, they were held for the purposes of the arrangement and represented (whether alone or with other sums or assets) the beneficiary's— they arise, or (directly or indirectly) derive, from unused drawdown funds of the beneficiary's under paragraph (a) or from sums or assets which so arise or derive, and since the beneficiary's death they have not been designated as available for the payment of successors' drawdown pension and not been applied towards the provision of a successors' annuity. For the purposes of this Part a lump sum is a pension commencement lump sum if— the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it), it is paid when all or part of the member’s lump sum allowance is available, and all or part or the member’s lump sum and death benefit allowance is available (see paragraph 12A), it is paid within the period beginning six months before, and ending one year after, the day on which the member becomes entitled to it , and it is paid when the member has reached normal minimum pension age (or the ill-health condition is satisfied), . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... But if a lump sum falling within sub-paragraph (1) exceeds the permitted maximum, the excess is not a pension commencement lump sum. A pension is a relevant pension if— it is income withdrawal, a lifetime annuity or a scheme pension, and the member becomes entitled to it ... under the pension scheme under which the member becomes entitled to the lump sum. Paragraph 2 defines the permitted maximum. In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lowest of the following amounts— the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D); so much of the member’s lump sum allowance as is available on the member becoming entitled to the lump sum (see paragraph 12A); so much of the member’s lump sum and death benefit allowance as is available on the member becoming entitled to the lump sum (see paragraph 12A). This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is income withdrawal. The applicable amount is one third of the scheme pension capital value. The scheme pension capital value is (subject to sub-paragraph (4)) the aggregate of— the sums designated as available for the payment of drawdown pension on that occasion, and the market value of the assets so designated. There is to be deducted from the amount determined under sub-paragraph (3) so much (if any) of the sums and assets designated as mentioned in sub-paragraph (3)(a) or (b) as represent rights attributable to a disqualifying pension credit. This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a lifetime annuity. The applicable amount is one third of the annuity purchase price. The annuity purchase price is (subject to sub-paragraph (4)) the aggregate of— such of the sums held for the purposes of the pension scheme, and the market value of such of the assets held for the purposes of the pension scheme, as are applied in (or in connection with) the purchase of the lifetime annuity and any related dependants’ annuity and any related nominees’ annuity. There is to be deducted from the amount determined under sub-paragraph (3)— if the sums or assets applied in (or in connection with) the purchase of the annuity or any related dependants’ annuity or any related nominees’ annuity consist of, or include, sums or assets representing the whole or part of the member’s drawdown pension fund or of the member's flexi-access drawdown fund, the aggregate of those sums and the market value of those assets, and in any case, so much (if any) of the sums or assets applied in (or in connection with) the purchase of the annuity or any related dependants’ annuity or any related nominees’ annuity as represents rights which are attributable to a disqualifying pension credit. This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a scheme pension under— ... a defined benefits arrangement, or a collective money purchase arrangement. The applicable amount is (subject to sub-paragraphs (3) and (4))— A is the amount of the lump sum; B is the relevant valuation factor (see section 276); C is the amount of the pension which will be payable to the member in the period of 12 months beginning with the day on which the member becomes entitled to the pension (assuming that it remains payable throughout that period at the rate at which it is payable on that day); In determining C for the purposes of sub-paragraph (2) in a case in which the pension is under a public service pension scheme, any abatement of the pension is to be left out of account. For the purposes of sub-paragraph (2), any part of what would otherwise be A or C which represents rights attributable to a disqualifying pension credit is to be disregarded. This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement. The applicable amount is one third of the scheme pension purchase price. The scheme pension purchase price is (subject to sub-paragraph (4)) the aggregate of— as are applied in (or in connection with) the purchase or provision of the scheme pension and any related dependants’ scheme pension. if the scheme pension is funded (in whole or in part) by the application of sums or assets representing the whole or part of the member’s drawdown pension fund or of the member’s flexi-access drawdown fund, the aggregate of those sums and the market value of those assets, and in any case, so much (if any) of the sums and assets referred to in sub-paragraph (3)(a) and (b) as represent rights which are attributable to a disqualifying pension credit. Where this paragraph applies in relation to a pension commencement lump sum paid to the member, the pension scheme is to be treated as making to the member an unauthorised payment of the appropriate amount. Subject to sub-paragraphs (3) to (4A), this paragraph applies in relation to a pension commencement lump sum if— because of the lump sum, the amount of the contributions paid by or on behalf of, or in respect of, the member to the pension scheme, or to any other registered pension scheme, is significantly greater than it otherwise would be, and the member envisaged at the relevant time that that would be so. This paragraph does not apply in relation to any lump sum paid to the member on any day if the amount of the lump sum, when added to any other pension commencement lump sum paid to the member within the period of 12 months ending with that day, does not exceed £7,500. This paragraph does not apply if the amount by which the contributions paid as mentioned in sub-paragraph (2)(a) is greater than it otherwise would be because of the lump sum does not exceed 30% of the amount of the lump sum. This paragraph does not apply if— the member has reached the age of 75 when the contributions are paid as mentioned in sub-paragraph (2)(a), and the contributions are not paid by an employer of the member. “The appropriate amount” is the amount of the lump sum. if paragraph (a) of sub-paragraph (2) is satisfied before the lump sum is paid, the time when that paragraph is first satisfied, and otherwise, the time when the lump sum is paid. sums or assets held for the purposes of, or representing accrued rights under, a money purchase arrangement relating to the member under a registered pension scheme (“member money purchase funds”) are subject to a relevant surrender or a relevant transfer, the sole or main purpose of the relevant surrender or relevant transfer is to increase the applicable amount for the purposes of paragraph 2 on the member becoming entitled to a scheme pension, and the member becomes entitled to a scheme pension under a relevant defined benefits arrangement. The pension scheme under which the relevant defined benefits arrangement is an arrangement is to be treated as making an unauthorised payment to the member of the amount by which— the applicable amount in relation to the relevant defined benefits arrangement (as determined under paragraph 2C), exceeds what would be the applicable amount (as determined under paragraph 2D) if the arrangement were a money purchase arrangement. For the purposes of sub-paragraph (1)— member money purchase funds are subject to a “relevant surrender” if they are surrendered and, in consequence of the surrender, there is a corresponding increase in the sums or assets held for the purposes of, or representing rights under, a defined benefits arrangement relating to the member under the pension scheme (or such an arrangement is established), and member money purchase funds are subject to a “relevant transfer” if they are transferred so as to become held for the purposes of, or to represent rights under, a defined benefits arrangement relating to the member under any other registered pension scheme. In this paragraph “relevant defined benefits arrangement” means— the defined benefits arrangement mentioned in paragraph (a) or (b) of sub-paragraph (3), or any other defined benefits arrangement relating to the member (under the pension scheme or any other registered pension scheme) in the case of which any of the sums or assets held for the purposes of, or representing accrued rights under, the arrangement directly or indirectly represent sums or assets previously held for the purposes of, or representing accrued rights under, the defined benefits arrangement so mentioned. For the purposes of this Part a lump sum is a pension commencement excess lump sum if— the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it); it is paid when none of the member’s lump sum allowance , or when none of the individual’s lump sum and death benefit allowance, is available (see paragraph 12A); it is paid within the period beginning six months before, and ending one year after, the day on which the member becomes entitled to it; it does not reduce the rate of payment of any pension to which the member has become (actually) entitled, or extinguish the member’s entitlement to payment of any such pension; it is paid when the member has reached normal minimum pension age (or the ill-health condition is met); and it is not an excluded lump sum (see sub-paragraph (4)). A lump sum is an “excluded lump sum” if— it would, apart from this paragraph, be permitted to be paid under the lump sum rule in section 166, ... In determining for the purposes of this paragraph— whether any of a member’s lump sum allowance or lump sum and death benefit allowance is available on the payment of a lump sum, ... the member is treated as having already become entitled to any pension commencement lump sum that is paid to the member in connection with becoming entitled to the relevant pension. For the purposes of this Part a lump sum is a serious ill-health lump sum if— before it is paid the scheme administrator has received evidence from a registered medical practitioner that the member is expected to live for less than one year, and it is paid in respect of an uncrystallised arrangement, and it extinguishes the member's entitlement to benefits under the arrangement, or it is paid in respect of uncrystallised rights of the member under an arrangement other than an uncrystallised arrangement, and it extinguishes the member's uncrystallised rights under the arrangement. An uncrystallised arrangement is an arrangement under which the member has not previously become entitled to any pension or lump sum. In subsection (1)(ca)(ii) “uncrystallised rights”, in relation to the member, means rights of the member that are uncrystallised rights as defined by section 212(1) and (2). For the purposes of this Part a lump sum is an uncrystallised funds pension lump sum if— it is paid on or after 6 April 2015 in respect of a money purchase arrangement that is not a collective money purchase arrangement, it is paid when the member has reached normal minimum pension age (or the ill-health condition is met), it is not a pension commencement lump sum, it is not a lump sum that, for the purposes of Part 9 of ITEPA 2003 (pension income), is treated by regulations under section 164(1)(f) and (2) as a trivial commutation lump sum paid to the member, and immediately before the member becomes entitled to it, the sums or assets that are to be used to provide it— represent rights of the member under the scheme that are uncrystallised rights as defined by section 212(1) and (2), but do not to any extent represent rights attributable to a disqualifying pension credit, ... For further provision about circumstances in which a lump sum is not an uncrystallised funds pension lump sum, see the following provisions of Part 2 of Schedule 36 (transitional provision and saving: pre-commencement rights: enhancement of allowances)— paragraph 7(8) (enhancement of allowances: primary protection); paragraph 12A(2)(b) (enhancement of allowances: enhanced protection); paragraph 18(7) (enhancement of allowances: pre-commencement pension credits); paragraph 20A(8) (pension credits from previously crystallised rights); paragraph 20B(8) (individuals who are not always relevant UK individuals); paragraph 20E(9) (transfers from recognised overseas pension schemes). For the purposes of this Part a lump sum is a short service refund lump sum if— the member’s pensionable service was terminated before normal pension age but the member is not entitled to short service benefit by virtue of section 71 of the Pension Schemes Act 1993 (c. 48) (basic principle as to short service benefit), the member has not previously become entitled to any pension or lump sum under the pension scheme, it extinguishes the member’s entitlement to benefits under the pension scheme (except to the extent that it is prohibited from being extinguished by the payment of a lump sum by reason of the operation of provision made by or under any enactment), and it is paid when the member has not reached the age of 75. But if a lump sum falling within sub-paragraph (1) exceeds an amount equal to the aggregate of the member’s contributions under the pension scheme, the excess is not a short service refund lump sum. In sub-paragraph (2) the reference to the member's contributions includes— any amount paid under section 7 of the Social Security Act 1986 (incentive payments to schemes becoming contracted-out between 1986 and 1993), any amount paid by the Commissioners for Her Majesty's Revenue and Customs under section 42A(3) of the Pension Schemes Act 1993 or section 38A(3) of the Pension Schemes (Northern Ireland) Act 1993 (rebates), and any amount recovered by the member's employer under regulations falling within sub-paragraph (2B) in respect of minimum payments made to the scheme in relation to any period before 6 April 2012. Those regulations are regulations which were made under— section 8(3) of the Pension Schemes Act 1993 (recovery of minimum payments), or section 4(3) of the Pension Schemes (Northern Ireland) Act 1993 (corresponding provision for Northern Ireland). “Pensionable service”, “normal pension age” and “short service benefit” have the same meaning as in the Pension Schemes Act 1993 (see section 181 (1) of that Act). A lump sum is a refund of excess contributions lump sum if— it is paid in respect of a tax year in which the excess contributions condition is met in respect of the member, and it is paid before the end of the period of six years beginning with the last day of the tax year in respect of which it is paid. But if a lump sum falling within sub-paragraph (1) exceeds the member’s available excess contributions allowance for the tax year in respect of which it is paid, the excess is not a refund of excess contributions lump sum. The excess contributions condition is met in respect of a member and a tax year if the amount of relievable pension contributions (see section 188(2) and (3)) paid in respect of the member in the tax year exceeds the maximum amount of relief to which the member is entitled for the tax year under section 190 (annual limit for relief). If no refund of excess contributions lump sum has been paid to the member in respect of a tax year (by any registered pension scheme), the available excess contributions allowance for that tax year is (subject to sub-paragraph (7))— If one or more refund of excess contributions lump sums have been paid to the member in respect of a tax year, the available excess contributions allowance for that tax year is (subject to sub-paragraph (7))— or, if the amount resulting from that calculation is negative, is nil. RPC is the amount of the relievable pension contributions paid in respect of the member in the tax year, MAR is the maximum amount of relief to which the member is entitled for the tax year under section 190, and ALS is the aggregate of the refund of excess contributions lump sums previously paid to the member in respect of the tax year. If any relief given in accordance with section 192(1) in relation to any contribution included in RPC is in excess of the maximum amount of relief to which the member is entitled under section 190, RPC is to be taken to be reduced by the amount of that excess. For the purposes of this Part a lump sum is a trivial commutation lump sum if— it is paid when no trivial commutation lump sum has previously been paid to the member (by any registered pension scheme) or, if such a lump sum has previously been paid, before the end of the commutation period, it is paid in respect of a defined benefits arrangement, or in respect of a collective money purchase arrangement, or in respect of a scheme pension payable by the scheme administrator to which the member has become entitled under a money purchase arrangement that is not a collective money purchase arrangement (an “in-payment money-purchase in-house scheme pension”), or in respect of any combination of such arrangements and scheme pensions, on the nominated date, the value of the member’s pension rights does not exceed the commutation limit, it is paid when all or part of the member’s lump sum allowance is available (see paragraph 12A), it extinguishes any entitlement to defined benefits , and any entitlement to collective money purchase benefits, , and any entitlement to payments of in-payment money-purchase in-house scheme pensions, that the member has under the pension scheme, and it is paid when the member has reached normal minimum pension age (or the ill-health condition is met) .... The commutation period is the period beginning with the day on which a trivial commutation lump sum is first paid to the member and ending 12 months after that day. The nominated date is the day within the period of three months ending with the first day of the commutation period nominated by the member (or, if no date is nominated, is the first day of the commutation period). The commutation limit is £30,000. The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (4) such larger amount as is specified in the order. The value of the member’s pension rights on the nominated date is the aggregate of— the value of the member’s relevant crystallised pension rights on that date (calculated in accordance with paragraph 8), and the value of the member’s uncrystallised rights on that date (calculated in accordance with paragraph 9). The value of the member’s relevant crystallised pension rights on the nominated date is the aggregate of— the value of the member’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10 of Schedule 36 (as if the member were the individual mentioned there), and if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has become entitled under a registered pension scheme to income withdrawal, a lifetime annuity or a scheme pension, the relevant capital amount, and if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has been paid a lump sum to which sub-paragraph (3) applies, the amount of the lump sum , and if, at any time in the period beginning with 6 April 2006 and ending with the nominated date, there has been a transfer of sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme so as to become held for the purposes of or to represent rights under a qualifying recognised overseas pension scheme in connection with the member’s membership of that pension scheme, the aggregate of the amount of any sums transferred and the market value of any assets transferred. In sub-paragraph (1)(b) “the relevant capital amount” means— in relation to income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4); in relation to a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); in relation to a scheme pension under a defined benefits arrangement or a collective money purchase arrangement, the amount given by the formula— where B and C have the same meaning as they have for the purposes of paragraph 2C(2); in relation to a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4). This sub-paragraph applies to any lump sum paid under a registered pension scheme that is not any of the following— a short service refund lump sum; a refund of excess contributions lump sum; a trivial commutation lump sum; a winding-up lump sum. A reference in sub-paragraph (3)(a) to (d) to a description of lump sum includes a lump sum that is treated as a lump sum of that description for the purposes of ITEPA 2003 by virtue of section 164(1)(f) (power to prescribe authorised member payments). The value of the member’s uncrystallised rights on the nominated date is the aggregate value of the member’s uncrystallised rights on that date under each arrangement relating to the member under a registered pension scheme. The value on the nominated date of the member’s uncrystallised rights under such an arrangement is to be calculated in accordance with section 212 (valuation of uncrystallised rights for purposes of section 210). For the purposes of this Part a lump sum is a winding-up lump sum if— the pension scheme is being wound-up, any person by whom the member is employed at the time when the lump sum is paid, and who has made contributions under the pension scheme in respect of the member within the period of five years ending with the day on which it is paid, meets the conditions in sub-paragraph (3), it is paid when all or part of the member’s lump sum allowance is available (see paragraph 12A), and it extinguishes the member’s entitlement to benefits under the pension scheme, ... But if a lump sum falling within sub-paragraph (1) exceeds £18,000, the excess is not a winding-up lump sum. The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (2) such larger amount as is specified in the order. The conditions referred to in paragraph (c) of sub-paragraph (1) are that the person mentioned in that paragraph— is not making contributions under any other registered pension scheme in respect of the member, and undertakes to the Inland Revenue not to make such contributions during the period of one year beginning with the day on which the lump sum is paid. Expressions used in this Part of this Schedule and in Schedule 28 have the same meaning in this Part of this Schedule as in Schedule 28. Where by virtue of paragraph 1(2), 3C(2), 5(2), 6(2) or 10(2) an excess is not an authorised lump sum of one description, that does not prevent the excess being an authorised lump sum of another description. “Authorised lump sum” means a lump sum authorised to be paid by the lump sum rule. In this Part of this Schedule, a reference to the amount of an individual’s lump sum allowance that is available on the individual becoming entitled to a lump sum, or being paid a lump sum, is to the amount of that allowance that would be so available on the following assumption. The assumption is that the individual becoming entitled to or (as the case may be) being paid the lump sum was a relevant benefit crystallisation event within the meaning of section 637Q of ITEPA 2003 (availability of individual’s lump sum allowance). In this Part of this Schedule, a reference to the amount of an individual’s lump sum and death benefit allowance that is available on the individual becoming entitled to a lump sum, or being paid a lump sum, is to the amount of that allowance that would be so available on the following assumption. The assumption is that the individual becoming entitled to or (as the case may be) being paid the lump sum was a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance). When making that assumption in relation to the reference in paragraph 2(c) (permitted maximum for a pension commencement lump sum) any provision under which section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) is treated as specifying the member’s enhanced lump sum and death benefit allowance (determined under paragraph 20H of Schedule 36 to this Act) is to be disregarded. For the purposes of this Part a lump sum death benefit is a defined benefits lump sum death benefit if— it is paid in respect of a defined benefits arrangement, it is not a pension protection lump sum death benefit, or trivial commutation lump sum death benefit .... For the purposes of this Part a lump sum death benefit is a pension protection lump sum death benefit if— it is paid in respect of a scheme pension to which the member was entitled at the date of the member’s death, and the member has specified that it is to be treated as a pension protection lump sum death benefit (instead of a defined benefits lump sum death benefit). But if the amount of a lump sum falling within sub-paragraph (1) exceeds the pension protection limit, the excess is not a pension protection lump sum death benefit. The pension protection limit is— B and C have the same meaning as they have for the purposes of paragraph 2C(2); AP is the amount of the pension paid in respect of the period between the member becoming entitled to the pension and the member’s death, and TPLS is the total amount of pension protection lump sum death benefit previously paid in respect of the pension under this paragraph. For the purposes of this Part a lump sum death benefit is an uncrystallised funds lump sum death benefit if— it is paid in respect of a money purchase arrangement, it is paid in respect of relevant uncrystallised funds, and it is not a charity lump sum death benefit. “Relevant uncrystallised funds” means such of the sums and assets held for the purposes of the arrangement at the member’s death as— had not been applied for purchasing a scheme pension, a lifetime annuity, a nominees' annuity, a dependants' scheme pension or a dependants' annuity, and had not been designated under the arrangement as available for the payment of drawdown pension.

the arrangement is a cash balance arrangement, under the arrangement, a dependant of the member is entitled to be paid after the member's death an amount by way of a lump sum, the dependant's entitlement to a lump sum of that amount under the arrangement comes into being at a time no later than the member's death, such of the sums and assets held for the purposes of the arrangement immediately after the member's death as are held for the purpose of meeting the liability to pay the lump sum are insufficient for that purpose (including where that is because none are held for that purpose), and a person who was an employer in relation to the member pays a contribution to the scheme— for or towards making good that insufficiency, and of no more than is needed for making good the insufficiency, the sums and assets held for the purposes of the arrangement that represent the contribution are to be treated as “relevant uncrystallised funds” for the purposes of this paragraph. But if an amount falling within sub-paragraph (1) exceeds the permitted maximum, the excess is not an uncrystallised funds lump sum death benefit. The permitted maximum is the aggregate of— the amount of the sums, and the market value of the assets, which constitute the relevant uncrystallised funds immediately before the payment is made. For the purposes of this Part a lump sum death benefit is an annuity protection lump sum death benefit if— it is paid in respect of a money purchase arrangement, and it is paid in respect of a scheme pension or lifetime annuity to which the member was entitled at the date of the member’s death. But if the amount of a lump sum falling within sub-paragraph (1) exceeds the annuity protection limit, the excess is not an annuity protection lump sum death benefit. The annuity protection limit is— AC is— where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) (disregarding paragraph 2D(4)); where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) (disregarding paragraph 2B(4)); AP is the amount of the pension paid in respect of the period between the member becoming entitled to the pension or annuity and the member’s death, and TPLS is the total amount of annuity protection lump sum death benefit previously paid in respect of the pension or annuity under this paragraph. For the purposes of this Part a lump sum death benefit is a drawdown pension fund lump sum death benefit if— it is paid in respect of income withdrawal to which the member was entitled to be paid from the member's drawdown pension fund in respect of an arrangement at the date of the member's death, and A lump sum death benefit is also a drawdown pension fund lump sum death benefit if— it is paid on the death of a dependant of the member, it is paid in respect of dependants' income withdrawal to which the dependant was entitled at the date of the dependant’s death to be paid from the dependant's drawdown pension fund in respect of an arrangement relating to the member, and But if the amount of a lump sum falling within sub-paragraph (1) or (2) exceeds the permitted maximum, the excess is not a drawdown pension fund lump sum death benefit. representing the member’s or dependant’s drawdown pension fund in respect of the arrangement immediately before the payment is made. For the purposes of this Part a lump sum death benefit is a flexi-access drawdown fund lump sum death benefit if— it is paid in respect of income withdrawal to which the member was entitled to be paid from the member's flexi-access drawdown fund in respect of an arrangement at the date of the member's death, and A lump sum death benefit is also a flexi-access drawdown fund lump sum death benefit if— it is paid in respect of dependants' income withdrawal to which the dependant was at the date of the dependant's death entitled to be paid from the dependant's flexi-access drawdown fund in respect of an arrangement relating to the member, and it is paid on the death of a nominee of the member, it is paid in respect of nominees' income withdrawal to which the nominee was at the date of the nominee's death entitled to be paid from the nominee's flexi-access drawdown fund in respect of an arrangement relating to the member, and it is paid on the death of a successor of the member, it is paid in respect of successors' income withdrawal to which the successor was at the date of the successor's death entitled to be paid from the successor's flexi-access drawdown fund in respect of an arrangement relating to the member, and But if the amount of a lump sum falling within sub-paragraph (1), (2), (3) or (4) exceeds the permitted maximum, the excess is not a flexi-access drawdown fund lump sum death benefit. representing the member's, dependant's, nominee's or successor's flexi-access drawdown fund in respect of the arrangement immediately before the payment is made. A lump sum death benefit is a charity lump sum death benefit if— there are no dependants of the member, it is paid in respect of the member's drawdown pension fund in respect of an arrangement, or in respect of the member's flexi-access drawdown fund in respect of an arrangement, at the date of the member’s death, and it is paid to a charity nominated by the member ... A lump sum death benefit is also a charity lump sum death benefit if— it is paid in respect of relevant uncrystallised funds in respect of a money purchase arrangement at the date of the member's death, and it is paid to a charity nominated by the member. “Relevant uncrystallised funds” has the meaning given by paragraph 15(2). there are no other dependants of the member, it is paid in respect of the dependant's drawdown pension fund, or the dependant's flexi-access drawdown fund, at the date of the dependant’s death in respect of an arrangement relating to the member, and it is paid to a charity nominated by the member or, if the member made no nomination, by the dependant ... . it is paid on the death of an individual who is— a nominee of the member, or a successor of the member, it is paid in respect of the individual's nominee's flexi-access drawdown fund or successor's flexi-access drawdown fund at the date of the individual's death in respect of an arrangement relating to the individual in the capacity of a nominee or successor of the member, and it is paid to a charity nominated by the member or, if the member made no nomination, by the individual. But if the amount of a lump sum falling within sub-paragraph (1), (2) or (2A) exceeds the permitted maximum, the amount of the excess is not a charity lump sum death benefit. representing what is the member's or dependant's drawdown pension fund, or flexi-access drawdown fund, in respect of the arrangement, or the nominee's or successor's flexi-access drawdown fund in respect of the arrangement, immediately before the payment is made. A lump sum death benefit is a trivial commutation lump sum death benefit if condition A or B is met. Condition A is that the lump sum— is paid to a dependant entitled under the pension scheme to pension death benefit in respect of the member, and extinguishes the dependant's entitlement under the pension scheme to pension death benefit and lump sum death benefit in respect of the member. the lump sum is paid after the member's death to an individual entitled to be paid a pension under the scheme— which the member was entitled to be paid immediately before the member's death, and which is payable to the individual under pension rule 2 (see section 165), if the pension is an annuity or scheme pension payable by an insurance company, the lump sum extinguishes all entitlements in respect of the member under the contract concerned, and if the pension is a scheme pension payable by the scheme administrator, the lump sum extinguishes all entitlements to receive a scheme pension in respect of the member from the scheme administrator under pension rule 2. But if the amount of a lump sum falling within sub-paragraph (1) exceeds £30,000, the excess is not a trivial commutation lump sum death benefit. Where by virtue of paragraph 14(2), 20(2) or 21(2) an excess is not an authorised lump sum death benefit of one description, that does not prevent the excess being an authorised lump sum death benefit of another description. “Authorised lump sum death benefit” means a lump sum death benefit authorised to be paid by the lump sum death benefit rule. For the purposes of the taxable property provisions a registered pension scheme which is not an occupational pension scheme is an investment-regulated pension scheme if one or more of its members meets the condition in sub-paragraph (2). The condition is that either— the member, or a person related to the member, is or has been able (directly or indirectly) to direct, influence or advise on the manner of investment of any of the sums and assets held for the purposes of an arrangement under the pension scheme relating to the member. In this Part “the taxable property provisions” means— section 173(7A) (exception from benefit charge where taxable property held by investment-regulated pension scheme), section 174A and this Schedule, sections 185A to 185I (income and gains from taxable property), section 273ZA (member liability for scheme sanction charge where pension scheme non-UK resident), and paragraphs 37A to 37I of Schedule 36 (transitional provisions). For the purposes of the taxable property provisions a registered pension scheme which is an occupational pension scheme is an investment-regulated pension scheme if— there are 50 or fewer members of the pension scheme, and one or more of those members meets the condition in sub-paragraph (2), ... is or has been able (directly or indirectly) to direct, influence or advise on the manner of investment of any of the sums and assets held for the purposes of the pension scheme. This paragraph applies in the case of an arrangement under a registered pension scheme if— the pension scheme is not an investment-regulated pension scheme by virtue of paragraph 2, and one or more members of the pension scheme meet the condition in sub-paragraph (2). is or has been able (directly or indirectly) to direct, influence or advise on the manner of investment of any sums or assets which are linked to an arrangement relating to the member. For the purposes of sub-paragraph (2) sums or assets are linked to an arrangement relating to a member if— they are held for the purposes of an arrangement under the pension scheme relating to the member, but they are not held for the purposes of the arrangement merely by virtue of a just and reasonable apportionment of the sums and assets held for the purposes of the pension scheme. Where this paragraph applies the arrangement is to be treated for the purposes of this Part as if it were an investment-regulated pension scheme. The Treasury may by regulations— amend sub-paragraph (3), and provide for any of the provisions of this Part to apply to the arrangement with modifications. For the purposes of this Part of this Schedule a person is related to a member of a pension scheme if— the person and the member are connected persons, or the person acts on behalf of the member or a person connected with the member. For the purposes of sub-paragraph (1) whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. Where sums or assets held for the purposes of an investment-regulated pension scheme— are held otherwise than for the purposes of the administration or management of the pension scheme, and would not, apart from this paragraph, be treated as held for the purposes of any arrangement relating to a member under the pension scheme, for the purposes of the taxable property provisions the sums or assets are to be treated as held for the purposes of the arrangements under the pension scheme by reference to the respective rights under the scheme of the members to which the arrangements relate. For the purposes of the taxable property provisions property is taxable property if— it is residential property (see paragraphs 7 to 10), or it is tangible moveable property (but subject to paragraph 11). Subject as follows, for the purposes of the taxable property provisions “residential property” means— a building that is used or suitable for use as a dwelling, any land consisting of, or forming part of, the garden or grounds of such a building (including a building on any such land) which is used or intended for use for a purpose connected with the enjoyment of the building, hotel or similar accommodation (but see paragraph 14(2)), or a beach hut, in the United Kingdom or elsewhere. For the purposes of the taxable property provisions “building” includes— a structure, and part of a building or structure. For the purposes of the taxable property provisions a building used for any of the following purposes is not residential property— a home or other institution providing residential accommodation for children; a hall of residence for students; a home or other institution providing residential accommodation with personal care for persons in need of personal care by reason of old age, disability, past or present dependence on alcohol or drugs or past or present mental disorder; a hospital or hospice; a prison or similar establishment. a building is used for a purpose specified in sub-paragraph (1), a building which is not in use was, immediately before it ceased to be in use, used for such a purpose, or a building which has never been in use is more suitable for use for such a purpose than for use for any other purpose, no account is to be taken for the purposes of the taxable property provisions of its suitability for use as a dwelling. The Treasury may by order amend this Part of this Schedule to specify descriptions of buildings which are, or are not, to be treated as residential property. Residential property is not taxable property in relation to a pension scheme if Condition A or B is met. Condition A is met if the property is (or, if unoccupied, is to be) occupied by an employee who— is neither a member of the pension scheme nor connected with such a member, is not connected with the employer, and is required as a condition of employment to occupy the property. Condition B is met if the property is (or, if unoccupied, is to be)— occupied by a person who is neither a member of the pension scheme nor connected with such a member, and used in connection with business premises held as an investment of the pension scheme. Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this paragraph. The Treasury may by order provide that, for the purposes of the taxable property provisions, any specified description of tangible moveable property is treated as not being taxable property. An order under this paragraph may include provision having effect in relation to times before it is made. For the purposes of the taxable property provisions an investment-regulated pension scheme acquires an interest in property if it comes to hold the interest. Sub-paragraph (1) applies however the pension scheme comes to hold the interest, whether that is— by act of the parties to a transaction, by order of a court or other authority, by or under any statutory provision, or by operation of law. For instances of deemed acquisition, see paragraphs 27 to 29. For the purposes of the taxable property provisions an investment-regulated pension scheme holds an interest in property if the scheme holds the interest directly or indirectly. In the taxable property provisions references to a person holding an interest in property include, in the case of— an investment-regulated pension scheme, an arrangement under a pension scheme, or a trust which is not a pension scheme, references to the interest in the property being held for the purposes of the pension scheme, the arrangement or the trust. For the purposes of the taxable property provisions a person holds an interest in property directly if the person (whether jointly, in common or alone)— holds the property or any estate, interest, right or power in or over the property, has the right to use, or participate in arrangements relating to the use of, that property or a description of property to which that property belongs, or has the benefit of any obligation, restriction or condition affecting the value of any estate, interest, right or power in or over the property, under the law of any country or territory. But a person does not hold an interest in residential property consisting of hotel accommodation directly unless— the person holds part only of the hotel accommodation or any estate, interest, right or power in or over such a part and, as a result, any person has a right to use or occupy that or any other part of the hotel accommodation, or the person has a right to use, or participate in arrangements relating to the use of, part only of the hotel accommodation or a description of property to which that part belongs. For the purposes of the taxable property provisions a person holds an interest in property directly if the person is entitled (whether jointly, in common or alone) to receive payments determined by reference to the value of or the income from the property. Sub-paragraph (3) is subject to paragraph 15. A person does not hold an interest in taxable property directly by virtue of paragraph 14(3) where Conditions A to C are met. the person is entitled to receive the payments by virtue of a policy of life insurance, a contract for a life annuity or a capital redemption policy, and the policy or contract is issued by an insurance company. Condition B is that the property— does not constitute a linked asset, or has been appropriated by the insurance company to an internal linked fund. where the person is an occupational pension scheme, the policy or contract, either by itself or taken together with one or more associated policies, does not entitle the pension scheme, either alone or together with one or more associated persons, to receive payments representing 10% or more of the market value of or the income from the property, where the person is a pension scheme other than an occupational pension scheme, the policy or contract, either by itself or taken together with one or more associated policies, does not entitle an arrangement under the pension scheme, either alone or together with one or more associated persons, to receive such payments, or otherwise, the policy or contract does not entitle the person to receive such payments. But for the purposes of applying paragraph 14(3) for determining whether a pension scheme holds an interest in taxable property directly or indirectly, this paragraph does not apply if the purpose or one of the purposes for which the person holds rights under the policy or contract is to enable a member of the pension scheme or a person connected with such a member to occupy or use the property. For the purposes of sub-paragraph (4) “associated policy” means a policy or contract which entitles an associated person to receive payments determined by reference to the value of or the income from the property. For the definition of “associated person” see paragraph 30. For the purposes of this paragraph— “capital redemption policy” means a contract made in the course of a capital redemption business, as defined in section 458(3) of ICTA; “internal linked fund” has the meaning given by— the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under FISMA 2000, or rules made by the Prudential Regulation Authority under that Act and having effect for the time being in place of the Sourcebook; and “linked asset” means an asset of the insurance company which is identified in its records as an asset by reference to the value of which benefits provided for under a policy or contract are to be determined. For the purposes of this paragraph an annuity is a life annuity if it is— granted for consideration in money or money's worth in the ordinary course of a business of granting annuities on human life, and payable for a term ending at a time ascertainable only by reference to the end of a human life, and for this purpose it does not matter that the annuity may in some circumstances end before or after the life. For the purposes of the taxable property provisions a person holds an interest in property indirectly if the person does not hold the interest directly but (whether jointly, in common or alone)— holds an interest in a person who holds the interest in the property directly, or holds an interest in a person who holds the interest in the property indirectly by virtue of paragraph (a) or this paragraph. For the purposes of the taxable property provisions a person holds an interest in another person if— the person holds an interest, right or power in or over that other person, or the person lends money to that other person to fund the acquisition by that other person of an interest in taxable property. But sub-paragraph (2)(b) does not apply where— the loan is an authorised employer loan made by a pension scheme to or in respect of a sponsoring employer (see section 179), the interest in the property is acquired so that the property may be used for the purposes of a trade, profession or vocation carried on by the sponsoring employer or for the purposes of the sponsoring employer's administration or management, and after the acquisition, the property is not occupied or used by a member of the pension scheme or a person connected with such a member. In the taxable property provisions references to a person holding an interest in another person include, in the case of— references to the interest in the other person being held for the purposes of the pension scheme, the arrangement or the trust. Paragraphs 17 to 19 explain what it means for a person to hold an interest in another person by virtue of sub-paragraph (2)(a) in a case where that other person is a company, collective investment scheme or trust. amend paragraphs 17 to 19, or amend this Part of this Schedule for the purposes of explaining what it means for a person to hold an interest, right or power in or over another person in other cases. This paragraph is subject to paragraphs 20 to 26. For the purposes of paragraph 16 a person holds an interest in a company if— the person has, or is entitled to acquire, share capital or voting rights in the company, the person has, or is entitled to acquire, a right to receive or participate in distributions of the company, the person is entitled to secure that income or assets (whether present or future) of the company will be applied directly or indirectly for the person's benefit, or the person, either alone or together with other persons, has control of the company. In sub-paragraph (1) references to a person being entitled to do anything apply where a person— is currently entitled to do it at a future date, or will at a future date be entitled to do it. In sub-paragraph (1) “control” has the meaning given by sections 450 and 451 of the Corporation Tax Act 2010. For the purposes of paragraph 16 a person holds an interest in a collective investment scheme if the person is a participant in the scheme. “collective investment scheme” has the meaning given by section 235 of FISMA 2000, and “participant”, in relation to such a scheme, has the meaning given by subsection (2) of that section. For the purposes of paragraph 16 a pension scheme holds an interest in a trust if Condition A or B is met. the pension scheme has a relevant interest in the trust, the pension scheme, a member of the pension scheme or a person connected with such a member has made a payment to the trust on or after the acquisition of the interest, and the payment is not one to which sub-paragraph (7) applies. a member of the pension scheme or a person connected with such a member has a relevant interest in the trust, the pension scheme has made a payment to the trust on or after the acquisition of the interest, and For the purposes of applying paragraph 16 for determining whether a pension scheme holds an interest in property indirectly, a person other than the pension scheme holds an interest in a trust if — the person has a relevant interest in the trust, the person has made a payment to the trust on or after the acquisition of the interest, and For the purposes of this paragraph a person has a relevant interest in a trust if— any property which may at any time be comprised in the trust or any derived property is, or will or may become, payable to or applicable for the benefit of the person in any circumstances, or the person enjoys a benefit deriving directly or indirectly from any property which is comprised in the trust or any derived property. In sub-paragraph (5) “derived property”, in relation to any property, means income from that property or any other property directly or indirectly representing proceeds of, or income from, that property. This sub-paragraph applies to a payment if— it is made as part of an arm's length transaction by which property or a benefit is to be provided in return for the payment, and it is made otherwise than for the purposes of enabling a member of the pension scheme or a person connected with such a member to occupy or use any property. This paragraph does not apply in relation to a unit trust scheme within the meaning of section 237(1) of FISMA 2000 (but see paragraph 18). A pension scheme does not hold an interest in property indirectly through a vehicle through which the pension scheme would otherwise hold the interest in the property indirectly where one of the following paragraphs applies in relation to the vehicle, and, in particular— paragraph 21 makes provision in relation to holding through vehicles which carry on trading activities, paragraphs 22, 24 and 25 make provision in relation to holding through Real Estate Investment Trusts, paragraphs 23 to 25 make provision in relation to holding through other kinds of vehicles, and paragraph 26 makes provision in relation to holding through a vehicle which holds the interest in the property directly by virtue of paragraph 14(3) (receipt of payments determined by reference to value of or income from property). In the taxable property provisions “vehicle”, in relation to a pension scheme which holds an interest in taxable property indirectly, means a person through whom the pension scheme holds the interest in the property. For the purposes of the taxable property provisions a person holds an interest in a vehicle directly if the person holds an interest of the kind mentioned in paragraph 16(2) in the vehicle. For the purposes of the taxable property provisions a person holds an interest in a vehicle indirectly if the person does not hold the interest directly but— holds an interest in a person who holds an interest in the vehicle directly, or holds an interest in a person who holds the interest in the vehicle indirectly by virtue of paragraph (a) or this paragraph. This paragraph applies to a vehicle in which a pension scheme directly or indirectly holds an interest where— the vehicle's main activity is the carrying on of a trade, profession or vocation, the pension scheme does not, whether alone or together with one or more associated persons, have control of the vehicle, and neither a member of the pension scheme nor a person connected with such a member is a controlling director of the vehicle or any other vehicle which holds an interest in the vehicle directly or indirectly. But this paragraph does not apply if the purpose or one of the purposes for which the pension scheme holds the interest in the vehicle is to enable a member of the pension scheme or a person connected with such a member to occupy or use the property. In sub-paragraph (1)— “control” has the same meaning as in sections 450 and 451 of the Corporation Tax Act 2010 (reading references in those sections to a company as references to the vehicle and references to associates as including associated persons), and “controlling director”, in relation to a vehicle, means a director to whom section 452(2)(b) of that Act applies (reading the reference to associates in section 452(3) of that Act as including associated persons). For the purposes of this paragraph a pension scheme or an arrangement under a pension scheme has control of a vehicle if the pension scheme or the arrangement holds such interest as would, if the pension scheme or the arrangement were a person, mean that the person had control of the vehicle. This paragraph applies to a vehicle in which a pension scheme directly or indirectly holds an interest where the vehicle is a company which is, or is a member of, a UK REIT within the meaning of Part 12 of the Corporation Tax Act 2010 (Real Estate Investment Trusts) and paragraph 24 applies to the pension scheme's interest in the vehicle. Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of sub-paragraph (2). Conditions A to C are met in relation to the vehicle, and paragraph 24 applies to the pension scheme's interest in the vehicle. the total value of the assets held directly by the vehicle is at least £1 million, or the vehicle holds directly at least three assets which consist of an interest in residential property, and no asset held directly by the vehicle which consists of an interest in taxable property has a value which exceeds 40% of the total value of the assets held directly by the vehicle. Condition B is that, if the vehicle is a company— it is resident in the United Kingdom and is not a close company, or it is not resident in the United Kingdom and would not be a close company if it were resident in the United Kingdom. Condition C is that the vehicle does not have as its main purpose, or one of its main purposes, the direct or indirect holding of an animal or animals used for sporting purposes. For the purposes of sub-paragraph (2)— assets must be valued in accordance with generally accepted accounting practice, no account is to be taken of liabilities secured against or otherwise relating to assets (whether generally or specifically), and where generally accepted accounting practice offers a choice of valuation between cost basis and fair value, fair value must be used. The Treasury may by order— increase the amount for the time being specified in paragraph (a) of sub-paragraph (2), or increase the percentage for the time being specified in that sub-paragraph. For the purposes of paragraphs 22 and 23 this paragraph applies to the interest held directly or indirectly by a pension scheme in a vehicle where— Condition A is met, and Condition B or C is met. Condition A is that the pension scheme does not hold the interest in the vehicle for the purpose of enabling a member of the pension scheme or a person connected with such a member to occupy or use the property. the pension scheme does not, either alone or together with one or more associated persons, directly or indirectly hold an interest in the vehicle to which sub-paragraph (5) applies. the pension scheme is not an occupational pension scheme, and no arrangement under the pension scheme, either alone or together with one or more associated persons, directly or indirectly holds an interest in the vehicle to which sub-paragraph (5) applies. This sub-paragraph applies to the following interests— 10% or more of the share capital or issued share capital of the vehicle; 10% or more of the voting rights in the vehicle; a right to receive 10% or more of the income of the vehicle; such interest in the vehicle as gives an entitlement to 10% or more of the amounts distributed on a distribution in relation to the vehicle; such interest in the vehicle as gives an entitlement to 10% or more of the assets of the vehicle on a winding-up or in any other circumstances; such interest in the vehicle as gives rise to income or gains from a specific property. This paragraph contains provisions supplementary to paragraph 24. paragraph 22 or 23 does not apply in relation to a vehicle in which the pension scheme directly or indirectly holds an interest merely because Condition C in paragraph 24(4) is not met in relation to an arrangement under the pension scheme, and accordingly, the pension scheme holds an interest in property indirectly through the vehicle, the interest in the property is to be treated as held through the vehicle for the purposes of another arrangement under the pension scheme only if that arrangement, either alone or together with one or more associated persons, directly or indirectly holds an interest in the vehicle to which paragraph 24(5) applies. Sub-paragraph (4) applies for determining the percentage of an interest held by a person in a vehicle at a time when the person holds that interest indirectly. That percentage is equal to the percentage of the total taxable amount that would be apportioned to the person under paragraphs 41 to 43— where the person is not the pension scheme, if the person were the pension scheme, and in any case, if the person were treated as making an unauthorised payment by virtue of the vehicle coming to hold the interest in the property directly at that time. the vehicle holds the interest in the property directly by virtue of paragraph 14(3) merely because it does not meet Condition C in paragraph 15(4), and sub-paragraph (2) applies in relation to the pension scheme. This sub-paragraph applies in relation to the pension scheme if— where the pension scheme is an occupational pension scheme, the pension scheme is not, either alone or together with one or more associated persons, deemed to be entitled to 10% or more of the market value of or the income from the property, or where the pension scheme is not an occupational pension scheme, no arrangement under the pension scheme, either alone or together with one or more associated persons, is deemed to be so entitled. For the purposes of this paragraph the percentage of the market value of or the income from the property to which a person is deemed to be entitled at any time is— IG is the percentage of the market value of or the income from the property to which the vehicle that holds the interest in the property directly is entitled at that time, and TTA is the percentage of the total taxable amount that would be apportioned to the person at that time on the assumptions mentioned in sub-paragraph (4). Those assumptions are— if the person is not the pension scheme, that the person is the pension scheme, and in any case, that the person is treated as making an unauthorised payment by virtue of the vehicle coming to hold the interest in the property directly at that time. an investment-regulated pension scheme holds an interest in property which is not taxable property, and that property becomes taxable property otherwise than by reason of its conversion or adaptation as residential property, the pension scheme is treated for the purposes of the taxable property provisions as acquiring an interest in the property. Subject to paragraph 29, this paragraph applies where— an investment-regulated pension scheme holds an interest in taxable property indirectly, and there is an increase in the extent of the interest held directly in a vehicle by the pension scheme or another vehicle. The pension scheme is to be treated for the purposes of this Schedule as— having disposed of the interest in the property immediately before the increase in the extent of the interest in the vehicle, and having re-acquired the interest immediately afterwards. The extent of the interest held directly in a vehicle by a person is to be determined for the purposes of this paragraph and paragraph 29 in accordance with paragraphs 42 and 43. Where there is an increase in the extent of the interest held directly in the vehicle otherwise than by reason of the acquisition of a further interest in the vehicle, paragraph 28 does not apply unless the condition in sub-paragraph (2) is met. The condition is that the event by which the extent of the interest held directly in the vehicle increases forms part of a scheme or arrangement the main purpose or one of the main purposes of which is— to enable the amount of the unauthorised payment treated as arising on the original acquisition of the interest in the property by the pension scheme to be lower than it otherwise would have been, or to prevent an unauthorised payment from being treated as made on that original acquisition. Unless that condition is met, the increase in the extent of the interest is also to be disregarded for the purposes of paragraphs 24 to 26. For the purposes of this Part of this Schedule “associated person”, in relation to a pension scheme, means— any member of the pension scheme, any person connected with such a member, any arrangement (under that or another pension scheme) relating to a member of the pension scheme, any arrangement (under that or another pension scheme) relating to a person connected with such a member, and any associated pension scheme. For the purposes of sub-paragraph (1) a pension scheme is associated with another pension scheme if members representing at least 10% by value of one pension scheme are members of the other pension scheme or connected with such members. The percentage by value represented by a member of a pension scheme is— AM is an amount equal to the aggregate of the amount of the sums and the market value of the assets held for the purposes of an arrangement under the pension scheme relating to the member, and AA is an amount equal to the aggregate of the amount of the sums and the market value of the assets held for the purposes of the pension scheme. For the purposes of this Part of this Schedule “associated person”, in relation to an arrangement under a pension scheme, means— the member of the pension scheme to which that arrangement relates, any arrangement (under that or another pension scheme) relating to a member of the pension scheme to which that arrangement relates, and any arrangement (under that or another pension scheme) relating to a person connected with such a member. This Part of this Schedule has effect for determining— the amount of an unauthorised payment treated as made to a member of an investment-regulated pension scheme by virtue of section 174A, and the time when such a payment is treated as made. The amount is determined by— finding the total taxable amount in relation to the unauthorised payment (see paragraphs 32 to 40), apportioning that amount to the pension scheme (see paragraphs 41 to 43), in a case to which paragraph 28 applies (acquisition etc of further interest in vehicle), making an adjustment under paragraph 44 to the amount mentioned in paragraph (b), and apportioning that amount to the member to whom the payment is treated as made in accordance with paragraph 45. This paragraph applies to a case within subsection (1) of section 174A (acquisition of an interest in taxable property). The unauthorised payment is treated as made when the interest in the property is acquired by the pension scheme. If the interest in the property is acquired because the pension scheme or another person comes to hold the interest directly, the total taxable amount in relation to the unauthorised payment is— the amount of consideration, in money or money's worth, given directly or indirectly for the interest, plus the amount of any fees and other costs incurred in connection with the acquisition. Sub-paragraph (3) is subject to paragraphs 33 to 35. If the interest in the property is acquired because the pension scheme or another person comes to hold an interest in a person who already holds the interest in the property directly or indirectly, the total taxable amount in relation to the unauthorised payment is— the market value, at the date the interest in the person is acquired, of the interest in the property held by the person who holds it directly, or if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 if it were assigned to the person at that time. If the interest in the property is treated as acquired by the pension scheme by virtue of paragraph 27 or 28, the total taxable amount in relation to the unauthorised payment is— the market value, at the date the interest is treated as acquired, of the interest in the property held by the person who holds it directly, or This paragraph is subject to paragraph 36. an investment-regulated pension scheme acquires an interest in taxable property because it acquires a chargeable interest in the property within the meaning of section 48(1) of the Finance Act 2003, the interest is acquired because the pension scheme or another person comes to hold the interest directly, and the whole or part of the consideration for the interest is consideration other than rent. The provisions of the Finance Act 2003 listed in sub-paragraph (3) apply for determining the amount of the consideration (or the part that is not rent) as they apply for determining the amount of chargeable consideration for a land transaction for the purposes of Part 4 of that Act. Those provisions are— paragraphs 2 to 8 and 9 to 16 of Schedule 4 (chargeable consideration); section 51 (contingent, uncertain or unascertained consideration); section 52 (annuities etc: chargeable consideration limited to twelve years' payments). The Treasury may by regulations provide— for those provisions to apply with modifications to cases to which this paragraph applies, and for any other provisions of Part 4 of the Finance Act 2003 to apply (with or without modifications) to such cases. the whole or part of the consideration for the acquisition is rent. The amount of the consideration (or the part that is rent) is to be taken to be the relevant rental value of the property; and paragraphs 2(4)(a), 3 and 8 of Schedule 5 (rent) to the Finance Act 2003 apply for determining that value. The following provisions of the Finance Act 2003 apply for the purposes of sub-paragraph (2) for determining the amount of rent payable as they apply for determining the amount of rent payable under a lease to which that Act applies— paragraphs 2, 5 to 7A, 9 and 16 of Schedule 17A (further provisions relating to leases); (subject to the provisions mentioned in paragraph (a)) the provisions mentioned in paragraph 33(3). for the provisions mentioned in sub-paragraph (2) or (3) to apply with modifications to cases to which this paragraph applies, and For the purposes of this paragraph where on an assignment of a lease the assignee assumes the obligation to pay rent, the assumption counts as consideration for the assignment. an investment-regulated pension scheme acquires an interest in taxable property because the pension scheme or another person comes to hold the interest directly, the interest is acquired for less than its market value, and immediately before the acquisition the interest was held by a registered pension scheme which was not an investment-regulated pension scheme. This paragraph also applies where— tax relief is available under section 188 or 196 in respect of the transfer of the interest. The amount of the consideration for the interest is treated as— the market value, at the date the interest is acquired, of the interest in the property held by the person who holds it directly, or The Treasury may by regulations make provision with respect to— what is to count as consideration for the acquisition of an interest in taxable property, and the determination of the amount of such consideration. The Treasury may by regulations make provision with respect to the determination of the market value of an interest held in taxable property. Regulations under this paragraph may, in particular, make provision for cases where an investment-regulated pension scheme acquires— an interest in taxable property outside the United Kingdom, a licence to use or occupy taxable property, or an interest in taxable property which is tangible moveable property. Regulations under this paragraph may— amend this Part of this Schedule, and include provision having effect in relation to times before they are made. The Treasury may by regulations make provision for an investment-regulated pension scheme which has acquired an interest in taxable property to be treated as making one or more further unauthorised payments where— the amount of consideration for the acquisition was determined on the basis of a reasonable estimate, and the actual amount of the consideration turns out to be higher than the estimated amount, in the case of an interest which is a lease, there is a variation in the rent payable under the lease, or in such a case, the amount of consideration for the acquisition was determined on an assumption about the length of the term of the lease, and the lease continues after the end of the term. amend section 174A or this Schedule (apart from this paragraph), and References in the taxable property provisions to unauthorised payments treated as made under section 174A include references to payments treated as made under regulations under this paragraph. This paragraph applies to a case within subsection (2) of section 174A (improvement of taxable property). An unauthorised payment is treated as made when a payment is made in connection with the improvement works. The total taxable amount in relation to the unauthorised payment is the amount of the payment mentioned in sub-paragraph (2). This paragraph applies to a case within subsection (3) of section 174A (conversion or adaptation as residential property). The unauthorised payment is treated as made on the occurrence of whichever of the following first occurs after the property has become residential property— the substantial completion of the works to convert or adapt the property; the interest in the property ceasing to be held by the pension scheme. But if the property becomes residential property after the end of the period of three years beginning with the date on which the first payment was made in connection with the works to convert or adapt the property, the unauthorised payment is treated as made when the property becomes residential property. If the works began before the end of the period of twelve months beginning with the acquisition of the interest in the property by the pension scheme, the total taxable amount in relation to the unauthorised payment is— the amount of consideration for the interest, determined in accordance with paragraphs 32 to 36, plus the development costs (see sub-paragraph (7)). If the works began after the end of that period, the total taxable amount in relation to the unauthorised payment is— the relevant market value (see sub-paragraph (6)), plus In this paragraph “the relevant market value” means— the market value, at the date the works began, of the interest in the property held by the person who holds it directly, or In this paragraph “the development costs” means the total cost of the works to convert or adapt the property at the time when the unauthorised payment is treated as made. Where, at the time the unauthorised payment is treated as made— an amount will be payable for the works only if some uncertain future event occurs, or an amount will cease to be payable for the works if some uncertain future event occurs, the development costs are to be determined on the assumption that the amount will be payable or, as the case may be, will not cease to be payable.

Where, at that time, an amount payable for the works— depends on uncertain future events, or cannot otherwise be ascertained, that amount is to be determined for the purposes of sub-paragraph (7) on the basis of a reasonable estimate. This paragraph applies if — sub-paragraph (8) of paragraph 39 has effect when an unauthorised payment is treated as made under that paragraph, an amount estimated under that sub-paragraph later becomes ascertained, and the ascertained amount is more than the estimated amount. An unauthorised payment is treated as made when the amount becomes ascertained. The total taxable amount in relation to the unauthorised payment is the difference between the ascertained amount and the estimated amount. References in the taxable property provisions to unauthorised payments treated as made under section 174A include references to payments treated as made under this paragraph. This paragraph applies for determining— whether the amount of an unauthorised payment treated as made by an investment-regulated pension scheme under section 174A consists of the whole of the total taxable amount in relation to the payment, and if not, how much of the total taxable amount comprises the amount of the unauthorised payment. The pension scheme is treated as making an unauthorised payment equal to the whole of the total taxable amount where Condition A, B or C is met. Condition A is that the pension scheme directly holds the interest in the taxable property which gives rise to the unauthorised payment. the pension scheme holds the interest in the property indirectly through one vehicle, and that vehicle is wholly owned by the pension scheme. the pension scheme holds the interest in the property indirectly through more than one vehicle (a “chain” of vehicles), and each vehicle in the chain is wholly owned by another vehicle in the chain or by the pension scheme. the vehicle is not wholly owned by the pension scheme, the amount of the unauthorised payment is a proportion of the total taxable amount determined by reference to the extent of the pension scheme's interest in the vehicle. the pension scheme holds the interest in the property indirectly through one or more chains of vehicles, and one or more vehicles in such a chain is not wholly owned by another vehicle in the chain or by the pension scheme, the amount of the unauthorised payment is the amount or the total of all the amounts found under sub-paragraph (8) for each chain through which the pension scheme owns the interest in the property. The amount is a proportion of the total taxable amount determined by reference to the extent of the interest held directly by the pension scheme or another vehicle in the chain in each vehicle in the chain— starting with the vehicle which holds the interest in the property directly, and ending with the vehicle in which the pension scheme directly holds an interest. For the purposes of this paragraph a vehicle is wholly owned by a person if no other person directly holds an interest in the vehicle. This paragraph is subject to paragraph 44. References in this Schedule to the extent of an interest held directly by a person in a vehicle are references to the proportion of the interests of everyone who directly holds an interest in the vehicle which on a just and reasonable apportionment is represented by that interest. Sub-paragraph (1) is subject to paragraph 43, which explains how to determine the extent of a person's interest in a vehicle for the purposes of the taxable property provisions where the vehicle is a company. amend paragraph 43, or amend this Part of this Schedule for the purposes of explaining how to determine the extent of a person's interest in a vehicle in other cases. Regulations under sub-paragraph (3) may include provision having effect in relation to times before they are made. For the purposes of this Schedule, and except in a case to which sub-paragraph (3) applies, the extent of a person's interest in a company is determined by reference to whichever of the following gives the person the greatest interest in the company— the percentage of the share capital or issued share capital of the company owned by the person; the percentage of the voting rights in the company owned by the person; the percentage of all the income of the company to which the person has a right; the percentage of the amounts distributed on a distribution in relation to the company to which the person has a right; the percentage of the assets of the company to which the person has a right on a winding-up or in any other circumstances; where the person has a right to a percentage of a particular asset or description of assets of the company, or of the income or gains from such an asset or description (either generally or in particular circumstances), that percentage or the highest of all the percentages found under this paragraph. For the purposes of sub-paragraph (1) a person is treated as owning or having a right to anything which the person will only acquire— at some future date, if the person exercises a right to acquire it, or if some other uncertain future event occurs or does not occur. a person has an interest in a company as a result of lending the company money to fund the acquisition of an interest in taxable property, and this sub-paragraph gives the person a greater interest in the company than any interest given by sub-paragraph (1), for the purposes of this Schedule the extent of the person's interest in the company is determined by the proportion that the value of the loan bears to the total value of the assets held directly by the company. For the purposes of sub-paragraph (3)— This paragraph applies where an investment-regulated pension scheme is treated as acquiring an interest in taxable property by virtue of paragraph 28 (increase in extent of interest in vehicle). The amount of the unauthorised payment treated as made by the pension scheme is— UP is the amount that would have been the amount of the unauthorised payment apart from this paragraph; and UPB is the amount that would have been the amount of any unauthorised payment treated as made by the pension scheme if it had acquired the interest in the property immediately before the increase in the extent of the interest in the vehicle (assuming the total taxable amount in relation to the unauthorised payment to be that given under paragraph 32(5)). This paragraph has effect for determining— whether the whole of an unauthorised payment treated as made by a pension scheme is to be treated as made to a member of the scheme, and if not, how much of the unauthorised payment is to be treated as made to the member. If the interest in the taxable property which gives rise to the unauthorised payment is held by the pension scheme for the purposes of— the arrangement under the pension scheme relating to the member, and at least one other arrangement under the pension scheme, the unauthorised payment is to be apportioned on a just and reasonable basis between all of the arrangements for the purposes of which the interest in the property is held. Otherwise, the whole of the unauthorised payment is to be treated as made to the member. A charge is of adequate value if it meets conditions A, B and C. Condition A is that, at the time the charge is given, the market value of the assets subject to the charge— in the case of the first charge to secure the loan, is at least equal to the amount owing (including interest), and in any other case, is at least equal to the lower of that amount and the market value of the assets subject to the previous charge. Condition B is that if, at any time after the charge is given, the market value of the assets charged is less than would be required under condition A if the charge were given at that time, the reduction in value is not attributable to any step taken by the pension scheme, the sponsoring employer or a person connected with the sponsoring employer. Condition C is that the charge takes priority over any other charge over the assets. “Loan repayment date” means the date by which the total amount owing (including interest) must be paid. A standard loan repayment date is a loan repayment date before the end of the period of five years beginning with the date on which the loan is made. “Loan year” means— the period of 12 months beginning with the date on which the loan is made, and But in the period of 12 months in which the loan repayment date falls, the loan year ends on the loan repayment date (and that loan year is the last loan year). “The required amount”, in relation to a period beginning with the date on which the loan is made and ending with the last day of a loan year, is— L is the amount of the loan, TIP is the total interest payable on the loan, TLY is the total number of loan years, and NLY is the number of loan years in the period. If a loan does not comply with section 179 (1) (authorised employer loan) when it is made, there is an unauthorised payment of an amount equal to the largest of such of amounts 1, 2, A, B, and C as arise in relation to the loan. Paragraphs 12 to 16 explain amounts 1, 2, A, B and C. If at any time after a loan is made the loan ceases to be secured by a charge of adequate value, there is an unauthorised payment equal to amount 2 (see paragraph 13). If at any time after a loan is made— the loan is secured by a charge which is not of adequate value, and an event mentioned in sub-paragraph (2) occurs, there is an unauthorised payment. the loan ceasing to be secured by a charge, a charge being given which does not comply with conditions A or C, a reduction in the value of the assets charged which does not comply with condition B, and the charge ceasing to comply with condition C. The amount of the unauthorised payment is— AAE is amount 2 (see paragraph 13) calculated after the event, and ABE is amount 2 (see paragraph 13) calculated before the event. Paragraph 1 defines conditions A, B and C. there is an alteration in the repayment terms, and as a result the repayment terms cease to comply with one or more paragraphs of section 179(2) (authorised repayment terms), there is an unauthorised payment of an amount equal to the larger of such of amounts A, B, and C (see paragraphs 14 to 16) as arise when that paragraph or those paragraphs are not complied with. as a result the deterioration condition is met in relation to one or more paragraphs of section 179(2) (authorised repayment terms) which were not complied with before the alteration, there is an unauthorised payment of an amount calculated in accordance with sub-paragraphs (3) and (4). The deterioration condition is met in relation to a paragraph if— For each paragraph in relation to which the deterioration condition is met, calculate— There is an unauthorised payment of an amount equal to the largest of the amounts calculated under sub-paragraph (3). AAA, in relation to a paragraph of section 179(2) which was not complied with before the alteration in the repayment terms, is the amount arising when that paragraph is not complied with, calculated after the alteration in the repayment terms, and ABA, in relation to such a paragraph, is the amount arising when that paragraph is not complied with, calculated before the alteration in the repayment terms. This paragraph applies if on any date there is an unauthorised payment under more than one of paragraphs 6 to 9. There is a single unauthorised payment. The amount of the unauthorised payment is an amount equal to the amount of the greater or greatest of the unauthorised payments under those paragraphs. If the aggregate amount of the unauthorised payments in relation to a loan under paragraphs 5 to 10 exceeds the amount of the loan when it was made, the excess is to be treated as not being an unauthorised payment. Amount 1 arises if paragraph (a) of section 179 (1) (amount of loan must not exceed 50% of pension scheme assets) is not complied with. Amount 1 is— AL is the amount of the loan, and VA is an amount equal to 50% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme before the loan is made. Amount 2 arises if paragraph (b) of section 179 (1) (loan must be secured by charge of adequate value) is not complied with. Amount 2 is— AO is the amount owing (including interest) at the relevant time, and VA is the market value at that time of the assets charged but if the loan is not secured by a charge, or is secured by a charge which does not meet condition C (as defined in paragraph 1), is nil. Amount A arises if paragraph (a) of section 179(2) (interest rate to be not less than prescribed amount) is not complied with. Amount A is— IR is the rate of interest payable at the relevant time, PIR is the rate of interest prescribed by regulations under that paragraph, and AO is the amount owing (not including interest) at the relevant time. Amount B arises if paragraph (b) of section 179(2) (loan repayment date to be within five years unless postponed) is not complied with. Amount B is— DLRP is the number of days in the period which begins with the date on which the loan is made and ends with the loan repayment date, DFY is the number of days in the period which begins with the date on which the loan is made and ends five years after that date, and AO is the amount owing (including interest) at the relevant time. But if the amount produced by the fraction in sub-paragraph (2) is greater than 1, amount B is the amount owing (including interest) at the relevant time. If the loan repayment date has been postponed under section 179(3), sub-paragraph (2) applies as if references to the date on which the loan is made were to the standard loan repayment date on which the loan repayment date was postponed. Amount C arises if paragraph (c) of section 179(2) (amount payable for a period to be not less than required amount) is not complied with and is calculated as follows. In relation to each period beginning with the date on which the loan is made and ending with the last day of a loan year, calculate— RA is the required amount in relation to that period, and AP is the amount payable during that period. If an amount calculated under sub-paragraph (2) is negative, treat that amount as nil. Amount C is the largest of the amounts calculated under sub-paragraph (2). Part 9 of ITEPA 2003 (pension income) is amended as follows. In section 565 (structure of Part 9), for “Chapters 16 to 18 deal with” substitute— Chapter 15A makes provision about exemptions and charges in relation to lump sums under registered pension schemes; Chapters 17 and 18 deal with other Section 566(4) (nature of charge to tax on pension income) is amended as follows. For the entries relating to sections 580, 583, 590, 595, 598, 601 and 605 substitute— Omit the entry relating to section 623. Insert at the end— In section 567(4)(a) (amount charged to tax), for “15” substitute “ 15A ”. In section 568 (person liable to tax), for “15” substitute “ 15A ”. After Chapter 5 insert— This section applies to any pension under a registered pension scheme (but subject to subsection (2)). This section does not apply to a pension under a registered pension scheme if and to the extent that, when it is paid, a liability to the unauthorised payments charge arises in respect of the amount of the payment (see section 208 of FA 2004). If section 579A applies, the taxable pension income for a tax year is the full amount of the pension under the registered pension scheme that accrues in that year irrespective of when any amount is actually paid. If section 579A applies, the person liable for any tax charged under this Part is the person receiving or entitled to the pension under the registered pension scheme. In this Chapter “pension under a registered pension scheme” includes— an annuity under, or purchased with sums or assets held for the purposes of, or representing acquired rights under, a registered pension scheme, and income withdrawal or dependants' income withdrawal under a registered pension scheme. In paragraph (b) “income withdrawal”and “dependants' income withdrawal”have the meaning given by paragraphs 7 and 21 of Schedule 28 to FA 2004. Omit Chapters 6, 7, 8 and 9 (pensions under approved schemes). Section 610 (annuities under sponsored superannuation schemes) is amended as follows. in paragraph (a), for “a sponsored superannuation scheme” substitute “ an occupational pension scheme that is not a registered pension scheme ”, and in paragraph (b), for “a sponsored superannuation scheme” substitute “ such an occupational pension scheme ”. In subsection (3), for “any provision of Chapter 6, 7, 8 or 9” substitute “ Chapter 5A ”. In this section “occupational pension scheme” has the same meaning as in Part 4 of FA 2004 (see section 150(5) of that Act). In the heading, for “sponsored superannuation” substitute “ non-registered occupational pension ”. In section 611(3) (annuities in recognition of another’s service), for “any provision of Chapter 6, 7, 8 or 9” substitute “ Chapter 5A ”. Omit Chapter 13 (return of surplus additional voluntary contributions under exempt approved schemes and relevant statutory schemes). After Chapter 15 insert— No liability to income tax arises on a lump sum paid under a registered pension scheme if the lump sum is— an uncrystallised funds lump sum death benefit, or a transfer lump sum death benefit. But subsection (1) does not limit the operation of sections 214 to 226 of FA 2004 (lifetime allowance charge). A short service refund lump sum under a registered pension scheme is subject to income tax in accordance with section 205 of FA 2004 (charge to tax on scheme administrator in respect of such a lump sum) but not otherwise. A lump sum under a registered pension scheme which is— an annuity protection lump sum death benefit, or an unsecured pension fund lump sum death benefit, is subject to income tax in accordance with section 206 of FA 2004 (charge to tax on scheme administrator in respect of such lump sum death benefits) but not otherwise. In the case of a registered pension scheme which is a split scheme for the purposes of the Registered Pensions Schemes (Splitting of Schemes) Regulations 2006, subsections (3) and (4) shall have effect as if the references to the scheme administrator were to the sub-scheme administrator (within the meaning of those Regulations). A lifetime allowance excess lump sum is chargeable to income tax in accordance with sections 214 to 226 of FA 2004 (lifetime allowance charge) but not otherwise. “lifetime allowance excess lump sum”, “pension commencement lump sum”, “refund of excess contributions lump sum”, “serious ill-health lump sum”, and “short service refund lump sum”, have the same meaning as in section 166 of FA 2004 (see Part 1 of Schedule 29 to that Act). “annuity protection lump sum death benefit”, “defined benefits lump sum death benefit”, “pension protection lump sum death benefit”, “transfer lump sum death benefit”, “uncrystallised funds lump sum death benefit”, and “unsecured pension fund lump sum death benefit”, have the same meaning as in section 168 of FA 2004 (see Part 2 of Schedule 29 to that Act). a trivial commutation lump sum, or a winding-up lump sum, is paid to a member of a registered pension scheme under the pension scheme. The member is to be treated as having taxable pension income for the tax year in which the payment is made equal to the amount of the lump sum. But if, immediately before the lump sum is paid, the member has not become entitled to any benefits under the pension scheme, the amount of the taxable pension income is 75% of the amount of the lump sum. “trivial commutation lump sum”, and “winding-up lump sum”, a trivial commutation lump sum death benefit, or a winding-up lump sum death benefit, is paid to a person under a registered pension scheme. The person is to be treated as having taxable pension income for the tax year in which the payment is made equal to the amount of the lump sum. “trivial commutation lump sum death benefit”, and “winding-up lump sum death benefit”, Omit Chapter 16 (lump sums). In section 644(2) (pensions to which section 580 or 590 applies not a disablement pension), for “580 or 590” substitute “ 579A ”. Section 683 of ITEPA 2003 (PAYE income) is amended as follows. In subsection (3), for the entries relating to sections 581, 584, 591, 596, 599 and 602 substitute— “ section 579B (pension under registered pension scheme), ”. In that subsection, insert at the end— “ section 636B (pension treated as arising from payment of trivial commutation lump sum or winding-up lump sum), section 636C (pension treated as arising from payment of trivial commutation or winding-up lump sum death benefit). ” Omit subsection (4). In Part 2 of Schedule 1 to ITEPA 2003 (index of defined expressions) insert at the appropriate place— This Schedule applies for the purposes of sections 232 and 236. paragraph A2 sets out the events that are benefit crystallisation events in relation to an individual; subsequent paragraphs give the meaning of expressions used in paragraph A2. Benefit crystallisation event 1 occurs in relation to an individual if sums or assets held for the purposes of a money purchase arrangement under any of the relevant pension schemes are designated as available for the payment of drawdown pension to the individual. Benefit crystallisation event 2 occurs in relation to an individual if the individual becomes entitled to a scheme pension under any of the relevant pension schemes. Benefit crystallisation event 3 occurs in relation to an individual if the individual, having become so entitled, becomes entitled to payment of the scheme pension, otherwise than in excepted circumstances, at an increased annual rate which— exceeds the threshold annual rate, and exceeds by more than the permitted margin the rate at which it was payable on the day on which the individual became entitled to it. Benefit crystallisation event 4 occurs in relation to an individual if the individual becomes entitled to a lifetime annuity purchased under a money purchase arrangement under any of the relevant pension schemes. Benefit crystallisation event 6 occurs in relation to an individual if the individual becomes entitled to a relevant lump sum under any of the relevant pension schemes. In this Schedule “the relevant pension schemes” means the registered pension schemes of which the individual is a member .... This paragraph has effect if— the individual becomes entitled before reaching normal minimum pension age to the payment of a lifetime annuity purchased under a money purchase arrangement under any of the relevant pension schemes, and the ill-health condition is not satisfied immediately before the individual becomes so entitled. Benefit crystallisation event 2 applies as if— the lifetime annuity were a scheme pension under the pension scheme, and the individual becomes entitled to it only on reaching normal minimum pension age. Benefit crystallisation event 4 does not apply in relation to the lifetime annuity. For the purposes of benefit crystallisation event 2 if— the individual becomes entitled to the pension before reaching normal minimum pension age, and the ill-health condition is not satisfied immediately before the individual becomes entitled to the pension, the individual is to be treated as becoming entitled to it only on reaching normal minimum pension age. For the purposes of benefit crystallisation event 3, any abatement of the scheme pension is to be left out of account in determining for the purposes of column 1— the increased annual rate of the pension, and the rate at which it was payable on the day on which the individual became entitled to it. For the purposes of benefit crystallisation event 3 “excepted circumstances” exist if condition A or B is met. the entitlement to payment of a scheme pension at an increased annual rate is under an arrangement that is not a collective money purchase arrangement, ... at the time when the annual rate of the individual’s pension is increased there are at least 50 pensioner members of the pension scheme, and ... the individual is one of a class of at least 20 pensioner members of the pension scheme, and all the scheme pensions being paid under the pension scheme to pensioner members of that class are at that time increased at the same rate. A class may consist of all the pensioner members of the pension scheme. Sub-paragraph (4) applies where— the annual rate of the individual's pension is increased in excepted circumstances (“the excepted increase”), before the end of the period of 12 months beginning with the date of the excepted increase, the annual rate of the individual's pension is increased in circumstances which would (apart from that sub-paragraph) be excepted circumstances (“the subsequent increase”), and the class by virtue of which sub-paragraph (1)(b) is satisfied on the subsequent increase (“the new class”) is not the class by virtue of which it was satisfied on the excepted increase. If the purpose, or one of the main purposes, of the individual's being included in the new class is to increase the annual rate of the individual's pension without benefit crystallisation event 3 occurring, the subsequent increase is not in excepted circumstances. the entitlement to payment of a scheme pension at an increased annual rate is under an arrangement that is a collective money purchase arrangement, and at the time when the annual rate of the individual's pension is increased, all the scheme pensions being paid under collective money purchase arrangements are increased at the same rate. This paragraph applies for the purposes of benefit crystallisation event 3. The threshold annual rate is the annual rate of the pension on the date of which the increase date is the first anniversary, increased by the greatest of— the relevant percentage rate, the relevant indexation percentage, and £250, and rounded up in accordance with sub-paragraph (8). But if the person became entitled to the pension after the date of which the increase date is the first anniversary, the threshold annual rate is the annual rate of the pension on the date on which the person became entitled to the pension, increased and rounded up as mentioned in sub-paragraph (2). The increase date is the date on which the individual becomes entitled to payment of the pension at the increased annual rate. The relevant percentage rate is— in a case where the pension is paid under a pension scheme, or an arrangement under a pension scheme, in relation to which the relevant valuation factor is a number greater than 20, the rate agreed by the Commissioners for Her Majesty's Revenue and Customs and the scheme administrator, and otherwise, 5%. The relevant indexation percentage means— if the retail prices index for the reference month is higher than the retail prices index for the same calendar month in the previous year, the percentage increase in the retail prices index, and if it is not, 0%. The scheme administrator may select as the reference month any month in the period of 12 months ending with the month in which the increase date falls. An amount is rounded up in accordance with this sub-paragraph if it is rounded up to the next greatest amount which— where the pension is payable monthly, gives an amount of whole pounds when divided by 12, or where the pension is payable weekly, gives an amount of whole pounds when divided by 52. If the pension is under a public service pension scheme, any abatement of the pension is to be left out of account in determining for the purposes of this paragraph the annual rate of the pension on the date of which the increase date is the first anniversary (or, where sub-paragraph (3) applies, the date on which the person became entitled to the pension). An individual who becomes entitled to payment of a scheme pension at an increased annual rate on 29 February in any year is to be treated for the purposes of this paragraph as having become so entitled on 28 February in that year. The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (2)(c) a different amount (including an amount to be calculated as a percentage of the standard lifetime allowance). This paragraph applies for the purposes of benefit crystallisation event 3 if the individual became entitled to the pension on or after 6th April 2006. The permitted margin is the amount by which the annual amount of the pension at the rate at which it was payable on the day on which the individual became entitled to it would be greater if it had been increased by whichever of calculation A and calculation B gives the greater amount. Calculation A involves increasing that annual amount at the relevant annual percentage rate for the whole of the period— beginning with the month in which the individual became entitled to the pension, and ending with the month in which the individual becomes entitled to payment of the pension at the increased rate. in a case where the pension is paid under a pension scheme, or an arrangement under a pension scheme, in relation to which the relevant valuation factor is a number greater than 20, the annual rate agreed by the Inland Revenue and the scheme administrator, and Calculation B involves increasing that annual amount by the relevant indexation percentage. If the retail prices index for the reference month is higher than it was for the base month, the relevant indexation percentage is the percentage increase in the retail prices index. The scheme administrator may select as the reference month any month in the period of 12 months ending with the month in which the individual becomes entitled to payment of the pension at the increased rate. The base month is the month which is the same number of months before the month in which the individual became entitled to the pension, as the reference month is before the month in which the individual becomes entitled to payment of the pension at the increased rate. If the pension is under a public service pension scheme, any abatement of the pension is to be left out of account in determining for the purposes of this paragraph the annual amount of the pension at the rate at which it was payable on the day on which the individual became entitled to it. This paragraph applies for the purposes of benefit crystallisation event 3 if the individual became entitled to the pension before 6th April 2006. The permitted margin is the greater of— what would be the permitted margin at that time if the individual had become entitled to the pension on or after that date (see paragraph 11), and the amount by which the annual amount of the pension at the rate at which it was payable on the day on which the individual became entitled to it would be greater if it had been increased for the whole of the period specified in sub-paragraph (3) of that paragraph at the rate of P% per annum. “P%” is the percentage by which, in accordance with the rules of the pension scheme immediately before 6th April 2006, the annual rate of the pension is to be increased each year. For the purposes of benefit crystallisation event 6 a lump sum is a relevant lump sum if it is— an uncrystallised funds pension lump sum, or a pension commencement excess lump sum. An individual who is a relevant migrant member of a qualifying overseas pension scheme is entitled to relief under section 188 (relief for contributions by or on behalf of members of registered pension schemes) in respect of relievable pension contributions paid during a tax year if the individual— has relevant UK earnings chargeable to income tax for that year, is resident in the United Kingdom when the contributions are paid, and has notified the scheme manager of an intention to claim relief under that section. Section 190 (annual limit for relief under section 188) applies in relation to the aggregate of the amount of relief to which an individual is entitled under section 188 by virtue of sub-paragraph (1) and any to which the individual is so entitled apart from that sub-paragraph. Relief to which an individual is entitled under section 188 by virtue of sub-paragraph (1) is to be given in accordance with section 194 (relief on making of claim) (so that nothing in sections 191 to 193 applies in relation to such relief). Section 195 (transfer of certain shares to be treated as payment of contribution) has effect as if the references to sections 188 to 194 included sections 188 to 190 and 194 as they apply by virtue of this paragraph. No deduction may be allowed under Chapter 2 of Part 5 of ITEPA 2003 in accordance with section 355 of that Act (deductions for corresponding payments by non-domiciled employees with foreign employers) in respect of contributions under a pension scheme (but subject to Part 4 of Schedule 36). Subsections (2) to (5) of section 196 (relief for contributions by employer) apply in relation to relevant migrant member contributions paid by an employer as in relation to contributions paid by an employer under a registered pension scheme in respect of an individual. Section 200 (no other relief for employers in connection with contributions) applies as if the reference to contributions under a registered pension scheme included relevant migrant member contributions. “Relevant migrant member contributions” means contributions paid under a qualifying overseas pension scheme in respect of an individual who is a relevant migrant member of the pension scheme in relation to the contributions. In ITEPA 2003, after section 308 insert— No liability to income tax arises in respect of earnings where an employer makes contributions under a qualifying overseas pension scheme in respect of an employee who is a relevant migrant member of the pension scheme. “qualifying overseas pension scheme”, and “relevant migrant member”, have the same meaning as in Schedule 33 to FA 2004 (overseas pension schemes: migrant member relief). For the purposes of this Schedule an individual who is a member of an overseas pension scheme is a relevant migrant member of the pension scheme, in relation to any contributions, if the individual— was not resident in the United Kingdom when first a member of the pension scheme, was a member of the pension scheme at the beginning of the period of residence in the United Kingdom which includes the time when the contributions are paid, either was, immediately before the beginning of that period of residence, entitled to tax relief in respect of contributions paid under the pension scheme under the law of the country or territory in which the individual was then resident or meets such other condition as may be prescribed by regulations made by the Board of Inland Revenue, and has been notified by the scheme manager that information concerning events that are relevant benefit crystallisation events in relation to the individual and the pension scheme will be given to the Inland Revenue. The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that, in circumstances prescribed by the regulations, paragraphs (a), (b) and (c) of sub-paragraph (1) have effect as if the references in those paragraphs to the pension scheme were to either the pension scheme or such other pension scheme as is prescribed by the regulations. Regulations under sub-paragraph (2) may include provision having effect in relation to times before they are made. In this paragraph “relevant benefit crystallisation event” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance). For the purposes of this Schedule an overseas pension scheme is a qualifying overseas pension scheme if— the scheme manager has given to the Inland Revenue notification that it is an overseas pension scheme and has provided any such evidence that it is an overseas pension scheme as the Inland Revenue may require, the scheme manager has undertaken to the Inland Revenue to inform the Inland Revenue if it ceases to be an overseas pension scheme, the scheme manager has undertaken to the Inland Revenue to comply with any prescribed benefit crystallisation information requirements imposed on the scheme manager, and the overseas pension scheme is not excluded from being a qualifying overseas pension scheme by sub-paragraph (3). In sub-paragraph (1)(c) “prescribed benefit crystallisation information requirements” means requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information relating to relevant events in relation to members of the pension scheme who have at any time been relevant migrant members of the pension scheme. In sub-paragraph (2) “relevant events” means— relevant benefit crystallisation events, or occasions that are, or could (depending on their timing) be, occasions on which an individual first flexibly accesses pension rights for the purposes of sections 227B to 227F. An overseas pension scheme is excluded from being a qualifying overseas pension scheme if the Inland Revenue has decided that— there has been a failure to comply with any prescribed benefit crystallisation information requirements imposed on the scheme manager and the failure is significant, and by reason of the failure it is not appropriate that relief from tax should be given in respect of contributions under the pension scheme, and has notified the person or persons appearing to be the scheme manager of that decision (but subject to sub-paragraph (5) and paragraph 6). A failure to comply with prescribed benefit crystallisation information requirements is significant if— the amount of information which has not been provided is substantial, or The Inland Revenue — may at any time after an overseas pension scheme becomes excluded from being a qualifying overseas pension scheme decide that the pension scheme is to cease to be so excluded, and This paragraph applies where an overseas pension scheme is excluded from being a qualifying overseas pension scheme by a decision of the Inland Revenue under paragraph 5(3). An appeal under this paragraph against a decision must be brought within the period of 30 days beginning with the day on which the notification of the decision was given. If an appeal under this paragraph is notified to the tribunal, the tribunal must consider whether the overseas pension scheme ought to have been excluded from being a qualifying overseas pension scheme. If the tribunal decides that the overseas pension scheme ought to have been excluded from being a qualifying overseas pension scheme, the tribunal must dismiss the appeal. If the tribunal decides that the overseas pension scheme ought not to have been excluded from being a qualifying overseas pension scheme, the pension scheme is to be treated as having remained a qualifying overseas pension scheme (but subject to any further appeal ...). For the purposes of the member payment charges the member payment provisions apply in relation to payments made (or treated by this Part as made) to or in respect of— a relieved member of a relevant non-UK scheme, or a transfer member of such a scheme, as in relation to payments made (or treated by this Part as made) to or in respect of a member of a registered pension scheme. Sub-paragraph (1) has effect subject to the provision made by and under paragraphs 2 to 7. “The member payment charges” are— the unauthorised payments charge (except as imposed by virtue of section 174A (taxable property held by investment-regulated pension schemes)), the short service refund lump sum charge, the special lump sum death benefits charge, and the charge to tax under Part 9 of ITEPA 2003 (pension income) on pension income to which— section 579A of that Act (pension income under registered pension schemes) applies by virtue of any provision of that Chapter. “The member payment provisions” are — the provisions of this Part (apart from the taxable property provisions) relating to payments made (or treated by this Part as made) to or in respect of a member of a registered pension scheme , and Chapter 15A of Part 9 of ITEPA 2003 (lump sums under registered pension schemes). A scheme is a relevant non-UK scheme if— relief from tax has been given in respect of contributions paid under the scheme by virtue of Schedule 33 (overseas pension schemes: migrant member relief), relief from tax has been so given at any time after 5th April 2006 under double tax arrangements, a member of the scheme has been, or members of the scheme have been, exempt from liability to tax by virtue of section 307 of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit) in respect of provision made under the scheme at any time after 5th April 2006 when the scheme was an overseas pension scheme, or there has been a relevant transfer at any time after 5th April 2006 when the scheme was a qualifying recognised overseas pension scheme. “A relevant transfer” means a (direct or indirect) transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement made under— another scheme which is a relevant non-UK scheme, in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under the scheme relating to the member; .... There are three types of relevant transfer— an original relevant transfer, a subsequent relevant transfer, and any other (including, in particular, all relevant transfers before 9 March 2017). “An original relevant transfer” is— a relevant transfer within sub-paragraph (6)(a) made on or after 9 March 2017, a relevant transfer within sub-paragraph (6)(b), made on or after 9 March 2017, of the whole or part of the UK tax-relieved fund of a relieved member of a qualifying recognised overseas pension scheme, or a relevant transfer within sub-paragraph (6)(b), made on or after 6 April 2017, of the whole or part of the UK tax-relieved fund of a relieved member of a relevant non-UK scheme that is not a qualifying recognised overseas pension scheme. The sums or assets transferred as a result of an original relevant transfer constitute a ring-fenced transfer fund, and the key date for that fund is the date of the transfer. Where in the case of a ring-fenced transfer fund (“the source fund”) there is a relevant transfer of the whole or part of the fund— the sums or assets transferred as a result of the transfer constitute a ring-fenced transfer fund, that fund has the same key date as the source fund, and the transfer is “a subsequent relevant transfer”, and is not an original relevant transfer. Sub-paragraph (6D) applies whether the source fund is a ring-fenced transfer fund as a result of sub-paragraph (6C) or as a result of sub-paragraph (6D). The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that sums or assets identified in accordance with the regulations are not included in a ring-fenced transfer fund as a result of sub-paragraph (6C) or (6D)(a). A member of a relevant non-UK scheme is a relieved member of the scheme if— any of the contributions in respect of which relief has been given as mentioned in sub-paragraph (5)(a) or (b) were contributions paid by or on behalf of, or in respect of, the member, or the member is the member, or one of the members, who has been exempt from liability to tax as mentioned in sub-paragraph (5)(c). A member of a relevant non-UK scheme is a transfer member of the scheme if a relevant transfer related to the member. The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a relieved member or transfer member of a relevant non-UK scheme so far as it is referable to 5-year rule funds unless the member— is resident in the United Kingdom when the payment is made (or treated as made), or although not resident in the United Kingdom at that time, has been resident in the United Kingdom earlier in the tax year in which the payment is made (or treated as made) or in any of the five tax years immediately preceding that tax year. The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a relieved member of a relevant non-UK scheme so far as it is referable to 10-year rule funds unless the member— although not resident in the United Kingdom at that time, has been resident in the United Kingdom earlier in the tax year in which the payment is made (or treated as made) or in any of the 10 tax years immediately preceding that year. The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a transfer member of a relevant non-UK scheme, so far as it is referable to any particular ring-fenced transfer fund of the member's under the scheme which has a key date of 6 April 2017 or later, unless— the member is resident in the United Kingdom when the payment is made (or treated as made), or although the member is not resident in the United Kingdom at that time— the member has been resident in the United Kingdom earlier in the tax year containing that time, or the member has been resident in the United Kingdom in any of the 10 tax years immediately preceding the tax year containing that time, or that time is no later than the end of 5 years beginning with the key date for the particular fund. “5-year rule funds”, in relation to a payment to or in respect of a relieved member of a relevant non-UK scheme, means so much of the member's UK tax-relieved fund under the scheme as represents tax-relieved contributions, or tax-exempt provision, made under the scheme before 6 April 2017; “5-year rule funds”, in relation to a payment to or in respect of a transfer member of a relevant non-UK scheme, means— the member's relevant transfer fund under the scheme, and any of the member's ring-fenced transfer funds under the scheme that has a key date earlier than 6 April 2017; “10-year rule funds”, in relation to a payment to or in respect of a relieved member of a relevant non-UK scheme, means so much of the member's UK tax-relieved fund under the scheme as represents tax-relieved contributions, or tax-exempt provision, made under the scheme on or after 6 April 2017. See also— paragraph 1(6C), (6D) and (6F) (meaning of “ring-fenced transfer fund”), paragraph 3 (meaning of “UK tax-relieved fund”, “tax-relieved contributions” and “tax-exempt provision” etc), and paragraph 4 (meaning of “relevant transfer fund” etc). The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a relieved member of a relevant non-UK scheme unless the payment is referable to the member’s UK tax-relieved fund under the scheme. A member’s UK tax-relieved fund under a relevant non-UK scheme is so much of— the sums or assets held for the purposes of, or representing accrued rights under, the scheme as, in accordance with regulations made by the Board of Inland Revenue, represents any tax-relieved contributions made under the scheme by or on behalf of, or in respect of, the member and any tax-exempt provision made under the scheme in relation to the member. “Tax-relieved contributions” means contributions in respect of which relief from tax— has been given by virtue of Schedule 33 (overseas pension schemes: migrant member relief), or has been given at any time after 5th April 2006 under double tax arrangements.

“Tax-exempt provision” means provision in respect of which exemption from tax has been given by virtue of section 307 of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit) at any time after 5th April 2006 when the scheme was an overseas pension scheme. Regulations under sub-paragraph (2) may (in particular) provide that the sums or assets which represent any tax-relieved contributions or tax-exempt provision are to be determined otherwise than by reference to the actual amount of the contributions or the amount or value of the provision (for instance by reference to the increase in the value of the member’s rights under the scheme during a period for which relief or exemption in respect of such contributions or provision was given). The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that, in circumstances specified in the regulations, something specified in the regulations is to be treated as done by, to, in respect of or in the case of a relieved member of a relevant non-UK scheme. Regulations made by the Board of Inland Revenue may make provision for determining whether or not payments made (or treated as made) by , or other things done by or to or under or in respect of or in the case of, a relevant non-UK scheme are to be treated as referable to a member’s UK tax-relieved fund under the scheme (and so whether or not they reduce the fund). The provision which may be made under sub-paragraph (6) includes (in particular) provision in consequence of Part 7A of ITEPA 2003. Where regulations under sub-paragraph (6) make provision for a payment or something else to be treated as referable to a member's UK tax-relieved fund under a scheme, regulations under that sub-paragraph may make provision for the payment or thing, or any part or aspect of the payment or thing, also to be treated as referable to a particular part of that fund. The member payment provisions do not apply in relation to a payment made (or treated by this Part as made) to or in respect of a transfer member of a relevant non-UK scheme unless it is referable to the member’s relevant transfer fund , or ring-fenced transfer funds, under the scheme. A member’s relevant transfer fund under a relevant non-UK scheme is , subject to sub-paragraph (3A), so much of— relevant transferred sums or assets. “Relevant transferred sums or assets” means sums or assets held for the purposes of, or representing accrued rights under, an arrangement under— which at any time after 5th April 2006 when the scheme was an overseas pension scheme have been transferred (directly or indirectly) so as to become held for the purposes of, or to represent rights under, an arrangement under the scheme relating to the member; ... The member's relevant transfer fund under the scheme does not include sums or assets that are in any of the member's ring-fenced transfer funds under the scheme. Regulations made by the Board of Inland Revenue may make provision for determining whether payments or transfers made (or treated as made) by , or other things done by or to or under or in respect of or in the case of, a relevant non-UK scheme are to be treated as referable to a member’s relevant transfer fund under the scheme (and so whether or not they reduce the fund). The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that, in circumstances specified in the regulations, something specified in the regulations is to be treated as done by, to, in respect of or in the case of a transfer member of a relevant non-UK scheme. Regulations made by the Commissioners for Her Majesty's Revenue and Customs may make provision for determining whether payments or transfers made (or treated as made) by, or other things done by or to or under or in respect of or in the case of, a relevant non-UK scheme are to be treated as referable to a member's ring-fenced transfer funds under the scheme (and so whether or not they reduce the funds or any of them). Where regulations under sub-paragraph (6) make provision for a payment or transfer or something else to be treated as referable to a member's ring-fenced transfer funds under a scheme, regulations under that sub-paragraph may make provision for the payment or transfer or other thing, or any part or aspect of the payment or transfer or thing, also to be treated as referable to a particular one of those funds. Sections 205 to 206 (short service refund lump sum charge... and special lump sum death benefits charge) apply with respect to a lump sum or lump sum death benefit paid to or in respect of— so as to make the person to whom the lump sum or lump sum death benefit is paid (rather than the scheme administrator) liable to any charge imposed by either of those sections. The provisions of Chapter 15A of Part 9 of ITEPA 2003 (lump sums under registered pension schemes) do not apply in relation to— a serious ill-health lump sum paid to a transfer member of a relevant non-UK scheme, or an authorised lump sum death benefit paid in respect of a transfer member of a relevant non-UK scheme who (at the time of the payment) is under 75. In this paragraph “authorised lump sum death benefit” means a lump sum death benefit permitted by the lump sum death benefit rule in section 168 of this Act to be paid in respect of a member of a registered pension scheme. a payment is made (or treated by this Part as made) to or in respect of a relieved member or transfer member of a relevant non-UK scheme, and there is an amount of tax under a member payment charge that would be payable in respect of the payment, or part of the payment, but for the operation of double taxation arrangements. The payment or (as the case may be) that part of it— is “pension” for the purposes of Chapter 4 of Part 9 of ITEPA 2003 (foreign pensions), and is to be treated as included in the list, in section 576A of ITEPA 2003, of payments that are “relevant withdrawals” for the purposes of that section. The amount of any liability to tax imposed on any individual in relation to a payment by virtue of the operation of the member payment charges in consequence of paragraph 1, or by virtue of the operation of Chapter 4 of Part 9 of ITEPA 2003 in consequence of paragraph 5A, is to be reduced by the amount of any tax paid in respect of the payment under the law of any country or territory outside the United Kingdom. Where, after any tax which an individual is liable to pay in respect of a payment in consequence of paragraph 1 or 5A has been paid, tax is paid in respect of the payment under the law of any country or territory outside the United Kingdom, an appropriate adjustment is to be made in the individual’s liability to tax (by way of discharge or repayment of tax). The member payment provisions apply with respect to a payment made (or treated by this Part as made) to or in respect of— subject to any omissions, additions and other modifications contained in regulations made by the Board of Inland Revenue. Regulations under sub-paragraph (1) may— confer discretion on the Board of Inland Revenue or the Inland Revenue (subject to a right of appeal against any decision taken in exercise of the discretion), contain transitional provisions and savings, make different provision in relation to payments treated (in accordance with regulations under paragraph 3(6) or 4(4)) as being referable to a member’s UK tax-relieved fund, or to a member’s relevant transfer fund or ring-fenced transfer funds, under a relevant non-UK scheme, and otherwise make different provision for different cases. The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for a transfer member of a relevant non-UK scheme to be liable to the unauthorised payment charge in the same or similar circumstances to those in which— a member of a registered pension scheme is liable to that charge by virtue of section 174A and Schedule 29A (taxable property held by investment-regulated pension scheme), the scheme administrator of such a scheme is liable to the scheme sanction charge by virtue of section 185A (income from taxable property) or 185F (gains from taxable property), or a member of such a scheme is liable to the scheme sanction charge by virtue of those provisions in consequence of provision made by regulations under section 273ZA. make provision for the application of any or all of the taxable property provisions in relation to a transfer member of a relevant non-UK scheme subject to any omissions, additions and other modifications contained in the regulations, The provisions of this Part relating to the annual allowance charge (“the annual allowance provisions”) apply in relation to an individual who is a currently-relieved member of a currently-relieved non-UK pension scheme and its scheme manager as if the currently-relieved non-UK pension scheme were a registered pension scheme. Sub-paragraph (1) has effect subject to the provision made by and under paragraphs 9 to 12. A pension scheme is a currently-relieved non-UK pension scheme in relation to a tax year if— relief from tax is given in respect of contributions paid during the tax year under the pension scheme by virtue of Schedule 33 (overseas pension schemes: migrant member relief) or double tax arrangements, or a member of the pension scheme is, or members of the pension scheme are, exempt from liability to tax by virtue of section 307 of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit) in respect of provision made under the pension scheme at any time during the tax year when the pension scheme is an overseas pension scheme. An individual is a currently-relieved member of a currently-relieved non-UK pension scheme in relation to a tax year if— any of the contributions in respect of which relief is given as mentioned in sub-paragraph (3)(a) are contributions paid by or on behalf of, or in respect of, the individual, or the individual is the member, or one of the members, who is exempt from liability to tax as mentioned in sub-paragraph (3)(b). The annual allowance provisions apply by virtue of paragraph 8 in relation to an individual who is a currently-relieved member of a currently-relieved non-UK pension scheme as if references to the pension input period of an arrangement under the pension scheme that ends in a tax year were to the tax year. For the purposes of determining the annual allowance charge in the case of an individual for a relevant tax year, a pension scheme is to be treated for the purposes of section 227G as a registered pension scheme if— in relation to that tax year, or in relation to any earlier tax year (whether or not a relevant tax year), the scheme is a currently-relieved non-UK pension scheme and the individual is a currently-relieved member of the scheme. For the purposes of this paragraph, a tax year is a “relevant tax year” in relation to an individual if— it is— the first tax year in relation to which the individual is a currently-relieved member of any currently-relieved non-UK pension scheme, or if later, the tax year 2015-16, or it is a tax year subsequent to the tax year identified under paragraph (a). Sub-paragraph (2) has effect if at any particular time— an individual is a transfer member of a relevant non-UK scheme, the scheme is, or at any previous time has been, a qualifying recognised overseas pension scheme, and the particular time is not in a tax year in relation to which the scheme is a currently-relieved non-UK pension scheme of which the individual is a currently-relieved member. Section 227G applies in the individual's case as if the scheme, so far as relating to the individual's relevant transfer fund or ring-fenced transfer funds under the scheme, were a registered pension scheme at the particular time. The reference in sub-paragraph (2) to the individual's relevant transfer fund under the relevant non-UK scheme is to be read in accordance with paragraph 4. The reference in sub-paragraph (2) to the individual's ring-fenced transfer funds under the relevant non-UK scheme is to be read in accordance with paragraph 1. This paragraph applies where an individual— is a currently-relieved member of a currently-relieved non-UK pension scheme in relation to a tax year, but was a member, but not a currently-relieved member, of the currently-relieved non-UK pension scheme in relation to any one or more of the 3 immediately preceding tax years (a “relevant tax year”). Section 228A has effect in relation to the individual for the tax year as it would if the individual had been a currently-relieved member of the pension scheme for the relevant tax year (or each of the relevant tax years) and paragraphs 10 and 11 of this Schedule were omitted. is a member of a registered pension scheme in relation to a tax year, and was a currently-relieved member of a currently-relieved non-UK pension scheme in relation to any one or more of the 3 immediately preceding tax years (a “relevant tax year”). Section 228A has effect in relation to the individual for the tax year as it would if the currently-relieved non-UK pension scheme had been a registered pension scheme for the relevant tax year (or each of the relevant tax years). Sections 230 (1) and 234 (1) (cash balance and defined benefits arrangements) apply by virtue of paragraph 8 in relation to an individual who is a currently-relieved member of a currently-relieved non-UK pension scheme in relation to a tax year as if the increase in the value of the individual’s rights under an arrangement under the pension scheme relating to the individual during the tax year were the greater of— the appropriate fraction of what it otherwise would be, and the amount of any contributions paid under the arrangement during the tax year by or on behalf of the individual (otherwise than by an employer) in respect of which relief from tax is given by virtue of Schedule 33 (overseas pension schemes: migrant member relief) or double tax arrangements; and section 237 (hybrid arrangements) applies accordingly. The appropriate fraction is— EI is the total amount of employment income of the individual from any relevant employment or employments for the tax year, excluding any such income which is exempt income (within the meaning of section 8 of ITEPA 2003), TE is so much of EI as constitutes taxable earnings from any such employment (within the meaning of section 10(2) of that Act), and TSI is so much of EI as constitutes taxable specific income from any such employment (within the meaning of section 10(3) to (5) of that Act). An employment is a relevant employment if it is an employment with an employer who is a sponsoring employer in relation to the currently-relieved non-UK pension scheme. Section 233 (1) (other money purchase arrangements) applies by virtue of paragraph 8 in relation to an individual who is a currently-relieved member of a currently-relieved non-UK pension scheme in relation to a tax year as if— the reference in paragraph (a) to relievable pension contributions paid by or on behalf of the individual under an arrangement under the pension scheme relating to the individual were to those in respect of which relief from tax is given by virtue of Schedule 33 (overseas pension schemes: migrant member relief) or double tax arrangements, and the reference in paragraph (b) to contributions paid in respect of the individual under such an arrangement by an employer of the individual were to the appropriate fraction of contributions so paid; and section 237 applies accordingly. EI is the total amount of employment income of the individual from any employment or employments with the employer for the tax year, excluding any such income which is exempt income (within the meaning of section 8 of ITEPA 2003), Where a calculation under section 233(1) as applied by paragraph 8 is being carried out for the purposes of section 227F(3) in respect of a period that ends at the end of a tax year (see paragraph 9 and section 227F(1)), the appropriate fraction for the purposes of sub-paragraph (1)(b) is the appropriate fraction given by sub-paragraph (2) for that tax year (even where the period in respect of which the calculation is being carried out is part only of that tax year). The annual allowance provisions apply by virtue of paragraph 8 in relation to an individual who is a currently-relieved member of a currently-relieved non-UK pension scheme and its scheme manager subject to any omissions, additions and other modifications contained in regulations made by the Board of Inland Revenue. The provisions of Schedule 36 relating to the enhancement of an individual’s lump sum allowance and lump sum and death benefit allowance (“the enhancement of allowances provisions”) apply in relation to an individual who is a relieved member of a relieved non-UK pension scheme as if the relieved non-UK pension scheme were a registered pension scheme. A pension scheme is a relieved non-UK pension scheme if— relief from tax has been given in respect of contributions paid under the pension scheme by virtue of Schedule 33 (overseas pension schemes: migrant member relief), relief from tax has been so given at any time after 5th April 2006 under double tax arrangements, or a member of the pension scheme has been, or members of the pension scheme have been, exempt from liability to tax by virtue of section 307 of ITEPA 2003 (exemption for provision made by employer for retirement or death benefit) in respect of provision made under the pension scheme at any time after 5th April 2006 when the pension scheme was an overseas pension scheme. An individual is a relieved member of a relieved non-UK pension scheme if— any of the contributions in respect of which relief has been given as mentioned in sub-paragraph (2)(a) or (b) were contributions paid by or on behalf of, or in respect of, the individual, or the individual is the member, or one of the members, who has been exempt from liability to tax as mentioned in sub-paragraph (2)(c). In this Schedule “double tax arrangements” means arrangements having effect under section 2(1) of the Taxation (International and Other Provisions) Act 2010 (relief by agreement with other territories). In section 9(1A) of the Taxes Management Act 1970 (tax not to be assessed by a self-assessment), for the words after “any tax” substitute which— is chargeable on the scheme administrator of a registered pension scheme under Part 4 of the Finance Act 2004, ... is chargeable on the sub-scheme administrator of a sub-scheme under Part 4 of the Finance Act 2004 as modified by the Registered Pensions (Splitting of Schemes) Regulations 2006, or is chargeable on the person who is (or persons who are) the responsible person in relation to an employer-financed retirement benefits scheme under section 394(2) of ITEPA 2003. The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows. In section 21A(2) (Schedule A: computation of amount chargeable), insert at the end— sections 196 to 200 of the Finance Act 2004 (registered pension schemes); section 246 of that Act (employer-financed retirement benefits schemes). In section 56(3)(b) (transfers in deposits and debts: exemption for pensions), for “592(2), 613, 614 (1) to (3) or 620(6)” substitute “ 613(4) or 614(2) or (3) or section 186 of the Finance Act 2004 ”. In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a), 613(4), 614(3), 620(6) and 643(2)” substitute “ sections 613(4) and 614(3) and section 186 of the Finance Act 2004 ”. In section 266 (1) (life assurance premiums), for “sections 274 and 619(6) and Schedules 14 and 15,” substitute “ section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004, ”. Section 266A (life assurance premiums paid by employer) is amended as follows. In subsection (1), for “a non-approved” substitute “ an employer-financed ”. For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse or civil partner, widow or widower or surviving civil partner, children, dependants or personal representatives. If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them. The amount treated as paid for or in respect of each employee is— A is the sum paid, B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, and C is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them. in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met. Those conditions are— that the employment is with a foreign employer, and that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme. In subsection (6)(a) “earnings charged on remittance” means earnings which are taxable earnings under— section 22 of ITEPA 2003 (chargeable overseas earnings for year when employee resident and ordinarily resident, but not domiciled, in UK), or section 26 of that Act (foreign earnings for year when employee resident, but not ordinarily resident, in UK). >“relevant benefits”, In section 464(5) (policies and contracts to be disregarded in applying limits on benefits payable to member of friendly society), for paragraph (b) substitute— any policy of insurance or annuity contract by means of which the benefits to be provided under an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) are secured or any annuity contract which constitutes a registered pension scheme or is issued or held in connection with a registered pension scheme other than such an occupational pension scheme; Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows. In subsection (2), omit the definition of “pension business”. In section 613(4) (parliamentary pension funds)— omit “respective” and paragraphs (b) to (d), and for “those funds” (in both places) substitute “ that Fund ”. In section 824(9) (repayment supplements), after “settlement” insert “, scheme administrators of registered pension schemes sub-scheme administrators of sub-schemes which form part of a split scheme pursuant to the Registered Pensions (Splitting of Schemes) Regulations 2006”. In section 13(10B)(b) (attribution of gains to members of non-resident companies), for “section 271(1)(b), (c), (d), (g) or (h) or (2)” substitute “ section 271(1)(c) or (1A) ”. For sections 239A and 239B (cessation of approval of retirement benefits schemes and withdrawal of approval of personal pension arrangements) substitute— This section applies where tax is charged in accordance with section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn. For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme— are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and are not to be treated as having been disposed of by any person at the relevant time. In subsection (2) “the relevant time” means the time immediately before the date of withdrawal of registration of the pension scheme. In section 288 (1) (interpretation), after the definition of “recognised stock exchange” insert— “registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004; Paragraph 2 of Schedule 1 (application of exempt amount and reporting limits in cases involving settled property) is amended as follows. In sub-paragraph (7)(b)(ii), for “any such scheme or fund as is mentioned in sub-paragraph (8) below” substitute “ a registered pension scheme, a superannuation fund to which section 615(3) of the Taxes Act applies or an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) that is not a registered pension scheme ”. Omit sub-paragraph (8). The Finance Act 1996 is amended as follows. In section 148 (mis-sold personal pensions), after subsection (6) insert— References in subsections (3)(d) and (6) to provisions of Part 14 of the Taxes Act 1988 are to those provisions as they had effect at the time in question. The Capital Allowances Act 2001 is amended as follows. In section 4(2A) (expenditure and sums that are not capital expenditure or capital sums), in the definition of “relevant provision”, for paragraph (d) substitute— sections 188 to 194of FA 2004 (contributions under registered pension schemes), and In section 23(3) (calculation of “chargeable overseas earnings”), in Step 2, for paragraphs (b) and (c) substitute— sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or In section 54 (1) (calculation of deemed employment payment), in Step 5, for “scheme approved under Chapter 1 or 4 of Part 14 of ICTA” substitute “ registered pension scheme ”. In section 56(8) (application of Income Tax Acts in relation to deemed employment), for “relevant earnings of the worker for the purposes of section 644 of ICTA (relevant earnings for purposes of permissible pension contributions).” substitute “ relevant UK earnings of the worker for the purposes of Part 4 of FA 2004. ” In section 218(4) (“lower-paid employment”: deductions to be subtracted), for the references to sections 592(7) and 594 of ICTA substitute— “ sections 188 to 194 of FA 2004 (contributions to registered pension schemes), or ”. In section 315(5) (limited exemption for expenses connected with certain living accommodation), in Step 3, for paragraph (b) substitute— Section 327 (deductions from earnings: general) is amended as follows. In subsection (4), omit the entry relating to section 619 of ICTA. In subsection (5), for the entries relating to sections 592(7) and 594 (1) of ICTA substitute “ and sections 188 to 194 of FA 2004 (contributions to registered pension schemes). ” In section 381 (deductions from seafarers' earnings: taking account of other deductions), for paragraphs (c) to (e) substitute— section 262 of CAA 2001 (capital allowances to be given effect by treating them as deductions from earnings), and sections 188 to 194 of FA 2004 (contributions to registered pension schemes). Section 407 (payments and benefits on termination of employment: exception for payments and benefits under tax-exempt pension schemes) is amended as follows. In subsection (2), for paragraph (a) substitute— a scheme set up by a government outside the United Kingdom for the benefit of employees or primarily for their benefit, or Section 408 (payments and benefits on termination of employment: exception for contributions to tax-exempt pension schemes) is amended as follows. In subsection (1), for “tax-exempt pension scheme or approved personal pension arrangements” substitute “ registered pension scheme ”. Omit subsection (2). In the heading, for “tax-exempt pension schemes” substitute “ registered pension schemes ”. In section 563 (former employees: deductions for liabilities), in the definition of “relevant retirement benefit”, for paragraphs (a) and (b) substitute— which is received by the former employee under an employer-financed retirement benefits scheme, and which, under Chapter 2 of Part 6, counts as employment income of the former employee. Schedule 1 (abbreviations and defined expressions) is amended as follows. In Part 2, insert at the appropriate place— Any pension scheme which, immediately before 6th April 2006, is— a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA, a former approved superannuation fund (see sub-paragraph (3)), a relevant statutory scheme, as defined in section 611A of ICTA, or a pension scheme treated by the Inland Revenue on that date as if it were such a relevant statutory scheme, an annuity contract by means of which benefits provided under a pension scheme within paragraph (a), (b) or (c) have been secured but which does not provide for the immediate payment of benefits, a scheme or fund mentioned in section 613(4)(b) to (d) of ICTA (Parliamentary pension schemes or funds), an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA, or a personal pension scheme approved under Chapter 4 of Part 14 of ICTA, is to be treated as becoming a registered pension scheme on that date. Where immediately before 6th April 2006 a retirement benefits scheme is, in accordance with section 611 of ICTA, treated as two or more separate schemes, the reference in sub-paragraph (1)(a) to an approved retirement benefits scheme is to such of the separate schemes as are approved (and not to the whole retirement benefits scheme). For the purposes of sub-paragraph (1)(b) any fund which immediately before 6th April 1980 was an approved superannuation fund for the purposes of section 208 of ICTA 1970 is a former approved superannuation fund unless since 5th April 1980— the fund has been approved for the purposes of Chapter 1 of Part 14 of ICTA (retirement benefits schemes), or any sum has been paid under the fund by way of contribution. Sub-paragraph (1)(a) or (g) applies in relation to a pension scheme approved (for the purposes of Chapter 1, or under Chapter 4, of Part 14 of ICTA) on or after 6th April 2006 if the approval has effect for a period ending with 5th April 2006. This Part of this Act applies in relation to a pension scheme that— is a registered pension scheme by virtue of sub-paragraph (1)(a), and is neither a public service pension scheme nor an occupational pension scheme, This paragraph is subject to paragraph 2 (opt-out). Paragraph 1 (1) does not apply to a pension scheme if the relevant administrator has, at any time before 6th April 2006, notified the Inland Revenue that the pension scheme is not to become a registered pension scheme on that date. If, by virtue of sub-paragraph (1) of this paragraph, sub-paragraph (1) of paragraph 1 does not apply to a pension scheme within any of paragraphs (a) to (d), (f) and (g) of that sub-paragraph, income tax is to be charged at the rate of 40% on the relevant amount. The relevant amount is an amount equal to the aggregate of— the amount of the sums held for the purposes of the pension scheme immediately before 6th April 2006, and the market value (at that time) of the assets held for the purposes of the pension scheme at that time. The liability to income tax is a liability of the person who is the relevant administrator on 5th April 2006 or, if more than one person is the relevant administrator on that date, is a joint and several liability of those persons. Where tax is charged in accordance with sub-paragraph (2), for the purposes of TCGA 1992 the assets which immediately before 6th April 2006 are held for the purposes of the pension scheme— are to be treated as having been acquired at that time for a consideration equal to the amount on which tax is charged by virtue of sub-paragraph (2) by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets on that date, and are not to be treated as having been disposed of by any person at that time. “Relevant administrator” means— in the case of a pension scheme within paragraph 1(1)(a), (b) or (c), the person who is, or the persons who are, the administrator of the pension scheme under section 611AA of ICTA, in the case of a pension scheme within paragraph 1(1)(d) or (f), the trustee or trustees of the pension scheme, or the insurance company which is a party to the contract in which the pension scheme is comprised, in the case of a pension scheme within paragraph 1(1)(e), the trustees of the scheme or fund, and in the case of a pension scheme within paragraph 1(1)(g), the person who is referred to in section 638 (1) of ICTA. If paragraph 1 (1) does not apply to a pension scheme by virtue of sub-paragraph (1), sections 431B(2) and 466(2B) of ICTA (meaning of pension business: pension scheme ceasing to be a registered pension scheme) apply as if the pension scheme had ceased to be a registered pension scheme at the beginning of 6th April 2006. The Board of Inland Revenue may by regulations make any modifications of the rules of pension schemes to which paragraph 1 (1) applies if the modifications appear appropriate in consequence of, or in connection with, the provision made by this Part (or the repeals made by this Act in consequence of the provision made by this Part). Any modifications of the rules of a pension scheme made by the regulations have effect until the earlier of— the first date after 5th April 2006 on which amendments of the rules of the pension scheme which state that the modifications no longer apply in relation to it take effect, or the end of the tax year 2010-11 or such later time as the Board of Inland Revenue may by regulations prescribe. The modifications that may be made by the regulations include, in particular— modifications for relieving pension schemes of obligations to make payments which, on and after 6th April 2006, would be unauthorised payments, and modifications of provisions (however expressed) referring to any limit contained in, or relevant in relation to approval under or for the purposes of, any provision of Part 14 of ICTA (pension schemes etc.) as it has effect at any time before 6th April 2006. Where under paragraph 1 (1) a pension scheme is treated as becoming a registered pension scheme on 6th April 2006, (despite anything in section 270) the following person is, or the following persons are, to be treated as becoming the scheme administrator of the pension scheme on that date. If the pension scheme is within paragraph 1(1)(a), (b) or (c) immediately before that date, the person who is, or the persons who are, the administrator of the pension scheme under section 611AA of ICTA immediately before that date is or are to be treated as becoming the scheme administrator. If the pension scheme is within paragraph 1(1)(d) or (f) immediately before that date, the trustee or trustees of the pension scheme, or the insurance company which is a party to the contract in which the pension scheme is comprised, is or are to be treated as becoming the scheme administrator. If the pension scheme is within paragraph 1(1)(e) immediately before that date, the trustees of the scheme or fund are to be treated as becoming the scheme administrator. If the pension scheme is within paragraph 1(1)(g) immediately before that date, the person who is referred to in section 638 (1) of ICTA in relation to the pension scheme immediately before that date is to be treated as becoming the scheme administrator. The repeal by this Act of— section 591B (1) of ICTA (withdrawal of approval of retirement benefits scheme), section 620(7) of ICTA (withdrawal of approval of retirement annuity contract), and section 650 (1) of ICTA (withdrawal of approval of approved personal pension arrangements), does not prevent the withdrawal of an approval under any of those provisions at any time after 5th April 2006 (from any earlier date until 6th April 2006). A withdrawal of approval made under any of those provisions by virtue of sub-paragraph (1) has the same consequences as a withdrawal of approval made under the provision concerned before 6th April 2006, so that (in particular)— sections 591C and 591D of ICTA (tax on cessation of approval of retirement benefits scheme), or sections 650A and 651 of ICTA (charge on cessation of approval of personal pension arrangements and appeal against such withdrawal of such approval), apply where they would have applied had the approval been withdrawn before that date. Any liabilities or obligations of— the administrator of a retirement benefits scheme (within the meaning of Chapter 1 of Part 14 of ICTA), or the scheme administrator of a personal pension scheme (within the meaning of Chapter 4 of Part 14 of ICTA), incurred in relation to the scheme before 6th April 2006 or by virtue of paragraph 4 are (on and after that date) to be treated as liabilities or obligations of the scheme administrator of the scheme. This paragraph applies in the case of an individual where— the amount of the relevant pre-commencement pension rights of the individual exceeds £1,500,000, and notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs. Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if— the amount specified in section 637P of that Act (individual’s lump sum allowance) were £375,000, and the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule). For the purposes of paragraph 20H— the individual’s “protected lump sum and death benefit allowance” is £1,800,000; a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (7) of this paragraph, operates in relation to the individual. The lump sum and death benefit allowance enhancement factor is the primary protection factor. The primary protection factor is— where RR is the amount of the relevant pre-commencement pension rights of the individual (see sub-paragraph (6)). The amount of the relevant pre-commencement pension rights of the individual is the aggregate of— the value of the individual’s relevant uncrystallised pension rights on 5th April 2006 (calculated in accordance with paragraphs 8 and 9), and the value of the individual’s relevant crystallised pension rights on that date (calculated in accordance with paragraph 10). Sub-paragraph (5) is subject to paragraph 11 (pension debit on or after 6th April 2006) and paragraph 11A (pension debit on or after 6th April 2006: lump sum death benefits). Where this paragraph applies in the case of an individual, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if— the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of this Schedule) is met in relation to the individual, or ... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum. The formula is— where A is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid. The value of the individual’s relevant uncrystallised pension rights on 5th April 2006 is the aggregate value of the individual’s uncrystallised rights on that date under each relevant pension arrangement relating to the individual. An arrangement is a “relevant pension arrangement”if it is an arrangement under a pension scheme within paragraph 1(1). For the purposes of this paragraph the individual’s rights are “uncrystallised”if the individual has not, on 5th April 2006, become entitled to the present payment of benefits in respect of the rights. And the individual is to be treated as entitled to the present payment of benefits in respect of any accrued rights in relation to which the individual has (under section 634A (1) of ICTA) made an election to defer the purchase of an annuity. For the purposes of this paragraph the value of the individual’s uncrystallised rights on 5th April 2006 under an arrangement is to be calculated in accordance with section 212 (valuation of uncrystallised rights for purposes of section 210) on the assumption that the individual became entitled to the present payment of benefits in respect of the rights on that date. Section 212 has effect for the purposes of sub-paragraph (5) as if the reference to such age (if any) as must have been reached to avoid any reduction in benefits on account of age in paragraph (a) of section 277 were to the relevant age; and for this purpose “the relevant age” is— if on 10th December 2003 the terms of the arrangement made provision for a reduction in the amount of benefits payable in respect of rights under the arrangement on account of the holder of the rights being below a particular age, that age, and otherwise, 60. This paragraph applies if any of the individual’s uncrystallised rights on 5th April 2006 are rights under one or more arrangements under a pension scheme or schemes within paragraph 1(1)(a) to (d). The value of the individual’s uncrystallised rights on 5th April 2006 under the arrangement, or the aggregate of the values of the individual’s uncrystallised rights on 5th April 2006 under such of the arrangements as relate to a particular employment, is ...— the value, or the aggregate of the values, calculated under paragraph 8, or (if lower) the amount arrived at in accordance with sub-paragraph (3). The amount arrived at in accordance with this sub-paragraph is— where MPP is the maximum permitted pension as increased, in a case where sub-paragraph (5A) applies, in accordance with sub-paragraph (5B). “The maximum permitted pension” means in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section 611A(1)(a) of ICTA, the maximum annual pension that could be paid to the individual under the pension scheme on 5th April 2006, and in any other case, the maximum annual pension that could be paid to the individual on 5th April 2006 under the arrangement or arrangements if it or they were made under a pension scheme within paragraph 1(1)(a) without giving the Board of Inland Revenue grounds for withdrawing approval of the pension scheme under section 591B of ICTA. For the purposes of sub-paragraph (4) it is to be assumed— in the case of any arrangement, that if the individual was in the employment to which the arrangement or arrangements relates or relate on 5th April 2006 the individual left the employment on that date, and in the case of an arrangement within sub-paragraph (4)(a), that the valuation assumptions apply (see section 277), in the case of any other arrangement, that if the individual had not reached the lowest age at which a pension may be paid under a pension scheme within paragraph 1(1)(a) to a person in good health without giving the Board of Inland Revenue grounds for withdrawing the approval of the pension scheme that fact would not give the Board such grounds. This sub-paragraph applies where, in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section 611A(1)(a) of ICTA— a lump sum could be paid to the individual on 5th April 2006 under the pension scheme otherwise than by commutation of pension, and that lump sum could not be exchanged (in whole or in part) for an increased pension. Where sub-paragraph (5A) applies, the amount arrived at under sub-paragraph (3) is the aggregate of what it otherwise would be and so much of the amount of the lump sum as could not be so exchanged. For the purposes of this paragraph an arrangement relating to an individual relates to an employment if— the earnings by reference to which benefits under the arrangement are calculated are earnings from the employment, or the person who is the employer in relation to the employment pays contributions under the arrangement in respect of the individual. The value of the individual’s relevant crystallised pension rights on 5th April 2006 is— where ARP is an amount equal to the annual rate at which any relevant existing pension is payable to the individual on 5th April 2006 or, if more than one relevant existing pension is payable to the individual on that date, to the aggregate of the annual rates at which each of the relevant existing pensions is so payable. “Relevant existing pension” means— a pension under a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA, a pension under a former approved superannuation fund (defined as for the purposes of paragraph 1(1)(b)), a pension under a relevant statutory scheme, as defined in section 611A of ICTA, or a pension scheme treated by the Inland Revenue as if it were such a relevant statutory scheme, an annuity (or pension in the form of income drawdown) under an annuity contract by means of which benefits provided under a pension scheme within paragraph (a), (b) or (c) have been secured, a pension under a scheme or fund mentioned in section 613(4)(b) to (d) of ICTA (Parliamentary pension schemes or funds), an annuity under an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA, an annuity acquired using funds held for the purposes of a personal pension scheme approved under Chapter 4 of Part 14 of ICTA, or a right to make income withdrawals under section 634A of ICTA. But a pension, annuity or right is not a relevant existing pension if entitlement to it was attributable to the death of any person. In the case of a pension within sub-paragraph (2) taking the form of income drawdown, the annual rate at which the pension is payable on 5th April 2006 is the amount which, on that date, is the maximum annual amount that may be drawn down by the individual as income in accordance with the pension scheme or contract concerned. In the case of a right which is a relevant existing pension by virtue of sub-paragraph (2)(h), the annual rate at which the pension is payable on 5th April 2006 is the maximum amount of income withdrawals that may be made by the individual in the period of 12 months referred to in section 634A(4) of ICTA during which 5th April 2006 falls. paragraph 7 applies in relation to an individual, and on or after 6th April 2006, the rights of the individual under a relevant pension arrangement (see paragraph 8(2)) relating to the individual are reduced by becoming subject to a pension debit. The primary protection factor (see paragraph 7(5)) is to be recalculated. The recalculation involves reducing RR (see paragraph 7(5)) by the amount by which the individual’s rights are reduced and arriving at a revised primary protection factor. The revised primary protection factor operates in relation to any relevant benefit crystallisation event occurring in relation to the individual after the time when the individual’s rights are reduced by becoming subject to the pension debit. paragraph 7 applies in relation to an individual immediately before the individual's death (and any calculation required by paragraph 11 does not mean that there is then no longer a primary protection factor), a person is paid a defined benefits lump sum death benefit or an uncrystallised funds lump sum death benefit in respect of the individual, and notice of intention to rely on this paragraph is given to an officer of Revenue and Customs by that person in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs.

If the value of the individual's pre-commencement rights to death benefits (see paragraphs 11B to 11D) exceeds RR (as adjusted under paragraph 11, where that paragraph applies), the primary protection factor is to be recalculated. The re-calculation involves taking RR to be the value of the individual's pre-commencement rights to death benefits and arriving at a revised primary protection factor. The revised primary protection factor operates in relation to— the relevant benefit crystallisation event consisting of the payment of the lump sum death benefit, and any other relevant benefit crystallisation event consisting of the payment of a lump sum death benefit in respect of the individual. This paragraph and paragraphs 11C and 11D specify the value of the individual's pre-commencement rights to death benefits. Subject to paragraphs 11C and 11D, the value of the individual's pre-commencement rights to death benefits is the aggregate of the maximum amounts that could have been paid— in respect of the individual as uncrystallised rights lump sum death benefits, and under relevant pension arrangements relating to the individual, if the individual had died on 5th April 2006. Lump sum death benefits are “uncrystallised rights lump sum death benefits” if they are attributable to rights in respect of which the individual had not, on 5th April 2006, become entitled to the present payment of benefits. An arrangement is a “relevant pension arrangement” if it is an arrangement under a pension scheme within paragraph 1(1). In arriving at the aggregate mentioned in paragraph 11B(2) the following amounts are to be left out of account— in the case of any lump sum death benefit which could have been paid under a pension scheme in the case of which approval could have been withdrawn under section 591B, 620(7) or 650 of ICTA, any amount in excess of the permitted limit (see sub-paragraph (2)), and in the case of any lump sum death benefit which could have been paid under an arrangement in the case of which rights to such a benefit are commuted into prospective rights to receive dependants' pensions, any dependants' pension proportion amount (see sub-paragraphs (3) and (4)). An “amount in excess of the permitted limit” is so much (if any) of the maximum amount of any lump sum death benefit as could not have been paid without having given grounds for withdrawing approval of the pension scheme under section 591B, 620(7) or 650 of ICTA. A “dependants' pension proportion amount” is so much (if any) of the maximum amount of any lump sum death benefit which could have been paid under the arrangement as is the dependants' pension proportion of the lump sum death benefit. The dependants' pension proportion is— TA is the amount which, at the time when a defined benefits lump sum death benefit or uncrystallised funds lump sum death benefit is first paid in respect of the individual, is the aggregate of the maximum amounts of any defined benefits lump sum death benefits or uncrystallised funds lump sum death benefits which could be paid under the arrangement in respect of the individual, and UTA is what TA would be if no prospective rights to the payment of any of those lump sum death benefits had been commuted into prospective rights to receive dependants' pensions. Sub-paragraph (2) applies where any of the lump sum death benefits mentioned in sub-paragraph (2) of paragraph 11B would have been payable under a policy of life insurance held for the purposes of a pension scheme and on 5th April 2006 the pension scheme either— was not an occupational pension scheme, or was an occupational pension scheme with fewer than 20 members. The lump sum death benefit is only to be taken into account in arriving at the aggregate mentioned in that sub-paragraph if— a sum was paid under the policy when the individual actually died, and the terms of the policy had not been varied significantly during the period beginning with 5th April 2006 and ending with the death; and any exercise of rights conferred by the policy is to be regarded for this purpose as a variation. A variation of the terms of a policy of life insurance made in order to comply with Part 5 of the Equality Act 2010, so far as relating to age, or the Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations.) is to be ignored for the purposes of sub-paragraph (2). Where a policy of life insurance held on 5th April 2006 for the purposes of an occupational pension scheme is surrendered and a new one is taken out— as part of a retirement-benefit activities compliance exercise, or to comply with the Part 5 of the Equality Act 2010, so far as relating to age, or the Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations.), the new policy is to be treated for the purposes of sub-paragraph (2) as if it were the same as the old. For this purpose a policy of life insurance is surrendered and a new one is taken out as part of a retirement-benefit activities compliance exercise if— the surrender of the old policy and taking out of the new policy constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and the rights under the old policy and the new policy are not significantly different. Sub-paragraph (4) applies where any of the lump sum death benefits mentioned in sub-paragraph (2) of paragraph 11B would have been payable under an occupational pension scheme. the individual was employed by a person on 5th April 2006 and continued to be employed by that person or a person connected with that person until the time when the individual died, that person was a sponsoring employer in relation to the pension scheme on 5th April 2006, and the individual had not become entitled to the present payment of benefits in respect of rights under the pension scheme before the time when the individual died. For the purposes of this paragraph whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. This paragraph applies on and after 6th April 2006 in the case of an individual who has one or more relevant existing arrangements if notice of intention to rely on it is given to the Inland Revenue in accordance with regulations made by the Board of Inland Revenue. But this paragraph ceases to apply if the notice under sub-paragraph (1) is given on or after 15 March 2023 and— relevant benefit accrual occurs under the arrangement, or any of the arrangements (see paragraph 13), there is an impermissible transfer into the arrangement or any of the arrangements (see paragraph 17A), a transfer of sums or assets held for the purposes of, or representing accrued rights under, the arrangement or any of the arrangements is made that is not a permitted transfer, or an arrangement relating to the individual is made under a registered pension scheme otherwise than in permitted circumstances. An arrangement is made in permitted circumstances if it is made— for the purposes of a permitted transfer, as part of an age-equality compliance exercise. For the purposes of sub-paragraph (2A)(b) an arrangement (“the new arrangement”) relating to an individual is made as part of a retirement-benefit activities compliance exercise if— it is made in connection with the cancellation of rights under another arrangement relating to the individual (“the old arrangement”), there is a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) under both the old arrangement and the new arrangement, the making of the new arrangement and the cancellation of the old arrangement constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the arrangement is made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and the rights cancelled under the old arrangement and the rights conferred under the new arrangement are not significantly different. For the purposes of sub-paragraph (2A)(c) an arrangement (“the new arrangement”) is made as part of an age-equality compliance exercise if— there is a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) under both the old arrangement and the new arrangement, and the new arrangement is made, and the old arrangement cancelled, in order to comply with the Part 5 of the Equality Act 2010, so far as relating to age, or the or Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations). Where this paragraph applies in the case of an individual— this Part of this Act, and Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes), have effect in relation to the individual with the modifications specified in paragraph 12A. An individual has a relevant existing arrangement if— before 6th April 2006 an arrangement relating to the individual has been made under a pension scheme within paragraph 1(1), and the pension scheme becomes a registered pension scheme on that date. Notice of intention to rely on this paragraph in relation to the individual may not be given in a case where— the value of the uncrystallised rights of the individual on 5th April 2006 under an arrangement, or the aggregate of the values of the uncrystallised rights of the individual on 5th April 2006 under arrangements, is arrived at in accordance with paragraph 9(3) unless such rights as, in accordance with regulations made by the Board of Inland Revenue, are to be treated as representing the relevant excess have been surrendered. In sub-paragraph (5) “the relevant excess” means the amount by which the value of— the individual’s uncrystallised rights, or the aggregate of the values of the individual’s uncrystallised rights, as arrived at in accordance with paragraph 8 exceeds what it would be if arrived at under paragraph 9(3). For the purposes of this paragraph and paragraphs 13 and 15, a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement is a permitted transfer if— the sums or assets . . . are transferred so that sub-paragraph (8) applies in relation to them, and the aggregate of the amount of the sums and the market value of the assets is, applying normal actuarial practice, equivalent before and after the transfer. This sub-paragraph applies in relation to sums or assets held for the purposes of, or representing accrued rights under, the arrangement if— they are transferred so as to become held for the purposes of a money purchase arrangement that is not a cash balance arrangement . . . . . . where the transfer occurs in connection with the winding up of the pension scheme under which the arrangement is made and the arrangement is a cash balance arrangement or a defined benefits arrangement, they are transferred so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement relating to the same employment as the arrangement and made under a registered pension scheme or recognised overseas pension scheme. where the arrangement is a cash balance arrangement or a defined benefits arrangement relating to a present or former employment, they are transferred in connection with a relevant business transfer so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement made under a registered pension scheme or recognised overseas pension scheme, or where the arrangement (“the old arrangement”) is a cash balance arrangement or a defined benefits arrangement, they are transferred as part of a retirement-benefit activities compliance exercise so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement (“the new arrangement”) relating to the same employment as the old arrangement and made under a registered pension scheme or recognised overseas pension scheme. For the purposes of sub-paragraph (8)(c) “relevant business transfer” means a transfer of an undertaking or a business (or part of an undertaking or a business) from one person to another— which involves the transfer of at least 20 employees, and in the case of which, if the transferor and the transferee are bodies corporate, they would not be treated as members of the same group for the purposes of Part 5 of the Corporation Tax Act 2010. For the purposes of sub-paragraph (8)(d) sums or assets held for the purposes of, or representing accrued rights under, the old arrangement are transferred as part of a retirement-benefit activities compliance exercise if— the transfer constitutes or forms part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the old arrangement was made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005. Where there is a permitted transfer— if the transfer is a permitted transfer by virtue of sub-paragraph (8)(a), this paragraph (and paragraphs 13 , 14 and 17A(1) and (2)) apply in relation to the arrangement . . . to which the transfer is made, and if the transfer is a permitted transfer by virtue of sub-paragraph (8)(b) or (d), this paragraph (and paragraphs 13 , 15 and 17A(3)to 17) apply as if the arrangement to which the transfer is made were the same as that from which it is made, and if the transfer is a permitted transfer by virtue of sub-paragraph (8)(c), this paragraph (and paragraphs 13, 15 to 17 and 17A(3)) apply as if the arrangement to which the transfer is made were the same as that from which it is made and (if the employment is transferred) as if the employment with the transferee were the employment with the transferor. The Treasury may by order amend sub-paragraph (8) (and make other amendments consequential on any amendment of that sub-paragraph). The following provisions of this paragraph specify the modifications of this Part of this Act, and of Chapter 15A of Part 9 of ITEPA 2003, that apply in accordance with paragraph 12(3A) (modifications applying in relation to individual with enhanced protection). Schedule 29 (authorised lump sums) has effect as if— in paragraph 2 (pension commencement lump sums: definition of “permitted maximum”)— the existing text became sub-paragraph (1); in that sub-paragraph, paragraph (c) were omitted; after that sub-paragraph there were inserted— In the case of an individual who has previously become entitled to a serious ill-health lump sum under the arrangement under which the entitlement to the lump sum arises— sub-paragraph (1) does not apply, and in paragraph 1 “the permitted maximum”, in relation to a lump sum, is nil.” in paragraph 4A (uncrystallised funds pension lump sum), after sub-paragraph (1) there were inserted— But a lump sum is not an uncrystallised funds pension lump sum if the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of Schedule 36) is met in relation to the member. Chapter 15A of Part 9 of ITEPA 2003 has effect as if— in section 637C (serious ill-health lump sums), in subsection (3), for the words from “so much of” to the end there were substituted “the maximum amount of a serious ill-health lump sum that could have been paid to the member on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises”; in section 637D (uncrystallised funds pension lump sums)— in subsection (3), for paragraph (b) there were substituted— the maximum amount of an uncrystallised funds pension lump sum that could have been paid to the member with no liability to income tax on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises. after that subsection there were inserted— subsection (3) does not apply, and in subsection (2) “the permitted maximum”, in relation to an uncrystallised funds pension lump sum paid to a member, is nil.” in section 637H (defined benefits lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to a defined benefits lump sum death benefit paid in respect of a member, means— the maximum amount of a defined benefits lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement, or, if that produces a negative result, nil. in section 637I (pension protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to a pension protection lump sum death benefit paid in respect of a member, means— the maximum amount of a pension protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less in section 637J (uncrystallised funds lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to an uncrystallised funds lump sum death benefit paid in respect of a member, means— the maximum amount of an uncrystallised funds lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less in section 637K (annuity protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to an annuity protection lump sum death benefit paid in respect of a member, means— the maximum amount of an annuity protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less in section 637L (drawdown pension fund lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to a drawdown pension fund lump sum death benefit paid in respect of a member, means— the maximum amount of a drawdown pension fund lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less in section 637M (flexi-access drawdown lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted— “the permitted maximum”, in relation to a flexi-access drawdown lump sum death benefit paid in respect of a member, means— the maximum amount of a flexi-access drawdown lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less in section 637P (individual’s lump sum allowance), for “£268,275” there were substituted “£375,000”; in section 637R (individual’s lump sum and death benefit allowance)— the existing text became subsection (1); in that subsection, for “£1,073,100” there were substituted “an amount equal to the value of the individual’s uncrystallised rights on 5 April 2024”; In this section “uncrystallised rights” has the same meaning as in section 212 of FA 2004; and the value for the purposes of this section of any uncrystallised rights is to be calculated in accordance with that section. after section 637T (section 637S: multiple lump sum death benefits paid) there were inserted— A reference in this Chapter to the maximum amount of a lump sum that “could have been paid” on 5th April 2024, in the case of— a serious ill-health lump sum paid under a defined benefits arrangement, or a lump sum death benefit of any description paid under such an arrangement, is a reference to an amount equal to the appropriate limit in relation to becoming entitled to a lump sum of that description on that date, determined under paragraph 15(4) of Schedule 36 to FA 2004. For the purposes of this Chapter, the maximum amount of a lump sum of any description that “could have been paid” on 5th April 2024 is to be determined on the assumption that any condition required to be met before such a payment could be made was met. In the definitions of “the permitted maximum” in sections 637H, 637I, 637J, 637K, 637L and 637M, and in this section— “relevant lump sum death benefit” has the meaning given by section 637S(2)(c); “non-taxable amount”, in relation to the payment of a relevant lump sum death benefit, has the meaning given by section 637S(6); “the post-5th April 2024 period”, in relation to a lump sum, means the period beginning with 6 April 2024 and ending with the date on which the lump sum is paid. Subsections (5) and (6) apply where— it is necessary to determine for the purposes of any provision of this Chapter “the permitted maximum” in relation to a lump sum of any description paid after 5th April 2024 under an arrangement (“the paying arrangement”) under a registered pension scheme, and as a result of one or more recognised transfers made in the post-5th April 2024 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme. A reference to the maximum amount of a lump sum of any description that could have been paid on 5th April 2024 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a lump sum of that description that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum. A reference to a relevant benefit crystallisation event occurring under the paying arrangement before the date on which the lump sum is paid includes a reference to a relevant benefit crystallisation event occurring under a predecessor arrangement, so far as the relevant benefit crystallisation event is referable to sums and assets applied for the provision of the lump sum. In this section a reference to a lump sum includes a lump sum death benefit. Relevant benefit accrual occurs in relation to an individual under an arrangement— in the case of a money purchase arrangement that is not a cash balance arrangement, if a relevant contribution is paid under the arrangement or, where the arrangement has been a hybrid arrangement, if a relevant contribution was so paid at any time after 5th April 2006, (see paragraph 14), and in the case of a cash balance arrangement or defined benefits arrangement, if, when the individual becomes entitled to any pension or lump sum or a transfer that is a permitted transfer by virtue of paragraph 12(8)(a) (a “relevant event”) occurs in relation to the individual and the arrangement, the relevant crystallised amount exceeds the appropriate limit (see paragraph 15). For the purposes of paragraph 13(a) a relevant contribution is paid under the arrangement if— a relievable pension contribution is paid by or on behalf of the individual under the arrangement, a contribution is paid in respect of the individual under the arrangement by an employer of the individual, or a contribution paid otherwise than by or on behalf of the individual or by an employer of the individual in respect of the individual subsequently becomes held for the purposes of the provision under the arrangement of benefits to or in respect of the individual. A contribution is not a relevant contribution for the purposes of paragraph 13(a) if— it may only be applied for or towards the payment of premiums under a policy of insurance on the life of the individual, the policy is issued, or issued in respect of insurances made, before 6th April 2006, there is no right to surrender any rights under the policy, the terms of the policy are not varied significantly during the period beginning with 6th April 2006 and ending with the individual's actual death so as to increase the benefits payable under the policy or extend the period during which benefits are so payable, and no benefits are paid, or other payments made, under (or on the surrender of rights under) the policy except by reason of the individual's death; A variation of the terms of a policy made in order to comply with the Part 5 of the Equality Act 2010, so far as relating to age, or the Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations) is to be ignored for the purposes of sub-paragraph (3). Where a policy of insurance on the life of the individual issued, or issued in respect of insurances made, before 6th April 2006 is surrendered and a new one is taken out— the new policy is to be treated for the purposes of sub-paragraph (3) as if it were the same as the old. For the purposes of sub-paragraph (3B)(a) a policy is surrendered, and a new policy of life insurance is taken out, as part of a retirement-benefit activities compliance exercise if— the surrender of the old policy and the taking out of the new policy constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the arrangement is made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and For the purposes of sub-paragraph (3B)(b) a policy is surrendered, and a new policy of life insurance is taken out, as part of an age-equality compliance exercise if— the old policy is surrendered, and the new policy is taken out, in order to comply with Part 5 of the Equality Act 2010, so far as relating to age, or the or Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing those Regulations), and any significant difference between the rights under the old policy and the rights under the new policy is attributable to the need to comply with those Regulations (or any regulations amending or replacing them). A contribution is not a relevant contribution for the purposes of paragraph 13(a) if it is paid— by a sponsoring employer, under a relevant hybrid arrangement, and solely in respect of the provision in respect of the individual of lump sum death benefits which are defined benefits or cash balance benefits. A “relevant hybrid arrangement” is a hybrid arrangement under an occupational pension scheme— which subsequently becomes a money purchase arrangement that is not a cash balance arrangement, and under which lump sum death benefits would have been payable in respect of the individual if the individual had died on 5th April 2006. For the purposes of paragraph 13(b) “the relevant crystallised amount”is— if the relevant event is the first relevant event occurring in relation to the individual and to the arrangement or any other cash balance arrangement or defined benefits arrangement related to the arrangement (“the first relevant event”), the amount crystallised by that event, and otherwise, the aggregate of the amount crystallised by the relevant event and the amount crystallised by the relevant event, or by each of the relevant events, which has or have previously occurred in relation to the individual and to the arrangement or any other cash balance arrangement or defined benefits arrangement related to the arrangement. If the relevant event is a relevant permitted transfer ..., sub-paragraph (1) applies as if the amount crystallised by the event were the aggregate of— the amount of any sums held for the purposes of, or representing accrued rights under, the arrangement which are transferred, and the market value of any assets held for the purposes of, or representing accrued rights under, the arrangement which are transferred. In sub-paragraph (2) “relevant permitted transfer” means a permitted transfer that is not a transfer of sums or assets held for the purposes of, or representing accrued rights under, any of the relevant pension schemes so as to become held for the purposes of, or to represent rights under, a qualifying recognised overseas pension scheme in connection with the individual’s membership of that pension scheme. For the purposes of this paragraph (and paragraphs 15A and 16) another arrangement is related to the arrangement if— the other arrangement relates to the individual, and both the arrangement and the other arrangement relate to the same employment; and whether an arrangement relates to an employment is to be determined in accordance with paragraph 9(6). For the purposes of paragraph 13(b) “the appropriate limit”, in relation to a relevant event, is (subject to paragraph 15A) the greater of— the value of the individual’s rights on 5th April 2006 under the arrangement, or (where there is or are one or more other cash balance arrangements or defined benefits arrangements related to the arrangement) the aggregate of the value of the individual’s rights under the arrangement and the other arrangement or arrangements, arrived at in accordance with paragraphs 8 and 9, as increased by the relevant indexation percentage (see sub-paragraph (5)), and what would be the value of those rights, so arrived at, on the assumptions specified in sub-paragraph (6). For the purposes of sub-paragraph (4)(a) and paragraph 15A(2)(a) “the relevant indexation percentage”, in relation to a relevant event, means whichever is the greatest of— the percentage by which an amount would be increased if it were increased for the period beginning with 6th April 2006 and ending with the date on which the relevant event occurs at an annual rate of 5%, the percentage by which an amount would be increased if it were increased for that period at an annual percentage rate referred to in regulations made by the Board of Inland Revenue, and the percentage by which the retail prices index for the month in which the relevant event occurs is higher than that for April 2006. The assumptions referred to in sub-paragraph (4)(b) and paragraph 15A(2)(b) are— that the individual’s age on 5th April 2006 were what it is at the time of the first relevant event (so that neither paragraph 8(6) nor section 277(a) applies in arriving at what would be the value of the rights under paragraph 8), and that the amount of the earnings which would have fallen to be taken into account under the arrangement for calculating the amount of benefits payable to or in respect of the individual (if the individual became entitled to the present payment of benefits in respect of the rights under the arrangement on that date) were the lesser of the two amounts specified in sub-paragraph (7). The amounts referred to in sub-paragraph (6)(b) are— the current amount of the relevant pensionable earnings immediately before the first relevant event, and the post-commencement earnings limit (see paragraphs 16 and 17). But sub-paragraph (6)(b) applies in relation to an arrangement under a pension scheme within paragraph 1(1)(c) or (e) as if for “the lesser of the two amounts specified in sub-paragraph (7)” there were substituted “ the amount specified in sub-paragraph (7)(a) ”. In this paragraph “the relevant pensionable earnings” means the description of earnings (or the portion of the description of earnings) of the individual by reference to which the amount of benefits payable to or in respect of the individual would have fallen to be calculated if the individual became entitled to the present payment of benefits in respect of the rights under the arrangement on 5th April 2006. For the purposes of sub-paragraph (7)(a) “the current amount”of the relevant pensionable earnings immediately before the first relevant event is the amount of the relevant pensionable earnings which, at that time, would fall to be taken into account in calculating the amount of benefits payable to or in respect of the individual under the arrangement if the individual became entitled to the present payment of benefits at that time (but subject to sub-paragraph (11)). If at that time the individual is absent from work in connection with pregnancy, maternity, paternity or adoption, the current amount of the relevant pensionable earnings at that time includes what would be likely to be included in that amount if the individual were not so absent. a person is paid a defined benefits lump sum death benefit or an uncrystallised funds lump sum death benefit in respect of the individual under the arrangement, and For the purposes of paragraph 13(b), if the amount yielded by sub-paragraph (3) is greater than what would otherwise be the appropriate limit in relation to a relevant event which consists of— the payment of the lump sum death benefit, or the payment of any other lump sum death benefit in respect of the individual under the arrangement or another cash balance arrangement or defined benefits arrangement related to the arrangement, that greater amount is the appropriate limit in relation to such a relevant event. The amount yielded by this sub-paragraph is the greater of— the value of the individual's pre-commencement rights to death benefits, as increased by the relevant indexation percentage (see sub-paragraph (5) of paragraph 15), or what would be the value of the individual's pre-commencement rights to death benefits on the assumptions specified in sub-paragraph (6) of that paragraph (but subject to the modifications in sub-paragraph (7) of this paragraph). The value of the individual's pre-commencement rights to death benefits is the aggregate of the maximum amounts that could have been paid in respect of the individual as uncrystallised rights lump sum death benefits under— the arrangement, or any other cash balance arrangement or defined benefits arrangement related to the arrangement, Paragraphs 11C and 11D apply in arriving at the aggregate mentioned in sub-paragraph (4) as in arriving at that mentioned in paragraph 11B(2) but as if— each of the references to paragraph 11B(2) were to sub-paragraph (4) of this paragraph, and in paragraph 11D(1), for “of a pension scheme” there were substituted “ of any arrangement within paragraph 15A(4) under a pension scheme ”. In their operation for the purposes of this paragraph sub-paragraphs (6) to (11) of paragraph 15 have effect as if— for the references in sub-paragraphs (6)(a) and (7)(a) and (10) to the time of the first relevant event there were substituted a reference to the time immediately before the individual's death, and the words in parentheses in sub-paragraph (6)(a) were omitted. This paragraph specifies the post-commencement earnings limit if the individual was on 5th April 2006 a person in relation to whom— section 590C of ICTA or paragraph 20 of Schedule 6 to FA 1989 (earnings cap) had effect, or provision similar to section 590C of ICTA had effect by virtue of conditions imposed under section 591 of that Act (discretionary approval), in relation to any pension scheme under which the arrangement or any other arrangement related to the arrangement was made. The post-commencement earnings limit is the lesser of amount A and amount B. Amount A is £135,000. Amount B is the amount of the individual’s employment income from the employment to which the arrangement relates for the best period of 12 months during the appropriate three year period. The appropriate three year period is the period of three years ending with the earliest of— the first relevant event, the individual leaving the employment to which the arrangement relates, and the individual's death. Where the appropriate three year period ends otherwise than with the first relevant event, Amount B is what it would be apart from this sub-paragraph increased by whichever is the greatest of— the percentage by which an amount would be increased if it were increased for the period beginning with the date on which it ends and ending with the date on which the relevant event occurs at an annual rate of 5%, the percentage by which an amount would be increased if it were increased for that period at an annual percentage rate referred to in regulations made by the Board of Inland Revenue, or the percentage by which the retail prices index for the month in which the first relevant event occurs is higher than that for the month in which the appropriate period ends. A period of 12 months during the appropriate three year period is the best period of 12 months during the appropriate three year period if the amount of the individual’s employment income from the employment to which the arrangement relates is greater for that period of 12 months than for any other period of 12 months during the appropriate three year period. For the purposes of this paragraph and paragraph 17 the amount of the individual’s employment income includes, in relation to any time when the individual is absent from work in connection with pregnancy, maternity, paternity or adoption, what would be likely to be included in that amount if the individual were not so absent. This paragraph specifies the post-commencement earnings limit in any other case. The post-commencement earnings limit is— if amount B is not greater than amount A, amount B, and otherwise, amount C. Amount A and amount B have the same meanings as in paragraph 16. Amount C is the greater of— amount A, and amount D. Amount D is— where ETY is the amount of the individual’s employment income from the employment to which the arrangement relates for the appropriate three year period (within the meaning of paragraph 16). Where the appropriate three year period ends otherwise than with the first relevant event, Amount D is what it would be apart from this sub-paragraph increased by whichever is the greatest of— There is an impermissible transfer into a relevant existing arrangement relating to an individual under a pension scheme in a case where the relevant existing arrangement is a money purchase arrangement that is not a cash balance arrangement if— sums or assets held for the purposes of, or representing rights under, an arrangement relating otherwise than to the individual are transferred so as to become held for the purposes of the relevant existing arrangement, otherwise than pursuant to a pension sharing order or provision, or sums or assets which are neither held for the purposes of, nor represent rights under, a pension scheme are so transferred, ... Sub-paragraph (1) applies where the relevant existing arrangement has been a hybrid arrangement as if the references to sums or assets being transferred ... were to transfer or payment at any time after 5th April 2006. There is an impermissible transfer into a relevant existing arrangement relating to an individual under a pension scheme in a case where the relevant existing arrangement is a cash balance arrangement or a defined benefits arrangement if it becomes a money purchase arrangement that is not a cash balance arrangement. before 6th April 2006, the individual has acquired rights under a pension scheme within paragraph 1(1) by virtue of having become entitled to a pension credit, notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs, and paragraph 7 (primary protection) does not apply in relation to the individual. For the purposes of paragraph 20H a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual. The lump sum and death benefit allowance enhancement factor is the pre-commencement pension credit factor calculated under sub-paragraph (5). The pre-commencement pension credit factor is— where A is the amount which is the appropriate amount for the purposes of section 29(1) of WRPA 1999 or Article 26(1) of WRP(NI)O 1999 in relation to the pension credit, as increased by the percentage specified in sub-paragraph (6). The percentage is the percentage by which the retail prices index for April 2006 is greater than that for the month in which the rights were acquired. Where this paragraph applies in the case of an individual, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if ... the amount given by the formula in sub-paragraph (8) is less than 25% of the lump sum. A is— in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (as specified in that provision for the purposes of paragraph 20H); in any other case, £1,073,100; B is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid. In this paragraph “relevant protection provision” has the meaning given in paragraph 20H(3). This paragraph applies where a relevant benefit crystallisation event occurs in relation to an individual who is a member of a registered pension scheme— in protected circumstances, and before the individual reaches normal minimum pension age. Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual with the modifications in sub-paragraphs (1B) and (2). Where the relevant benefit crystallisation event is the individual becoming entitled to a pension commencement lump sum, section 637P of ITEPA 2003 (individual’s lump sum allowance) applies as if the amount specified in that section were the amount determined under sub-paragraph (1C) reduced by the relevant percentage (see sub-paragraph (4). That amount is the amount — £268,275, or in a case where, disregarding sub-paragraph (1B), section 637P of ITEPA 2003 (individual’s lump sum allowance) would apply in relation to the individual as if it specified another amount, that amount.” Section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) applies as if the amount specified in that section were the amount determined under sub-paragraph (2A) reduced by the relevant percentage (see sub-paragraph (4). £1,073,100, or in a case where, disregarding sub-paragraph (2), section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) would apply in relation to the individual as if it specified any other amount, that amount. A relevant benefit crystallisation event occurs in protected circumstances if— paragraph 22 or 23 (right to take pension before normal minimum pension age) applies to the individual and the pension scheme, the individual’s protected pension age (see paragraph 22(8) or 23(8)) is less than 50, and the pension scheme is not prescribed by regulations made by the Board of Inland Revenue. The relevant percentage is— where Y is the number of complete years falling between the date on which the relevant benefit crystallisation event occurs and the date on which the individual will reach normal minimum pension age. This paragraph makes provision about an individual where— on 5th April 2006, the individual has an actual (rather than a prospective) right to the payment of one or more relevant existing pensions , and during the period beginning on 5th April 2006 and ending on 5th April 2024, no benefit crystallisation event within the meaning of section 216 as that provision had effect at the end of that period has occurred in relation to the individual. Section 637Q of ITEPA 2003 (availability of individual’s lump sum allowance) applies as if, immediately before the first relevant benefit crystallisation event occurring in relation to the individual on or after 6th April 2024— a relevant benefit crystallisation event within the meaning of that section had occurred in relation to the individual, and the non-taxable amount in relation to the relevant crystallisation event was an amount equal to 25% of the value of the individual’s pre-commencement pension rights immediately before the relevant benefit crystallisation event. Section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) applies as if, immediately before the first relevant benefit crystallisation event occurring in relation to the individual— a relevant benefit crystallisation event within the meaning of that section had occurred in relation to the individual, and the non-taxable amount in relation to the relevant crystallisation event was 25% of the value of the individual’s pre-commencement pension rights immediately before the relevant benefit crystallisation event. Section 244IC (availability of member’s overseas transfer allowance) applies as if, immediately before the first transfer of the kind mentioned in section 244IA(1)(a) made in relation to the member on or after 6th April 2024— a transfer of that kind had been made in relation to the member, and the transferred value of the transfer was an amount equal to 25% of the value of the member’s pre-commencement pension rights immediately before the transfer. The value of the individual’s pre-commencement pension rights at any time is— where (subject to sub-paragraph (4)) ARP is an amount equal to— (a) the annual rate at which the relevant existing pension is payable to the individual at that time, or (b) if more than one relevant existing pension is payable to the individual at that time, the aggregate of the annual rates at which each of the relevant existing pensions is so payable. In the case of drawdown pension, ARP is— 80% of the maximum amount that may be paid in the drawdown pension year in which the time falls in accordance with pension rule 5 (see section 165), or in the case of an arrangement to which subsection (3A) of section 165 applied at any time before 6 April 2015, 80% of the maximum amount that could have been paid in accordance with that rule in the drawdown pension year in which that subsection first applied to the arrangement if it had not so applied. in the case of an arrangement to which section 165(3A) never applied but only if the time falls after the member's drawdown pension fund in respect of the arrangement is converted into the member's flexi-access drawdown fund in respect of the arrangement by the operation of any of paragraphs 8B to 8D of Schedule 28, 80% of the maximum amount that could have been paid in accordance with pension rule 5 in the drawdown pension year in which the conversion occurs had no conversion happened in that year by the operation of any of paragraphs 8B to 8D of Schedule 28. In this paragraph “relevant existing pension” has the same meaning as in paragraph 10(2);

and paragraph 10(4) and (5) operates for the purposes of this paragraph for determining the annual rate at which a relevant existing pension is payable at any time (treating the references there to 5th April 2006 as to that time). This paragraph applies ... in relation to an individual where— the individual has (at any time after 5th April 2006 but before 6th April 2024) acquired rights under a registered pension scheme by reason of having become entitled to a pension credit, the pension credit derived from the same or another registered pension scheme, the rights under the registered pension scheme which became subject to the corresponding pension debit consisted of, or included, rights to a post-commencement pension in payment, and “Post-commencement pension in payment” means a pension to which a person became entitled on or after 6th April 2006. Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule). For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual. The lump sum and death benefit allowance enhancement factor is the pension credit factor. The pension credit factor is— A is the post-commencement pension in payment portion of the amount which is the appropriate amount for the purposes of section 29(1) of WRPA 1999 or Article 26(1) of WRP(NI)O 1999 in relation to the pension credit; SLA is the standard lifetime allowance for the tax year in which the rights mentioned in sub-paragraph (1)(a) were acquired. The post-commencement pension in payment portion of the appropriate amount referred to in the definition of A— in a case where the appropriate amount is arrived at under section 29(2) or (3)(b) of WRPA 1999 or Article 26(2) or (3)(b) of WRP(NI)O 1999, is so much of that amount as is attributable to rights to a post-commencement pension in payment; in a case where the appropriate amount is arrived at under section 29(3)(a) of WRPA 1999 or Article 26(3)(a) of WRP(NI)O 1999, is so much of that amount as is just and reasonable. In this paragraph and in paragraphs 20B to 20G, “relevant benefit crystallisation event” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance). Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if ... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum. A reference in this paragraph to the standard lifetime allowance for a tax year is to the standard lifetime allowance as determined under section 218, as it had effect for that tax year. during any part of the period that is the active membership period in relation to an arrangement relating to the individual under a registered pension scheme, the individual is a relevant overseas individual, and For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with paragraphs 20C and 20D, operates in relation to the individual. For the purposes of this Part an individual is a relevant overseas individual at any time if, at that time, the individual either is not a relevant UK individual or— is a relevant UK individual by virtue only of paragraph (c) of section 189(1) (individuals resident in UK at some time in previous five tax years), and is not employed by a person resident in the United Kingdom. In this paragraph and in paragraphs 20C and 20D “the active membership period”, in relation to an arrangement relating to the individual, is the period— beginning with the date on which the benefits first began to accrue to or in respect of the individual under the arrangement or, if later, 6th April 2006, and ending on 5th April 2024. But if benefits ceased to accrue to or in respect of the individual under the arrangement at a time before 5th April 2024, the active membership period is to be treated as having ended at that time. Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum. This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B(2A) in the case of an arrangement that is a money purchase arrangement. The lump sum and death benefit allowance enhancement factor is— if the arrangement is a cash balance arrangement, the cash balance arrangement non-residence factor (see sub-paragraphs (3) to (5)), and in any other case, the other money purchase arrangement non-residence factor (see sub-paragraphs (6) and (7)). The cash balance arrangement non-residence factor is— the factor arrived at by the application of sub-paragraph (4) in relation to the part of the active membership period during which the individual was a relevant overseas individual, or if there have been two or more parts of that period during which the individual was a relevant overseas individual, the aggregate of the factors arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period. The factor arrived at by the application of this subsection in relation to any part of the active membership period is— A is the closing value of the individual’s rights under the arrangement; B is the opening value of the individual’s rights under the arrangement. SLA is the standard lifetime allowance for the tax year in which that part of that period ended. For the purposes of sub-paragraph (4)— the closing value of the individual's rights under the arrangement is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of that part of that period, and the opening value of the individual's rights under the arrangement is the amount which would, on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the beginning of that part of that period. The other money purchase arrangement non-residence factor is— the factor arrived at by the application of sub-paragraph (7) in relation to the part of the active membership period during which the individual was a relevant overseas individual, or if there have been two or more parts of that period during which the individual was a relevant overseas individual, the aggregate of the factors arrived at by the application of sub-paragraph (7) in relation to each of those parts of that period. The factor arrived at by the application of this sub-paragraph in relation to any part of the active membership period is— where C is the amount of the contributions made under the arrangement by or in respect of the individual in any part of the active membership period during which the individual is a relevant overseas individual. This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B(2A) in the case of an arrangement that is not a money purchase arrangement. if the arrangement is a defined benefits arrangement, the defined benefits arrangement non-residence factor (see sub-paragraphs (3) and (4)), and if the arrangement is a hybrid arrangement, the hybrid arrangement non-residence factor (see sub-paragraphs (5) to (7)). The defined benefits arrangement non-residence factor is— A is the relevant valuation factor (see section 276); B is the amount of the annual rate of the pension which would, on the valuation assumptions (see section 277), be payable to the individual under the arrangement if the individual became entitled to payment of it at the end of that part of that period; C is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement t (otherwise than by commutation of pension) if the individual became entitled to payment of it at the end of that part of that period; D is the amount of the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the beginning of that part of that period; E is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to payment of it at the beginning of that part of that period. The hybrid arrangement non-residence factor is the greater or greatest of such of— what would be the cash balance arrangement non-residence factor (under section 222) if the arrangement were a cash balance arrangement, what would be the other money purchase arrangement non-residence factor (under that section) if the arrangement were a collective money purchase arrangement, what would be the other money purchase arrangement non-residence factor (under that section) if the arrangement were a money purchase arrangement other than a cash balance arrangement or a collective money purchase arrangement, and what would be the defined benefits arrangement non-residence factor (under sub-paragraphs (3) and (4)) if the arrangement were a defined benefits arrangement, as are relevant factors in relation to the arrangement. A factor is a relevant factor in relation to a hybrid arrangement if, in any circumstances, the benefits that may be provided to or in respect of the individual under the arrangement may be benefits linked to that factor. For the purposes of sub-paragraph (6)— cash balance benefits are linked to the cash balance arrangement non-residence factor; other money purchase benefits are linked to the other money purchase arrangement non-residence factor; defined benefits are linked to the defined benefits arrangement non-residence factor. at any time after 5th April 2006 but before 6th April 2024, there has been a recognised overseas scheme transfer, and notice of intention to rely on it is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs. There is a “recognised overseas scheme transfer” if any sums or assets— held for the purposes of an arrangement under a recognised overseas pension scheme, or representing accrued rights under such an arrangement, are transferred so as to become held for the purposes of, or to represent rights under, an arrangement under a registered pension scheme relating to the individual. The arrangement specified in sub-paragraph (2)(a) or (b) is referred to in this paragraph and in paragraphs 20F and 20G as the “recognised overseas scheme arrangement”. For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (5) and (6) of this paragraph, operates in relation to the individual. The lump sum and death benefit allowance enhancement factor is the recognised overseas scheme transfer factor. The recognised overseas scheme transfer factor is— A is the aggregate of the amount of any sums transferred, and the market value of any assets transferred, on the recognised overseas scheme transfer; B is the relevant relievable amount (see paragraphs 20F and 20G). SLA is the standard lifetime allowance for the tax year in which the transfer took place. In this paragraph and in paragraphs 20F and 20G “the overseas arrangement active membership period” is the period— beginning with the date on which the benefits first began to accrue to or in respect of the individual under the recognised overseas scheme arrangement or, if later, 6th April 2006, and But if benefits ceased to accrue to or in respect of the individual under the recognised overseas scheme arrangement at a time before 5th April 2024, the overseas arrangement active membership period is to be treated as having ended at that time. Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if ... the amount given by the formula in sub-paragraph (10) is less than 25% of the lump sum. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance ... (as specified in that provision for the purposes of paragraph 20H); This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was a money purchase arrangement. The relevant relievable amount is— if the recognised overseas scheme arrangement was a cash balance arrangement, the cash balance relevant relievable amount (see sub-paragraphs (3) to (5)), and if the recognised overseas scheme arrangement was any other sort of money purchase arrangement, the other money purchase relevant relievable amount (see sub-paragraphs (6) and (7)). The cash balance relevant relievable amount is— the amount arrived at by the application of sub-paragraph (4) in relation to the part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual, or if there have been two or more parts of that period during which the individual was not a relevant overseas individual, the aggregate of the amounts arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period. The amount arrived at by the application of this subsection in relation to any part of the overseas arrangement active membership period is— A is the closing value of the individual’s rights under the arrangement, and the closing value of the individual's rights under the recognised overseas scheme arrangement is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of that part of that period, and The other money purchase relevant relievable amount is— the amount arrived at by the application of sub-paragraph (7) in relation to the part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual, or if there have been two or more parts of that period during which the individual was not a relevant overseas individual, the aggregate of the amounts arrived at by the application of sub-paragraph (7) in relation to each of those parts of that period. The amount arrived at by the application of this sub-paragraph in relation to any part of the overseas arrangement active membership period is the amount of the contributions made under the arrangement by or in respect of the individual in any part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual. This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was not a money purchase arrangement. if the recognised overseas scheme arrangement was a defined benefits arrangement, the defined benefits relevant relievable amount (see sub-paragraphs (3) and (4)), and if the recognised overseas scheme arrangement was a hybrid arrangement, the hybrid relevant relievable amount (see sub-paragraph (5) to (7)). The defined benefits relevant relievable amount is— B is the annual rate of the pension which would, on the valuation assumptions (see section 277), be payable to the individual under the recognised overseas scheme arrangement if the individual became entitled to payment of it at the end of that part of that period; C is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to payment of it at the end of that part of that period; D is the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the beginning of that part of that period; The hybrid relevant relievable amount is the greater or greatest of such of— what would be the cash balance relevant relievable amount (under section 225) if the recognised overseas scheme arrangement had been a cash balance arrangement, what would be the other money purchase relevant relievable amount (under that section) if that arrangement had been a collective money purchase arrangement, what would be the other money purchase relevant relievable amount (under that section) if that arrangement had been a money purchase arrangement other than a cash balance arrangement or a collective money purchase arrangement, and what would be the defined benefits relevant relievable amount (under sub-paragraph (3) and (4)) if that arrangement had been a defined benefits arrangement, as are relevant to that arrangement. An amount is relevant to a hybrid arrangement if, in any circumstances, the benefits that may be provided to or in respect of the individual under the arrangement may be benefits linked to that amount. cash balance benefits are linked to the cash balance relevant relievable amount; other money purchase benefits are linked to the other money purchase relevant relievable amount; defined benefits are linked to the defined benefits relevant relievable amount. This paragraph applies for determining the amount of the “enhanced lump sum and death benefit allowance” of an individual in relation to whom one or more lump sum and death benefit allowance enhancement factors operate. The individual’s “enhanced lump sum and death benefit allowance” is— in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (as defined in that provision); B is the aggregate of the lump sum and death benefit allowance enhancement factors that operate in relation to the individual. The following provisions are “relevant protection provisions”— paragraph 7 of this Schedule (primary protection); paragraph 14 of Schedule 18 to FA 2011 (fixed protection); paragraph 1 of Schedule 22 to FA 2013 (“fixed protection 2014”); paragraph 1 of Schedule 6 to FA 2014 (“individual protection 2014”); paragraph 1 of Schedule 4 to FA 2016 (“fixed protection 2016”); paragraph 9 of that Schedule (“individual protection 2016”). The following paragraphs of this Schedule make provision for the operation of a lump sum and death benefit allowance enhancement factor in relation to an individual— paragraph 7 (primary protection), paragraph 18 (pre-commencement pension credits), paragraph 20A (pension credits from previously crystallised rights), paragraph 20B (non-residence: general), and paragraph 20E (transfers from recognised overseas pension scheme: general). If paragraph 22 , 23 or 23ZB applies in relation to a registered pension scheme and a member of the pension scheme, this Part of this Act (except for section 218(6) and paragraph 19) has effect in relation to the member and the pension scheme as if references to normal minimum pension age were to the member’s protected pension age. Paragraphs 22(8) , 23(8) and 23ZB(7) define the member’s protected pension age. This paragraph applies in relation to a registered pension scheme and a member of the pension scheme if— the pension scheme is a protected pension scheme, and the retirement condition is met in relation to the member and the pension scheme. A pension scheme is a protected pension scheme if condition A or condition B is met. Condition A is met if— the pension scheme was within any of paragraphs (a) to (e) of paragraph 1(1), and the entitlement condition is met in relation to the member and the pension scheme. The entitlement condition is met in relation to the member and the pension scheme if— on 5th April 2006 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 55, the rules of the pension scheme on 10th December 2003 included provision conferring such a right on some or all of the persons who were then members of the pension scheme, and such a right either was then conferred on the member or would have been had the member been a member of the scheme on that date. Condition B is met if the member is a member of the pension scheme (“a transferee pension scheme”) as a result of— a block transfer from the pension scheme (“the original pension scheme”) in relation to which condition A is met to the transferee pension scheme, or a block transfer to the transferee pension scheme from a pension scheme that was a transferee pension scheme in relation to the original pension scheme by virtue of the previous application of paragraph (a) or the previous application (on one or more occasions) of this paragraph. A transfer is a block transfer if— it involves the transfer in a single transaction of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the pension scheme from which the transfer is made which relate to the member and at least one other member of that pension scheme, and either the member was not a member of the pension scheme to which the transfer is made before the transfer or he has been a member of that pension scheme for no longer than such period as is prescribed by regulations made by the Board of Inland Revenue. A transfer is also a block transfer if— it involves the transfer in a single transaction of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the pension scheme from which the transfer is made which relate to the member, the transfer takes place— on or after 19 March 2014, and before 6 April 2015, and the date mentioned in sub-paragraph (7)(a) is before 6 October 2015. The retirement condition is met in relation to the member and the pension scheme if— the member becomes entitled to all the benefits payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date, and in a case where on 5th April 2006 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 50, Condition 1 is met or, in any other case, Condition 2 or 3 is met. Condition 1 is met if— the member is not, after becoming entitled to the benefits mentioned in sub-paragraph (7)(a), employed by a person who is a sponsoring employer in relation to the pension scheme and with whom the member is connected, and the member's becoming entitled to those benefits is not part of an arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions. Condition 2 is met if— the member is not, after becoming entitled to the benefits mentioned in sub-paragraph (7)(a), employed by a person specified in sub-paragraph (7C), and The persons referred to in sub-paragraph (7B)(a) are— any person who was a sponsoring employer in relation to the pension scheme at any time during the period of six months ending with the day on which the member became entitled to the benefits mentioned in sub-paragraph (7)(a) and by whom the member was employed at any time during that period, any person who is connected with any such person, or any person who is a sponsoring employer in relation to the pension scheme and with whom the member is connected. If the member has become entitled to the benefits payable under arrangements under the pension scheme by reason of service in the armed forces of the Crown, any employment on compulsory recall is to be disregarded for the purposes of sub-paragraph (7B)(a). Condition 3 is met if — paragraph (a) of sub-paragraph (7B) is not satisfied but one of the re-employment conditions is met, and paragraph (b) of that sub-paragraph is satisfied. The re-employment conditions are— that the member is not employed as mentioned in sub-paragraph (7B)(a) during the period of six months beginning with the day on which the member becomes entitled to the benefits mentioned in sub-paragraph (7)(a), and that the member is not employed as mentioned in sub-paragraph (7B)(a) during the period of one month beginning with that day, but is so employed during the period of five months beginning at the end of that period, and either the pension abatement condition or the materially different employment condition is met , and that the member is or was employed as mentioned in sub-paragraph (7B)(a) where— the employment began at any time during the coronavirus period, and the only or main reason that the member was taken into employment was to help the employer to respond to the public health, social, economic or other effects of coronavirus. The pension abatement condition is met if— the pension scheme is a public service pension scheme, and the member's benefits under the scheme consist of or include a scheme pension which is liable to reduction by abatement while the member is employed as mentioned in sub-paragraph (7B)(a) and is under the age of 55. The materially different employment condition is met— in a case where the member is employed as mentioned in sub-paragraph (7B)(a) in more than one employment during the period of five months mentioned in sub-paragraph (7F)(b), if each of those employments, and otherwise, if the employment in which the member is so employed during that period, is materially different in nature from the employment in which the member was employed immediately before becoming entitled to the benefits mentioned in sub-paragraph (7)(a). For the purposes of sub-paragraph (7D) “employment on compulsory recall” means permanent service— under Part 4 of the Reserve Forces Act 1996, under Part 5 of that Act, under a call-out or recall order made under that Act, having been called out or recalled under the Reserve Forces Act 1980, or because of any other call-out or recall obligation of an officer. In sub-paragraph (7F)(c)— “coronavirus” has the same meaning as in the Coronavirus Act 2020 (see section 1(1) of that Act); “the coronavirus period” means the period beginning with 1 March 2020 and ending with 1 November 2020. The Treasury may by regulations amend the definition of “the coronavirus period” in sub-paragraph (7K) so as to replace the later of the dates specified in it with another date falling before 6 April 2021. The power in sub-paragraph (7L) may be exercised on more than one occasion. The member’s protected pension age is the age from which the member had an actual or prospective right to any benefit under the protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date). But this paragraph does not have effect so as to give the member a protected pension age of more than 50 at any time before 6th April 2010. the pension scheme was within paragraph (f) or (g) of paragraph 1(1), and on 5th April 2006 the member had an actual or prospective right under the pension scheme to a pension from an age of less than 50, and the member’s occupation was on that date (or had been) one prescribed by regulations made by the Board of Inland Revenue. “Block transfer” has the same meaning as in paragraph 22(6) and (6A), but for this purpose paragraph 22(6A)(c) is to be read as if its reference to paragraph 22(7)(a) were a reference to sub-paragraph (7) of this paragraph. The retirement condition is met in relation to the member and the pension scheme if the member becomes entitled to all the pensions payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date. The member’s protected pension age is the age from which the member had an actual or prospective right to a pension under the protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date). there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”), and as a result of paragraph 21 or the previous operation of sub-paragraph (2), immediately before the transfer this Part (except for section 218(6) and paragraph 19) applied in relation to all of the transferred sums or assets as if references to normal minimum pension age were to the member's protected pension age as defined by paragraph 22(8) or, as the case may be, paragraph 23(8). This Part of this Act (except for section 218(6) and paragraph 19) applies in relation to— the transferred sums or assets while held for the purposes of an arrangement under the new scheme, and any sums or assets held for the purposes of such an arrangement that arise, or (directly or indirectly) derive, from— any of the transferred sums or assets, or sums or assets which so arise or derive, as if references to normal minimum pension age were to the member's protected pension age as defined by paragraph 22(8) or, as the case may be, paragraph 23(8). Paragraphs 22(7)(a) and 23(7) have effect as if the benefits or pensions to which they refer do not include any that are in respect of sums or assets within sub-paragraph (2)(a) or (b) of this paragraph. This paragraph applies in relation to a relevant registered pension scheme and a member of the pension scheme if— neither paragraph 22 nor 23 applies in relation to them, and the entitlement condition or the block transfer condition is met in relation to the scheme and the member. A registered pension scheme is “relevant” if it is not a uniformed services pension scheme (as defined in section 279(4)). The entitlement condition is met if— immediately before 4 November 2021 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 57, the rules of the pension scheme on 11 February 2021 included provision conferring such a right on some or all of the persons who were then members of the pension scheme, and the member either had such a right under the scheme on 11 February 2021 or would have had such a right had the member been a member of the scheme on 11 February 2021. a recognised transfer is made on or after 4 November 2021 in execution of a request made before that date, and that transfer would, if executed before that date, have resulted in the member having an actual or prospective right under a pension scheme to any benefit from the age of less than 57 immediately before that date, the member is, for the purposes of this paragraph, to be treated as having that right under that scheme at that time. The block transfer condition is met if the member is a member of the pension scheme (the “transferee pension scheme”) as a result of— a block transfer to the transferee pension scheme on or after 4 November 2021 from a pension scheme (the “original pension scheme”) where the entitlement condition is met in relation to the original scheme and the member, a block transfer to the transferee pension scheme from a pension scheme (the “original pension scheme”) on or before 3 November 2021 where— immediately before the transfer the member had an actual or prospective right under the original pension scheme to any benefit from an age of less than 57, the rules of the original pension scheme met paragraph (b) of the entitlement condition, and paragraph (c) of that condition is met in relation to the original pension scheme and the member, or a block transfer to the transferee pension scheme from a pension scheme (the “transferor pension scheme”) that was a transferee pension scheme in relation to an original pension scheme or another transferor pension scheme by virtue of the previous application of paragraph (a) or (b) or the previous application (on one or more occasions) of this paragraph. For the purposes of sub-paragraph (5), a transfer is a “block transfer”, if it involves the transfer, in a single transaction, of all of the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under a pension scheme which relate to the member and at least one other member of the scheme. The member’s protected pension age is the higher of 55 and the age from which the member had an actual or prospective right to any benefit immediately before 4 November 2021 under— in a case where the entitlement condition is met in relation to the member and the scheme, that scheme, or in a case where the block transfer condition is met in relation to the member and the scheme and the entitlement condition is not so met, whichever of that scheme, the original scheme or the transferor scheme that the member was a member of at that time. But this paragraph does not have effect so as to give the member a protected pension age of more than 55 at any time before 6 April 2028. This paragraph applies in relation to sums or assets of a relevant registered pension scheme and the member of the scheme to which those sums and assets relate if— none of paragraphs 22, 23 or 23ZB apply in relation to the scheme and the member, and those sums or assets were subject to a relevant transfer to the scheme. Sums or assets relate to a member of a pension scheme if they are held by that scheme for the purposes of, or represent accrued rights under, an arrangement relating to the member under the pension scheme. Sums or assets were subject to a relevant transfer to a relevant registered pension scheme if they were transferred to that scheme from another relevant registered pension scheme (“the transferor scheme”) as a result of a recognised transfer and, immediately before the transfer— they were sums or assets held by the transferor scheme for the purposes of, or representing accrued rights under, an arrangement relating to a member of the transferor scheme, and paragraph 23ZB applied in relation to the transferor scheme and that member or this paragraph applied to those sums or assets and that member as a result of a relevant transfer to the transferor scheme. If this paragraph applies in relation to sums or assets (“transferred sums or assets”) and a member of a relevant registered pension scheme, this Part of this Act (except for section 218(6) and paragraph 19) applies in relation to— the transferred sums or assets while held for the purposes of, or representing accrued rights under, an arrangement under the scheme, and any sums or assets held for the purposes of, or representing accrued rights under, such an arrangement that arise, or (directly or indirectly) derive, from— as if references to normal minimum pension age were to the member’s protected pension age under the first relevant registered pension scheme from which there was a relevant transfer of the sums or assets (see paragraph 23ZB(7)). In this paragraph “relevant registered pension scheme” means a pension scheme that is not a uniformed services pension scheme (as defined in section 279(4)). If the lump sum condition and the registration condition are met in relation to an individual— paragraphs 27 to 29 (which modify Schedule 29 and paragraph 12 of this Schedule in relation to pension commencement lump sums), ... apply in relation to the individual. The lump sum condition is met if on 5th April 2006 the amount of an individual’s total lump sum rights exceeds £375,000 (25% of the standard lifetime allowance for the tax year 2006-07). Paragraph 25 defines the amount of an individual’s total lump sum rights on that date. The registration condition is met if either or both of the notice requirements is met. The first notice requirement is met if notice of intention to rely on paragraph 7 (primary protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual. The second notice requirement is met if notice of intention to rely on paragraph 12 (enhanced protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual. The amount of an individual’s total lump sum rights on 5th April 2006 is— VCPR is the value of the individual’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10, and VULSR is the value of the individual’s relevant uncrystallised lump sum rights on that date. The value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 is the aggregate value of the individual’s uncrystallised lump sum rights on that date under each relevant pension arrangement relating to the individual. An uncrystallised lump sum right is a right to a lump sum which on 5th April 2006 is prospective (rather than actual). The value of the individual’s uncrystallised lump sum rights under an arrangement on 5th April 2006— in the case of an arrangement under a pension scheme falling within paragraph 1(1)(f), is 25% of the value of the funds held for the purposes of the arrangement on that date, and in the case of any other arrangement, is an amount calculated in accordance with sub-paragraph (6). The amount is the amount of any lump sum to which the individual would have been entitled under the arrangement on 5th April 2006 on the assumption that the individual became entitled to the present payment of a lump sum under the arrangement on that date. In calculating an amount in accordance with sub-paragraph (6) the valuation assumptions apply but as if the reference to such age (if any) as must have been reached to avoid any reduction in benefits on account of age in paragraph (a) of section 277 were to the relevant age; and for this purpose “the relevant age” is— This paragraph applies if any of the individual’s uncrystallised lump sum rights on 5th April 2006 are rights under one or more arrangements under a pension scheme or schemes within paragraph 1(1)(a) to (d). The value of the individual’s uncrystallised lump sum rights on 5th April 2006 under the arrangement, or the aggregate of the values of the individual’s uncrystallised lump sum rights on 5th April 2006 under such of the arrangements as relate to a particular employment, is ...— the value, or the aggregate of the values, calculated under paragraph 25, or (if lower) the maximum permitted lump sum. “The maximum permitted lump sum” means in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section 611A(1)(a) of ICTA, the maximum lump sum that could be paid to the individual under the pension scheme on 5th April 2006, and in any other case, the maximum lump sum that could be paid to the individual on 5th April 2006 under the arrangement or arrangements if it or they were made under a pension scheme within paragraph 1(1)(a) without giving the Board of Inland Revenue grounds for withdrawing approval of the pension scheme under section 591B of ICTA. For the purposes of sub-paragraph (3) it is to be assumed— in the case of an arrangement within sub-paragraph (3)(a), that the valuation assumptions apply (see section 277), in the case of any other arrangement, that if the individual had not reached the lowest age at which a lump sum may be paid under a pension scheme within paragraph 1(1)(a) to a person in good health without giving the Board of Inland Revenue grounds for withdrawing the approval of the pension scheme that fact would not give the Board such grounds. Whether an arrangement relating to an individual relates to an employment is to be determined in accordance with paragraph 9(6). If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if— in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted; for paragraph 2 (pension commencement lump sum: definition of “permitted maximum”) there were substituted— In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lower of— the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D), and the amount specified in sub-paragraph (2). the maximum amount of a pension commencement lump sum that could have been paid to the member on 5th April 2023 under the arrangement under which the entitlement to the lump sum arises, less the aggregate of each pension commencement lump sum (if any) to which the member has previously become entitled after that date under that arrangement, or, if that produces a negative amount, nil. For the purposes of this paragraph, the maximum amount of a pension commencement lump sum that “could have been paid” on 5th April 2023 is to be determined on the assumption that any condition required to be met before such a payment could be made was met. Sub-paragraphs (5) and (6) apply where— it is necessary to determine for the purposes of this paragraph “the permitted maximum” in relation to a pension commencement lump sum paid after 5th April 2023 under an arrangement (“the paying arrangement”) under a registered pension scheme, and as a result of one or more recognised transfers made in the post-5th April 2023 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme. The reference in sub-paragraph (2)(a) to the maximum amount of a pension commencement lump sum that could have been paid on 5th April 2023 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a pension commencement lump sum that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum. A reference in sub-paragraph (2)(b) to a pension commencement lump sum to which the member has become entitled under the paying arrangement before the date on which the lump sum is paid includes a reference to a pension commencement lump sum paid under a predecessor arrangement, so far as it is referable to sums and assets applied for the provision of the pension commencement lump sum paid under the paying arrangement. In this paragraph “the post-5th April 2023 period”, in relation to a lump sum, means the period beginning with 6 April 2023 and ending with the date on which the lump sum is paid. If (and for so long as) Schedule 29 applies in relation to the individual subject to the modifications in sub-paragraph (1), paragraph 12A of this Schedule has effect in relation to the individual as if sub-paragraph (2)(a) of that paragraph (which contains modifications of Schedule 29 inconsistent with those in sub-paragraph (1)) were omitted. If paragraph 12 (enhanced protection) does not apply in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted. If paragraph 12 (enhanced protection) does not apply in relation to the individual, ... Schedule 29 applies in relation to the individual with the following modifications. If the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 (calculated in accordance with paragraphs 25 and 26) was nil, the permitted maximum under paragraph 2 of Schedule 29 is nil. Otherwise, for paragraph 2 of Schedule 29 substitute— In paragraph 1 “the permitted maximum”, in relation to a lump sum, means an amount equal to— A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006 (calculated in accordance with paragraphs 25 and 26), as adjusted under sub-paragraph (2); B is the aggregate of the amounts of each pension commencement lump sum to which the individual has previously become entitled, as adjusted under sub-paragraph (3) (or, if the individual has not previously become entitled to a pension commencement lump sum, is nil). The adjustment referred to in the definition of A is the multiplication of the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 by 1.2 (being £1,800,000 divided by £1,500,000). The adjustment of the amount of a pension commencement lump sum to which the individual has previously become entitled referred to in the definition of B is the multiplication of the amount by— where C is— if the individual became entitled to the lump sum before 6th April 2012, the standard lifetime allowance at that time; otherwise, £1,800,000. If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, paragraphs 2A to 2D of Schedule 29 (meaning of “the applicable amount” in relation to a relevant pension) apply with the following modifications. Paragraph 2A of that Schedule (meaning of “the applicable amount” where the relevant pension is income withdrawal) applies as if, for sub-paragraphs (2) to (4), there were substituted— The applicable amount is— A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36; B is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule; C is the pension commencement lump sum paid; D is— the aggregate of the sums, and the market value of the assets, designated as available for the payment of drawdown pension on that occasion, less so much (if any) of that amount as represents rights which are attributable to a disqualifying pension credit. Paragraph 2B of that Schedule (meaning of “the applicable amount” where the relevant pension is a lifetime annuity) applies as if, for sub-paragraph (2) there were substituted— The applicable amount is ...— A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36 to FA 2004; D is the annuity purchase price; Paragraph 2C of that Schedule (meaning of “the applicable amount” where the relevant pension is a defined benefits arrangement or a collective money purchase arrangement) applies as if, for sub-paragraphs (2) to (4), there were substituted— The applicable amount is (subject to sub-paragraph (3))— “A” is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36; “B” is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule; “C” is the pension commencement lump sum paid;

“D” is an amount equal to the value of the pension rights crystallised by reason of the individual becoming entitled to the pension. For the purposes of sub-paragraph (2), any part of what would otherwise be C or D which represents rights attributable to a disqualifying pension credit is to be disregarded. Paragraph 2D of that Schedule (meaning of “the applicable amount” where the relevant pension is a money purchase arrangement) applies as if, for sub-paragraph (2), there were substituted— D is the scheme pension purchase price. The Commissioners for His Majesty’s Revenue and Customs may by regulations make provision about how the value of pension rights crystallised by reason of an individual becoming entitled to a pension is to be determined for the purposes of paragraph 2C(2) of Schedule 29, as modified by sub-paragraph (4) of this paragraph. If the pension condition is met in relation to an individual and a registered pension scheme which is a protected pension scheme, the provisions of Schedule 29 relating to pension commencement lump sums apply in relation to the individual and the pension scheme with the modifications specified in paragraph 34(2) (but subject to sub-paragraph (2) of this paragraph and to paragraph 34(3)). For provision about the tax treatment of a pension commencement lump sum the permitted maximum of which is determined under paragraph 2 of Schedule 29 as modified by paragraph 34(3), see paragraph 34A. Those provisions do not apply with those modifications if the lump sum condition and registration condition in paragraph 24 are met. The pension condition is that the individual becomes entitled to all the pensions payable to the individual under arrangements under the pension scheme (to which the individual did not have an actual entitlement on or before 5th April 2006) on the same date, and the individual does not become entitled to more than one pension commencement lump sum in connection with becoming entitled to those pensions. A registered pension scheme is a protected pension scheme if condition A or condition B is met. on 5th April 2006 the lump sum percentage of the individual’s uncrystallised rights under the pension scheme exceeded 25%. The lump sum percentage of an individual’s uncrystallised pension rights under a pension scheme on 5th April 2006 is— VULSR is the value of the individual’s uncrystallised lump sum rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 32, and VUR is the value of the individual’s uncrystallised rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 33. Condition B is met if the individual is a member of the pension scheme (“a transferee pension scheme”) as a result of— “Block transfer” has the same meaning as in paragraph 22(6) and (6A), but treating the references there to the member as references to the individual and reading paragraph 22(6A)(c) as if its reference to paragraph 22(7)(a) were a reference to sub-paragraph (3) of this paragraph. Where a pension scheme is a protected pension scheme because condition B is met, Schedule 29 as modified by paragraph 34 applies as if the protected pension scheme were the same pension scheme as the original pension scheme. Subject to sub-paragraph (2), the value of the individual’s uncrystallised lump sum rights under the pension scheme on 5th April 2006 is the aggregate of the value of the individual’s uncrystallised lump sum rights under each arrangement in respect of the individual under the pension scheme, calculated in accordance with paragraph 25(5), on that date. If the pension scheme is a relevant pension scheme, the value of the individual’s uncrystallised lump sum rights on 5th April 2006 under an arrangement— which relates to a particular employment, and in relation to which the excess lump sum condition is met (see sub-paragraph (5) or (6)), is the amount arrived at in accordance with sub-paragraph (7) or (8). A pension scheme is a relevant pension scheme if it falls within paragraph 1(1)(a) to (d). Whether an arrangement relating to the individual relates to a particular employment is to be determined in accordance with paragraph 9(6). If no other arrangement relating to the individual under a relevant pension scheme relates to the employment to which the arrangement relates, the excess lump sum condition is met in relation to the arrangement if— the value of the individual’s uncrystallised lump sum rights under the arrangement calculated in accordance with paragraph 25(5), exceeds the amount arrived at in relation to the arrangement in accordance with paragraph 26. If one or more other arrangements relating to the individual under a relevant pension scheme or relevant pension schemes relates or relate to the employment to which the arrangement relates, the excess lump sum condition is met in relation to the arrangement if— the aggregate of the values of the individual’s uncrystallised lump sum rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 25(5), exceeds the amount arrived at in relation to those arrangements in accordance with paragraph 26; and the amount by which the aggregate of those values exceeds that amount is the “lump sum excess”. Where the excess lump sum condition is met by virtue of sub-paragraph (5), the value of the individual’s uncrystallised lump sum rights under the arrangement is the amount arrived at in accordance with paragraph 26. Where the excess lump sum condition is met by virtue of sub-paragraph (6), the value of the individual’s uncrystallised lump sum rights under the arrangement is the value of those rights calculated in accordance with paragraph 25(5), less the appropriate proportion of the lump sum excess. The appropriate proportion of the lump sum excess is— V is the value of the individual’s uncrystallised lump sum rights under the arrangement, calculated in accordance with paragraph 25(5), and AV is the aggregate of the values of the individual’s uncrystallised lump sum rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 25(5). Subject to sub-paragraph (2), the value of the individual’s uncrystallised rights under the pension scheme on 5th April 2006 is the aggregate of the value of the individual’s uncrystallised rights under each arrangement in respect of the individual under the pension scheme, calculated in accordance with paragraph 8(5). If the pension scheme is a relevant pension scheme, the value of the individual’s uncrystallised rights on 5th April 2006 under an arrangement— in relation to which the excess rights condition is met (see sub-paragraph (5) or (6)), If no other arrangement relating to the individual under a relevant pension scheme relates to the employment to which the arrangement relates, the excess rights condition is met in relation to the arrangement if— the value of the individual’s uncrystallised rights under the arrangement calculated in accordance with paragraph 8(5), exceeds the amount arrived at in relation to the arrangement in accordance with paragraph 9(3). If one or more other arrangements relating to the individual under a relevant pension scheme or relevant pension schemes relates or relate to the employment to which the arrangement relates, the excess rights condition is met in relation to the arrangement if— the aggregate of the values of the individual’s uncrystallised rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 8(5), exceeds the amount arrived at in relation to those arrangements in accordance with paragraph 9(3); and the amount by which the aggregate of those values exceeds that amount is the “rights excess”. Where the excess rights condition is met by virtue of sub-paragraph (5), the value of the individual’s uncrystallised rights under the arrangement is the amount arrived at in accordance with paragraph 9(3). Where the excess rights condition is met by virtue of sub-paragraph (6), the value of the individual’s uncrystallised rights under the arrangement is the value of those rights calculated in accordance with paragraph 8(5), less the appropriate proportion of the rights excess. The appropriate proportion of the rights excess is— V is the value of the individual’s uncrystallised rights under the arrangement, calculated in accordance with paragraph 8(5), and AV is the aggregate of the values of the individual’s uncrystallised rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 8(5). Sub-paragraphs (2) and (3) specify the modifications of the provisions of Schedule 29 relating to pension commencement lump sums that apply in accordance with paragraph 31(1) (entitlement to lump sums exceeding 25% of uncrystallised rights). Schedule 29 has effect as if, in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted. Subject to sub-paragraph (4), Schedule 29 has effect as if, for paragraph 2 (definition of “the permitted maximum”), there were substituted— In paragraph 1 “the permitted maximum”, in relation to a lump sum, means— A is the value of the member’s uncrystallised lump sum rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 32 of Schedule 36; B is the additional lump sum amount (see sub-paragraphs (2) to (7) below). In sub-paragraph (1), “the additional lump sum amount” means— C is the lump sum paid; D is the relevant capital amount in relation to the relevant pension (see sub-paragraph (6)); E is the value of the member’s uncrystallised rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 33 of Schedule 36; “F” is— 1,073,100, or if a relevant protection provision applies in relation to the member, the member’s lump sum and death benefit allowance (as determined in accordance with that provision). For the purposes of sub-paragraph (2), any part of what would otherwise be C which represents rights attributable to a disqualifying pension credit is to be disregarded. In a case in which the lump sum is paid in connection with the member becoming entitled to more than one relevant pension (within the meaning given by paragraph 1(3)), the reference in the definition of D in sub-paragraph (2) to the relevant capital amount in relation to the relevant pension is to the sum of the relevant capital amounts in relation to each of the relevant pensions. If the amount given by the formula in sub-paragraph (2) is negative, the additional lump sum amount is nil. In sub-paragraph (2) “the relevant capital amount” means— in a case in which the relevant pension is income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4); in a case in which the relevant pension is a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); in a case in which the relevant pension is a scheme pension under a defined benefits arrangement or a collective money purchase arrangement, the amount given by the formula— in a case in which the relevant pension is a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4). The following provisions are “relevant protection provisions” for the purposes of the definition of F in sub-paragraph (2)— If, in any case, the permitted maximum of a lump sum that is determined under paragraph 2 of Schedule 29 as modified by sub-paragraph (3) of this paragraph is lower than it would have been disregarding the modification, the modification is to be disregarded. Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) applies in relation to a paragraph 34 pension commencement lump sum as if— for section 637A (pension commencement lump sums), there were substituted— Subject to subsection (2), no liability to income tax arises on a pension commencement lump sum paid under a registered pension scheme. a pension commencement lump sum is paid under a registered pension scheme, and the lump sum exceeds the amount of the member’s lump sum and death benefit allowance that is available on the member becoming entitled to it, section 579A (pensions) applies to the excess as it applies to any pension under a registered pension scheme. in section 637Q (availability of individual’s lump sum allowance), for subsection (6) there were substituted— In subsection (5) “non-taxable amount”, in relation to the individual becoming entitled to a pension commencement lump sum, means the lower of— so much (if any) of the lump sum as is not subject to the charge to income tax by virtue of any provision of this Chapter, and the amount given by the formula— where C and D have the same meaning as in sub-paragraph (2) of paragraph 2 of Schedule 29 to FA 2004 (definition of “the permitted maximum”) as that paragraph applies in relation to the lump sum. In subsection (5) “non-taxable amount”, in relation to the individual becoming entitled to an uncrystallised funds pension lump sum, means so much (if any) of the lump sum as is not subject to the charge to income tax by virtue of any provision of this Chapter. In sub-paragraph (1) “paragraph 34 pension commencement lump sum” means a pension commencement lump sum the permitted maximum of which is determined under paragraph 2 of Schedule 29 as modified by paragraph 34(3). This paragraph applies to a member of a registered pension scheme if on 5th April 2006— the pension scheme is within any of paragraphs (a) to (e) of paragraph 1(1), the member has an actual (rather than a prospective) right to a pension under an arrangement under the pension scheme, and under the arrangement a lump sum death benefit is payable if the member dies within the guarantee period. The guarantee period is the period of five years beginning with the day on which the member became entitled to the pension or, if later, the day on which the pension was first paid. If the member dies after having reached the age of 75 and before the end of the guarantee period— paragraph 14 of Schedule 29 (pension protection lump sum death benefit), and paragraph 16 of that Schedule (annuity protection lump sum death benefit), ... apply in relation to the member and the arrangement with the following modifications. Paragraph 14 (1) applies as if paragraph (d) were omitted. Paragraph 14(2) applies as if the reference to the pension protection limit were to the transitional protection limit. Paragraph 16(2) applies as if the reference to the annuity protection limit were to the transitional protection limit. Section 206 (1) (special lump sum death benefits charge) does not apply to any pension protection lump sum death benefit or annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid by virtue of sub-paragraphs (3) to (7). If the member dies before having reached the age of 75 and before the end of the guarantee period— section 206 (1) does not apply to so much of any pension protection lump sum death benefit or annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit, and if the arrangement is a defined benefits arrangement, paragraph 14(1)(d) of Schedule 29 is to be treated as satisfied in relation to so much of the lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit. The transitional protection limit is— P is the amount of pension to which (had the member lived) the member would have been entitled under the arrangement in respect of the period beginning with the day of the member’s death and ending with the last day of the guarantee period, and TPLS is the amount of any pension protection lump sum death benefit or annuity protection lump sum death benefit previously paid in respect of the pension. Payments under protected ill-health insurance contracts are not unauthorised member payments. Ill-health insurance contracts are contracts providing insurance against a risk relating to non-payment by a member of a pension scheme of contributions under the pension scheme. An ill-health insurance contract is protected if it was made before 6th April 2006 under— a personal pension scheme approved under Chapter 4 of Part 14 of ICTA before 6th April 2001, or an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA. This paragraph applies in relation to an investment-regulated pension scheme if— on 6th April 2006 the pension scheme holds an interest in taxable property which it acquired before that date, and immediately before that date the pension scheme was not prohibited from holding the interest in the property, and, in a case where immediately before that date the interest in the property was held directly by a person other than the pension scheme, if the pension scheme was not prohibited from holding the interest it held in that person at that time. This paragraph also applies in relation to an investment-regulated pension scheme if— before 6th April 2006 a contract to acquire an interest in property was entered into by the pension scheme or a person in whom the pension scheme directly or indirectly held an interest when the contract was entered into, the pension scheme does not acquire the interest in the property before that date, the property is taxable property on that date, and immediately before that date the pension scheme would not have been prohibited from holding the interest in the property, and, in a case where the contract to acquire the interest in the property was entered into by a person in whom the pension scheme directly or indirectly held an interest, if the pension scheme was not prohibited from holding the interest it held in that person immediately before that date. The taxable property provisions (apart from this paragraph and paragraphs 37B to 37E) do not apply in relation to the pension scheme and the interest in the property. For the purposes of this Schedule a pension scheme is to be treated as having been prohibited from holding an interest in property, or in a person, immediately before 6th April 2006 if approval could have been withdrawn under section 591B, 620(7) or 650 of ICTA on the basis of the holding of the interest at that time. This paragraph is subject to paragraphs 37B to 37E. Paragraph 37A ceases to apply to an investment-regulated pension scheme and an interest in taxable property on the relevant date if Condition A, B or C is met. Condition A is that there is a change in the occupation or use of the property such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the property at that time. the taxable property is residential property on 6th April 2006, and improvement works on the property are begun on or after that date. Condition C is that there is a change in the pension scheme's interest in— any person who holds the interest in the property directly, or any person who has entered into a contract to acquire the interest in the property, such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the person at that time. For the purposes of this paragraph the relevant date is— where Condition A is met, the date on which the change in the occupation or use of the taxable property takes place, where Condition B is met, the date on which the improvement works are substantially completed, or where Condition C is met, the date on which the change in the pension scheme's interest in the person takes place, but where the pension scheme has not acquired the interest in the property by what would otherwise be the relevant date, the relevant date is the date on which it acquires the interest. Where Condition A, B or C is met the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on the relevant date. For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is— the market value on the relevant date of the interest in the property held by the person who holds it directly, or if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 of Schedule 29A if it were assigned to the person on that date. the pension scheme holds the interest in the property directly, and the interest is not a lease at a rent, for the purposes of section 185G (gains from taxable property: disposal by person holding directly) the pension scheme is to be treated as having acquired the interest for a consideration equal to its market value on 6th April 2006. For the purposes of sub-paragraph (3)(b) improvement works are to be taken to have been begun before 6th April 2006 only if— a binding contract for the works was entered into before that date, or a substantial amount of the works has been carried out before that date. For the purposes of this Schedule “improvement works” means, in relation to a property, works which— materially improve the property, and are not carried out wholly for the purposes of complying with a statutory requirement or a requirement imposed by a government department, a statutory body or a person holding a statutory office. For the purposes of sub-paragraph (10)(a) a property is materially improved by works only if— its market value on the date the works are substantially completed (“MVW”) exceeds what would have been its market value on that date if the works had not been carried out (“MV”), and the amount by which MVW exceeds MV is greater than 20% of MV. For the purposes of sub-paragraph (10)(b)— “statutory body” means a body set up by or under an enactment (including an enactment comprised in, or an instrument made under, an Act of the Scottish Parliament); “statutory office” means a body set up by or under such an enactment; and “statutory requirement” means a requirement imposed by provision made by or under such an enactment. This paragraph is subject to paragraph 37D. on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property which it acquired before that date, and immediately before that date the pension scheme was prohibited from holding the interest. on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property indirectly which it acquired before that date, and immediately before that date the pension scheme was prohibited from holding the interest it held in the person that held the interest in the property directly at that time. The pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on 6th April 2006. the market value on 6th April 2006 of the interest in the property held by the person who holds it directly, or sub-paragraph (1) or (2) of paragraph 37A applies in relation to a pension scheme and an interest in property, immediately before 6th April 2006 the pension scheme was a self-invested personal pension scheme or a small self-administered scheme, on that date the pension scheme holds the interest in the property indirectly or (if sub-paragraph (2) of paragraph 37A applies in relation to the pension scheme and the interest in the property) the pension scheme will hold the interest indirectly once it has been acquired pursuant to the contract, the property is residential property on that date, and improvement works on the property were begun after 5th December 2005. immediately before 6th April 2006 the pension scheme was a small self-administered scheme, on that date the pension scheme holds the interest in the property directly, the pension scheme acquired the interest before 5th August 1991, the property is residential property on 6th April 2006, and If the works are completed on or after 6th April 2006, paragraph 37B applies in relation to the pension scheme and the interest in the property as if the works were begun on or after that date. If the works are completed before that date— paragraph 37A does not apply in relation to the pension scheme and the interest in the property, and unless the pension scheme has still to acquire the interest in the property on that date, sub-paragraphs (3) to (5) of paragraph 37C apply in relation to the pension scheme and the interest. For the purposes of this paragraph improvement works are to be taken to have been begun before 6th December 2005 only if— paragraph 37A would otherwise apply in relation to a pension scheme and an interest in property, immediately before 6th April 2006 the pension scheme was a retirement benefits scheme approved under section 590 of ICTA, and the pension scheme was approved under that section after 5th December 2005. Paragraph 37A does not apply in relation to the pension scheme and the interest in the property. Unless the pension scheme has still to acquire the interest in the property on 6th April 2006, sub-paragraphs (3) to (5) of paragraph 37C apply in relation to the pension scheme and the interest. This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of tangible moveable property because a person in whom the pension scheme directly or indirectly holds an interest comes to hold the interest in the property directly. The taxable property provisions (apart from this paragraph and paragraph 37G) do not apply in relation to the pension scheme and the interest in the property if the conditions in sub-paragraph (3) are met. Those conditions are that— on 6th April 2006 the pension scheme held the interest in the person by virtue of acquiring it before that date, immediately before that date the pension scheme was not prohibited from holding the interest in the person, at no time during the period beginning with that date and ending immediately before the acquisition of the interest in the property has the pension scheme's interest in the person been such that, if it had held that interest in the person immediately before 6th April 2006, it would have been prohibited from holding that interest at that time, and the person acquires the interest in the property so that the property may be used for the purposes of a trade, profession or vocation carried on by the person or for the purposes of its administration or management. This paragraph is subject to paragraph 37G. Where Condition A or B is met in relation to the pension scheme and an interest in property to which paragraph 37F has applied, the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on the date on which the Condition is met. Condition A is that there is a change in the pension scheme's interest in the person who holds the interest in the property directly such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the person at that time. Condition B is that the property ceases to be used for the purposes of— a trade, profession or vocation carried on by the person, or its administration or management. For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is the market value on the relevant date of the interest in the property held by the person. This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of residential property because a person in whom the pension scheme directly or indirectly holds an interest comes to hold the interest in the property directly. The taxable property provisions (apart from this paragraph and paragraph 37I) do not apply in relation to the pension scheme and the interest in the property if the conditions in sub-paragraph (3) are met. immediately before that date the person had a business involving the holding and letting of residential property and held directly five or more assets consisting of interests in residential property for the purposes of that business, at no time during the period beginning with that date and ending immediately before the acquisition of the interest in the property has the pension scheme's interest in the person been such that, if it had held that interest in the person immediately before 6th April 2006, it would have been prohibited from holding that interest at that time, the person acquires the interest in the property for the purposes of its property rental business, and after the acquisition of the interest in the property, the property is not occupied or used by a member of the pension scheme or a person connected with such a member. This paragraph is subject to paragraph 37I. Where Condition A, B or C is met in relation to the pension scheme and an interest in property to which paragraph 37H has applied, the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring, on the date on which the Condition is met, each interest in property— which it holds on that date, and to which paragraph 37H has applied before that date. Condition B is that the property ceases to be used for the purposes of the person's property rental business. Condition C is that the property is occupied or used by a member of the pension scheme or a person connected with such a member. For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of an acquisition of an interest in property treated as made by virtue of this paragraph is— This paragraph applies to a loan if— the loan was made before 6th April 2006 by an occupational pension scheme which becomes a registered pension scheme on that date, had this Part had been in force and had the pension scheme been a registered pension scheme at the time when the loan was made, it would have been a loan to a sponsoring employer, and the date by which the total amount owing (including interest) must be paid is on or after 6th April 2006. If on or after 6th April 2006 there is no alteration in the repayment terms, section 179 (authorised employer loan) does not apply in relation to the loan. If on or after 6th April 2006 there is an alteration in the repayment terms, section 179 applies as if, on the date of the alteration, the pension scheme made a loan to the sponsoring employer of an amount equal to the amount owing (including interest) on that date. The postponement of the date by which the total amount owing (including interest) must be paid is not an alteration in the repayment terms if— an amount is outstanding on the date by which the total amount owing should have been paid, the postponement is for a period not exceeding five years, and there has been no previous postponement on or after 6th April 2006. The repeal by this Act of section 619(4) of ICTA (election on or before 31st January following tax year in which retirement annuity contract premium is paid to treat premium as paid in earlier tax year) does not prevent the making of an election under that provision (in relation to a premium paid in the tax year 2005-06) at any time on or before 31st January 2007. Relief in respect of contributions made by a member under pre-commencement retirement annuity arrangements is not required to be given in accordance with section 192 (relief at source). If relief in respect of contributions made by a member under pre-commencement retirement annuity arrangements is not given in accordance with section 192, relief in respect of the contributions is to be given in accordance with section 194 (relief on making of claim). “Pre-commencement retirement annuity arrangements” means— an annuity contract or trust scheme approved under section 620 or 621 of ICTA, or a substituted contract within the meaning of section 622(3) of ICTA. To the extent that any contribution paid by an employer under a registered pension scheme was— allowed to be deducted for the purposes of Part 2 of ITTOIA 2005 (trading income) or Case I or II of Schedule D, deductible under section 75 of ICTA (expenses of management: companies with investment business), or brought into account at Step 1 in section 76(7) of ICTA (expenses of insurance companies), for a period beginning before 6th April 2006, it is not allowed to be so deducted, so deductible, or available to be so brought into account for that or any other period in accordance with section 196 (relief for employers in respect of contributions paid). The power of the Board of Inland Revenue under section 592(6) of ICTA to direct that a sum paid under an exempt approved scheme otherwise than by way of ordinary annual contribution be treated as an expense to be spread over such period of years as the Board think fit continues to apply in relation to sums paid before 6th April 2006. If an amount which accrued but was not paid before 6th April 2006 would have constituted taxable pension income under Chapter 7 of Part 9 of ITEPA 2003 (former approved superannuation fund annuities) had it been paid before that date, it is to be treated for the purposes of Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) as if it accrues when it is paid. If an amount which accrued but was not received before 6th April 2006 would have constituted taxable pension income under section 596 of ITEPA 2003 (personal pension annuities) had it been received before that date, it is to be treated for the purposes of Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) as if it accrues when it is received. If an amount which was paid but had not accrued before 6th April 2006 constituted taxable pension income under Chapter 7 of Part 9 of ITEPA 2003 (former approved superannuation fund annuities), it does not also constitute taxable pension income under Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) when it accrues. If an amount which was received but had not accrued before 6th April 2006 constituted taxable pension income under section 596 of ITEPA 2003 (personal pension annuities), it does not also constitute taxable pension income under Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) when it accrues. The charge to tax under Part 9 of ITEPA 2003 (taxation of pension income) does not apply to an annuity payable to a person (“the dependant”) if— the annuity is payable on the death of a member of a pension scheme, the annuity is paid in respect of the deceased member, the member had not reached the age of 75 at the date of the member's death, the member died on or after 3 December 2014, no payment of the annuity is made before 6 April 2015, the annuity has fulfilled the transitional conditions at all times on or after 6 April 2006, the annuity was purchased together with an annuity payable to the member, and that annuity payable to the member fulfilled the transitional conditions at all times in the period beginning with 6 April 2006 and ending with the member's death. For the purposes of sub-paragraph (1)(g), an annuity is purchased together with another if they are purchased— in the form of a joint life annuity, or separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased. In sub-paragraph (1) “the transitional conditions” means the conditions specified in the subsection (3A) set out in article 2(3) of the Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572). Section 207 (authorised surplus payments charge) does not apply to any payment made in pursuance of the winding-up of a pension scheme if the winding-up commenced before 19th March 1986. This paragraph applies where, during the period beginning with 6th April 2006 and ending with 7th July 2006, an employer of an individual makes a relevant consolidation contribution in respect of the individual under an arrangement under a registered pension scheme relating to the individual. The pension input amount in respect of the arrangement during the pension input period of the arrangement ending in the tax year 2006-07 is to be reduced by the amount of the contribution. “Relevant consolidation contribution” means a contribution made by way of discharge of any liability incurred by the employer before 6th April 2006 to pay any pension or lump sum to or in respect of the individual. The repeal by this Act of sections 605 and 651A of ICTA (information powers) does not affect the operation of those sections, or regulations under them, in relation to times before 6th April 2006. This paragraph applies where the Board of Inland Revenue allow contributions made by an individual under a pension scheme as deductions under Chapter 2 of Part 5 of ITEPA 2003 for the tax year 2005-06 in accordance with section 355 of that Act (deductions for corresponding payments by non-domiciled employees with foreign employers). Where the individual makes contributions under the pension scheme for any subsequent tax year, the Board of Inland Revenue may allow the contributions as deductions under Chapter 2 of Part 5 of that Act if, as well as the Board of Inland Revenue being satisfied that the conditions in section 355 of that Act are met, the scheme manager complies with any prescribed benefit crystallisation information requirements imposed on the scheme manager. Schedule 34 (non-UK schemes: application of certain charges) applies in relation to the pension scheme and the individual as if allowing the contributions as deductions under Chapter 2 of Part 5 of ITEPA 2003 by virtue of sub-paragraph (2) were the giving of relief by virtue of Schedule 33 (overseas pension schemes: migrant member relief). “Prescribed benefit crystallisation information requirements” means requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information relating to an event that is the individual becoming entitled to a benefit under a pension scheme. The references in sub-paragraphs (2) and (3) to the pension scheme include a pension scheme (“a transferee pension scheme”) if there has been— a block transfer from the pension scheme within sub-paragraph (1) (“the original pension scheme”) to the transferee pension scheme, or “Block transfer” has the same meaning as in paragraph 22(6), but treating the references there to the member as references to the individual. Section 392 of ITEPA 2003 (non-approved schemes: relief where no benefits are paid or payable) continues to have effect in relation to a sum charged to tax by virtue of section 386 of ITEPA 2003 or section 595 of ICTA (charges on payments to schemes) before 6th April 2006. Paragraph 54 or 55 has effect where— section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) operates (or would otherwise operate) by reason of the provision of a lump sum under an employer-financed retirement benefits scheme on or after 6th April 2006, and before that date an employer has paid any sum or sums, with a view to the provision of benefits under the scheme, in respect of which an employee is taxed. For the purposes of sub-paragraph (1)(a) section 394 of ITEPA 2003 operates if— an amount counts as employment income of an individual under that section, or the person who is, or persons who are, the responsible person in relation to the scheme is or are chargeable to income tax under subsection (2) of that section. For the purposes of sub-paragraph (1)(b) an employee is taxed in respect of a sum or sums if— the employee is assessed to tax by virtue of section 595 (1) of ICTA (charges on payments) in respect of the sum or sums, or the sum or sums counts or count as employment income of the employee under section 386 (1) of ITEPA 2003 (charges on payments). It is to be assumed, unless the contrary is shown, that neither paragraph 54 nor paragraph 55 has effect. all of the income and gains accruing to the scheme are brought into charge to tax and the lump sum is provided to the employee, a relative of the employee, the personal representatives of the employee, an ex-spouse or former civil partner of the employee or any other individual designated by the employee, or the scheme was entered into before 1st December 1993 and has not been varied on or after that date with a view to the provision of benefits under the scheme. In a case where the employer has not paid any sum or sums with a view to the provision of benefits under the scheme since before 6th April 2006, section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) does not apply in relation to the lump sum. In a case where the employer has paid any sum or sums with a view to the provision of benefits under the scheme on or after 6th April 2006— section 394 of ITEPA 2003 does not apply in relation to so much of the lump sum as does not exceed the appropriate fraction of the amount of the market value of the assets of the scheme on 5th April 2006 as increased under sub-paragraph (4), and only any sum or sums paid by the employee after that date with a view to the provision of benefits under the scheme is or are to be taken into account under section 395 of ITEPA 2003 (general rules). For the purposes of sub-paragraph (3)(a)— “the appropriate fraction” of the amount of the market value of the assets of the scheme on 5th April 2006 is the same fraction as the fraction of the assets of the scheme to which the employee would have been entitled had the scheme been wound up on that date, and the amount of the market value of the assets of the scheme on that date is to be increased by the percentage by which the retail prices index for the month in which the lump sum is provided is greater than that for April 2006. “ex-spouse”, in relation to an employee, means the other party to a marriage with the employee that has been dissolved or annulled, and “former civil partner”, in relation to an employee, means the other party to a civil partnership with the employee that has been dissolved or annulled, “relative”, in relation to an employee, means— the spouse or civil partner of the employee, the widow or widower or surviving civil partner of the employee, a child of the employee, or a dependant of the employee. This paragraph has effect if paragraph 54 does not. Section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) does not apply in relation to so much of the lump sum as does not exceed the sum, or the aggregate of the sums, referred to in paragraph 53(1)(b). And the reference in section 395 of that Act (general rules) to the amount of the lump sum is to the amount of the remainder of the lump sum. This paragraph applies in relation to a fund or scheme— which is not a registered pension scheme , a qualifying non-UK pension scheme or a superannuation fund to which section 615(3) of ICTA applies, but to which section 151 of the Inheritance Tax Act 1984 (c. 51) (treatment of pension rights) applied immediately before 6th April 2006. If no contributions are made under the fund or scheme on or after that date— section 151 of the Inheritance Tax Act 1984 continues to apply to the fund or scheme on and after that date for all purposes of that Act, and property which is part of or held for the purposes of the fund or scheme does not constitute relevant property for the purposes of Chapter 3 of Part 3 of that Act (settlements without interest in possession). In any other case, paragraphs 57 and 58 apply to the fund or scheme on and after that date. In this paragraph “qualifying non-UK pension scheme” has the same meaning as in the Inheritance Tax Act 1984 (see section 271A of that Act). The percentage of the assets of the fund or scheme which at any time is the protected percentage of those assets does not at that time constitute relevant property for the purposes of Chapter 3 of Part 3 of the Inheritance Tax Act 1984 (settlements without interest in possession). “The protected percentage” of the assets of the fund or scheme at a time is— V is the market value of the assets of the fund or scheme at that time, and ACV is the adjusted commencement value, that is an amount equal to the market value of the assets of the fund or scheme on 5th April 2006, but subject to the adjustments provided by sub-paragraph (3). The adjustments are— an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for April 2006, and a reduction by the amount of any relevant payments made under the fund or scheme on or after 6th April 2006 and before that time. “Relevant payments”are payments other than— payments of costs or expenses, or payments which are (or will be) income of any person for any of the purposes of income tax. Section 151 of the Inheritance Tax Act 1984 (treatment of pension rights) continues to apply to so much of the assets of the fund or scheme at any time as does not exceed the amount that is the protected amount at that time. But sub-paragraph (1) does not affect the operation of subsection (1)(d) of section 58 of that Act (because paragraph 57 makes provision about the extent to which the assets of the fund or scheme constitute relevant property within the meaning given by that section). If inheritance tax has not previously been chargeable (otherwise than only because of this paragraph) by reference to the value of the assets of the fund or scheme on or after 6th April 2006, the protected amount is an amount equal to the amount of the market value of the assets of the fund or scheme on 5th April 2006, but subject to the adjustments provided by sub-paragraph (4). If inheritance tax would (apart from this paragraph) have previously been chargeable by reference to the value of the assets of the fund or scheme on one or more occasions on or after 6th April 2006, the protected amount is what it was immediately before the occasion, or (where there has been more than one) the last occasion, on which inheritance tax would have been so chargeable (“the relevant tax occasion”), but— reduced by the value of the property on which inheritance tax would have been chargeable on the relevant tax occasion, and subject to the adjustments provided by sub-paragraph (6). The adjustments are — an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for the month in which the relevant tax occasion fell, and a reduction by the amount of any relevant payments made under the fund or scheme since the relevant tax occasion. The Oil Taxation Act 1983 (c. 56) is amended in accordance with the following provisions of this Part. Section 3 (expenditure incurred on long-term assets other than non-dedicated mobile assets) is amended as follows. In subsection (4) (whole of expenditure to be allowable, except as provided by the provisions there specified) for “section 4” substitute “ sections 3A and 4 ”.

After section 3 insert— expenditure incurred on or after 1st January 2004 falls within section 3 (1) above, but some of the use (or expected use) of the asset in relation to which the expenditure was incurred is use in a way that gives rise to tax-exempt tariffing receipts (see section 6A(2) below). In any such case, such part of the expenditure as it is just and reasonable to apportion to the use mentioned in subsection (1)(b) above shall be excluded from the expenditure which is allowable as mentioned in section 3(4) above. Section 4 (expenditure related to exempt gas and deballasting) is amended as follows. After subsection (5) insert— expenditure would (apart from this subsection) fall within paragraph (a) of subsection (5) above, and the asset has, at any time in the period of 6 years ending with the date on which the expenditure was incurred, been used in a way that gives rise to tax-exempt tariffing receipts, the expenditure shall not be regarded for the purposes of that subsection as expenditure incurred in enhancing the value of the asset with a view to the subsequent disposal of the asset, or of an interest in it, to the extent that the amount of the expenditure falls to be reduced in accordance with subsection (7) below. The reduction is to be made by applying section 7A below in relation to the expenditure as it applies in relation to disposal receipts in respect of a disposal, but with the substitution— for references to the disponor, of references to the person incurring the expenditure (“the relevant participator”), for references to the amount or value (apart from that section) of any disposal receipts of the disponor in respect of the disposal, of references to the amount which would, apart from subsection (6) above, be the amount of the expenditure incurred by the relevant participator with a view to the subsequent disposal of the asset or of an interest in it, for references to the interest disposed of, of references to the asset or interest whose subsequent disposal gives or is expected to give rise to disposal receipts, for references to the date of the disposal, of references to the date on which the expenditure was incurred, and taking the reference in subsection (6)(b) of that section to a reduction made by virtue of that section as a reference to a reduction made by virtue of that section for the purposes of section 7(9) of this Act. Section 7 (chargeable receipts from disposals) is amended as follows. In subsection (4) (no account to be taken of disposal more than 2 years after cessation of use in connection with any oil field whatsoever or ceasing to give rise to tariff receipts)— at the end of paragraph (b) insert ceases to give rise to tax-exempt tariffing receipts of that participator, in the closing words, for “later” substitute “ latest ”. After subsection (8) insert— In determining the amount or value of the disposal receipts of the participator in question in a case where the qualifying asset has been used in a way that gives rise to tax-exempt tariffing receipts, the amount or value (apart from this subsection) of any disposal receipts of his in respect of the disposal shall be reduced in accordance with section 7A below. After section 7 insert— Where this section applies, the amount or value (apart from this section) of any disposal receipts of the participator (“the disponor”) in respect of the disposal shall be reduced in accordance with the following provisions of this section. The reduction is to be made by multiplying that amount or value by the fraction that is equal to— In that formula— T is the aggregate of the tax-exempt tariffing use of the asset in the reference period by— the disponor, so far as referable to the interest disposed of, and each of the previous owners, so far as referable to that previous owner’s represented interest, and A is the aggregate of all use of the asset in the reference period by— each of the previous owners, so far as referable to that previous owner’s represented interest, but only taking into account for this purpose use of the asset by a person at a time when he is or was a participator in a taxable field. “the interest disposed of” means the asset, or the interest in an asset, the disposal of which gives rise to the disposal receipts mentioned in subsection (1) above; “previous owner” means any person from whom the disponor directly or indirectly derives his title to the whole or any part of the interest disposed of; “the reference period” means the shorter of the following periods ending with the date of the disposal— the period of 6 years; or the period beginning with the bringing into existence of the asset; “represented interest”, in the case of a previous owner, means so much of the interest which that previous owner had in the asset as is represented in the interest disposed of; “tax-exempt tariffing use”, in relation to an asset, means use of the asset in a way that gives rise to tax-exempt tariffing receipts. Any apportionment that falls to be made for the purpose of determining a previous owner’s represented interest shall be made using a method which is just and reasonable, having regard to— the proportion of any person’s interest that was acquired from any particular person, and the proportion of any person’s interest that was transferred to any particular person. the disponor or any previous owner acquired the asset or an interest in the asset from another person, and on that other person’s corresponding disposal of the asset or interest a reduction was made by virtue of this section, use of the asset shall not be brought into account in determining T or A in the formula in subsection (2) above to the extent that it was so brought into account in relation to that corresponding disposal. Where paragraph 9 of Schedule 2 to this Act (reduction of disposal receipts in respect of brought-in assets) applies in relation to an asset, no account shall be taken for the purposes of this section of any use of the asset during the initial period. In this subsection “the initial period”, in relation to an asset, has the same meaning as it has in relation to that asset in paragraph 7 of Schedule 1 to this Act (restriction on allowable expenditure on brought-in asset). For the purposes of this section, the amount of use of an asset— where the use is in relation to oil, is to be determined by reference to the volume of oil in relation to which the asset is used, and where the use is otherwise than in relation to oil, is to be determined on a just and reasonable basis. For the purposes of this section, the extent to which use of an asset is referable to— the interest disposed of, or the represented interest of a previous owner, shall be determined on a just and reasonable basis, having regard to the size of the interest in question and the size from time to time of the whole interest in the asset of the disponor or, as the case may be, that previous owner. In Schedule 1 (allowable expenditure) in Part 1 (extensions of allowable expenditure for assets generating receipts) paragraph 3 is amended as follows. After sub-paragraph (2) insert— the expenditure would (apart from this sub-paragraph) be regarded as incurred with a view to the subsequent disposal of the asset or of an interest in it, and the expenditure shall not be regarded for the purposes of this paragraph as expenditure incurred with a view to the subsequent disposal of the asset or of an interest in it, to the extent that the amount of the expenditure falls to be reduced in accordance with sub-paragraph (2B) below. The reduction is to be made by applying section 7A of this Act in relation to the expenditure as it applies in relation to disposal receipts in respect of a disposal, but with the substitution— for references to the disponor, of references to the participator incurring the expenditure (“the relevant participator”), for references to the amount or value (apart from that section) of any disposal receipts of the disponor in respect of the disposal, of references to the amount which would, apart from sub-paragraph (2A) above, be the amount of the expenditure incurred by the relevant participator with a view to the subsequent disposal of the asset or of an interest in it, In Part 2 of Schedule 1, paragraph 7 is amended as follows. In sub-paragraph (1)(c) (use of asset otherwise than in connection with a taxable field between acquisition etc and first use in connection with oil field)— after “was used” insert “ (i) ”; after “otherwise than in connection with a taxable field,” insert “ or ”; after the word “or” so inserted, insert the following sub-paragraph— in connection with a taxable field in a way that gives rise to tax-exempt tariffing receipts, In Part 2 of Schedule 1, paragraph 8 is amended as follows. In sub-paragraph (3) (asset giving rise to tariff receipts attributable to taxable field treated as used in connection with a taxable field)— after “gives rise to” insert “ (a) ”; after “attributable to a taxable field,” insert “ or ”; after the word “or” so inserted, insert the following paragraph— tax-exempt tariffing receipts which, if they were tariff receipts (and expenditure were or had been allowable accordingly), would be tariff receipts of the purchaser attributable to a taxable field, In sub-paragraph (5) (chargeable period to be determined in relation to field in respect of which asset last gave rise to tariff receipts of purchaser etc) at the end of paragraph (b) insert if it is later than paragraph (a) and (where otherwise applicable) paragraph (b) above, in respect of which the asset would have last given rise to tariff receipts of the purchaser had tax-exempt tariffing receipts of the purchaser been tariff receipts of his (and if expenditure were or had been allowable accordingly); “claim period” has the same meaning as in Part 1 of the Oil Taxation Act 1975 (c. 22); “relevant receipts” means each of the following— tax-exempt tariffing receipts; amounts that would be tax-exempt tariffing receipts apart from sub-paragraph (4); “the transitional period” means the period— beginning with 9th April 2003, and ending with 31st December 2003. expenditure was incurred in the transitional period by a participator in an oil field in acquiring, bringing into existence or enhancing the value of an asset, the asset is one whose useful life continues, or is expected to continue, after the end of the claim period in which the expenditure was incurred, the expenditure is allowable for a claim period ending after 9th April 2003, at the time the expenditure was incurred, the asset was being, or was expected to be, used to any extent in relation to— an oil field or foreign field (a “user field”), or oil won from such a field, and that use (or expected use) is use in such a way as, in a chargeable period ending on or after 30th June 2004, gives rise, or would have given rise, to relevant receipts of the participator or, where sub-paragraph (3) applies, of a successor. This sub-paragraph applies where— after the incurring of the expenditure, there is or has been a transfer of an interest of the participator’s in the asset, and as a result of that transfer (or of any subsequent transfer of the whole or any part of that interest), relevant receipts (“consequential relevant receipts”) arise, or are expected to arise, to a person (a “successor”) who is a participator in an oil field. In the case of each user field, the initial portion of the aggregate of the relevant receipts of the participator, and the consequential relevant receipts of each successor, that are referable to— use of the asset in relation to that field or oil won from it, or the provision of services or other business facilities of whatever kind in connection with any such use of the asset (otherwise than by the participator or the successor himself), shall not be tax-exempt tariffing receipts (and shall accordingly continue to be tariff receipts). “the initial portion”, in relation to the aggregate of any relevant receipts, means so much of that aggregate as does not exceed the qualifying threshold for the user field in question; and for this purpose amounts received or receivable at an earlier date are to be attributed to the initial portion before amounts received or receivable at a later date; “the qualifying threshold”, in relation to a user field, means an amount equal to such part of the aggregate of the expenditure— incurred by the participator in relation to the asset in question, and falling within sub-paragraph (2), as it is just and reasonable to apportion to the use (or expected use) of the asset, in relation to that user field or oil won from it, in a way that gives rise to relevant receipts of the participator or consequential relevant receipts of any successor. Expressions used in this paragraph and in section 6A of the Oil Taxation Act 1983 (c. 56) have the same meaning in this paragraph as they have in that section. Section 98 of the Finance Act 1999 (c. 16) is amended as follows. After the words “tariff receipts”, in each place where they occur, insert “ , tax-exempt tariffing receipts ”. In relation to tax-exempt tariffing receipts, any reference in this section— to being attributable to a field for a period, or to being referable to an asset, shall be construed as if tax-exempt tariffing receipts were tariff receipts (and expenditure were or had been allowable accordingly). The following is the Schedule to be inserted as Schedule 19B to the Taxes Act 1988— This Schedule entitles a company carrying on a ring fence trade, on making a claim in respect of an accounting period ending on or after 1st January 2004, to a supplement (initially of 6%, but variable by Treasury order) in respect of— qualifying capital expenditure incurred before the trade is set up and commenced, losses incurred in the trade, determined by reference to allowances under Part 6 of the Capital Allowances Act (expenditure on research and development) in respect of qualifying capital expenditure, and some or all of the supplement allowed in respect of earlier periods. To qualify, the capital expenditure in question must be incurred on or after 1st January 2004 in respect of oil and gas exploration and appraisal (as well as satisfying other conditions). Part 2 makes provision about the application and interpretation of this Schedule. Part 3 makes provision about supplement in relation to expenditure incurred by the company— with a view to carrying on a ring fence trade, but in an accounting period before the company sets up and commences that trade. Part 4 makes provision about supplement in relation to losses incurred in carrying on the ring fence trade. There is a limit on the number of accounting periods (6) in respect of which a company may claim supplement. In determining the amount of supplement allowable, reductions fall to be made in respect of— disposal receipts by virtue of section 555 of the Capital Allowances Act (disposal of oil licence with exploitation value), ring fence losses that could be set off under section 393A against ring fence profits of earlier periods, ring fence losses incurred in earlier periods that fall to be set off under section 393 against profits of succeeding periods, unrelieved group ring fence profits. This Schedule applies in relation to any company which— carries on a ring fence trade, or is engaged in oil and gas exploration and appraisal (see section 837B) with a view to carrying on a ring fence trade, and in this Schedule any such company is referred to as a “qualifying company”. In this Schedule, in the case of any qualifying company,— “the commencement period” means the accounting period in which the company sets up and commences its ring fence trade; “post-commencement period” means any accounting period ending on or after 1st January 2004— which is the commencement period, or which ends after the commencement period; “pre-commencement period” means any accounting period ending— on or after 1st January 2004, and before the commencement period. For the purposes of this Schedule a company not within the charge to corporation tax which incurs qualifying E&A expenditure is to be treated as having such accounting periods as it would have if— it carried on a trade consisting of the activities in respect of which the expenditure is incurred, and it had started to carry on that trade when it started to carry on the research and development on which the expenditure is incurred. For the purposes of this Schedule, the relevant percentage for any accounting period ending on or after 1st January 2004 is 6%. The Treasury may by order vary the percentage for the time being specified in sub-paragraph (1) for such accounting periods as may be specified in the order. A company may claim supplement under this Schedule in respect of no more than 6 accounting periods. The accounting periods in respect of which claims are made need not be consecutive. For the purposes of this Schedule “qualifying E&A expenditure”is any expenditure as respects which the following conditions are satisfied. Condition 1 is that the expenditure is incurred on or after 1st January 2004. Condition 2 is that, for the purposes of Part 6 of the Capital Allowances Act, the expenditure is qualifying expenditure incurred on research and development consisting of oil and gas exploration and appraisal (see section 437(2)(b) of that Act). Condition 3 is that an allowance under section 441 of that Act is claimed in respect of the expenditure. Condition 4 is that the expenditure is incurred in the course of oil extraction activities. Condition 5 is that— those oil extraction activities are comprised in a ring fence trade, or after incurring the expenditure, the person incurring it sets up and commences a ring fence trade connected with the research and development. There is an amount of unrelieved group ring fence profits for an accounting period of a qualifying company (“company Q”) in any case where— the company and any other company (“company X”) are members of the same group of companies, within the meaning given by section 413(3)(a), and company X has an amount of taxable ring fence profits (see paragraph 8) for a corresponding accounting period. An accounting period of company X corresponds to an accounting period of company Q if— it coincides with, or falls wholly within, the accounting period of company Q, or it falls partly within the accounting period of company Q. Where an accounting period of company X— coincides with an accounting period of company Q, or falls wholly within an accounting period of company Q, there is, for the accounting period of company Q, an amount of unrelieved group ring fence profits equal to the whole of company X’s taxable ring fence profits for its accounting period. Where an accounting period of company X falls partly within an accounting period of company Q— there is an amount of unrelieved group ring fence profits for the accounting period of company Q, and that amount is an amount equal to the part of company X’s taxable ring fence profits for its accounting period that is attributable, on an apportionment in accordance with section 834(4), to the part of that period which falls within the accounting period of company Q. This paragraph applies for the purposes of this Schedule. For the purposes of this Schedule, a company has taxable ring fence profits for an accounting period if it has an amount of ring fence profits which is chargeable to corporation tax for that accounting period after any group relief claimed under Chapter 4 of Part 10. a qualifying company claims an allowance under section 441 of the Capital Allowances Act (research and development allowances) for the commencement period, and the claim is for an allowance in respect of qualifying E&A expenditure incurred before that period, the company may also claim supplement under this Part of this Schedule (“pre-commencement supplement”) in respect of one or more pre-commencement periods. Any pre-commencement supplement allowed on a claim in respect of a pre-commencement period shall be treated as an allowance under Part 6 of the Capital Allowances Act for the commencement period in respect of qualifying E&A expenditure incurred by the company. The amount of the supplement for any pre-commencement period in respect of which a claim under this paragraph is made is the relevant percentage for that period of the reference amount for that period. If the pre-commencement period is a period of less than twelve months, the amount of the supplement for the period (apart from this sub-paragraph) shall be reduced proportionally. Paragraphs 10 to 13 have effect for the purpose of determining the reference amount for a pre-commencement period. For the purpose of determining the amount of any pre-commencement supplement, a qualifying company shall be taken to have had, at all times in the pre-commencement periods of the company, a continuing mixed pool of qualifying E&A expenditure and pre-commencement supplement. The pool shall be taken to have consisted of— the company’s qualifying E&A expenditure, allocated to the pool for each pre-commencement period in accordance with sub-paragraph (3), and the company’s pre-commencement supplement, allocated to the pool for each pre-commencement period in accordance with sub-paragraph (4). To allocate qualifying E&A expenditure to the pool for any pre-commencement period, take the following steps— Step 1: count as eligible expenditure for that period so much of the qualifying E&A expenditure mentioned in paragraph 9(1)(b) as was incurred in that period, Step 2: find the total of all the eligible expenditure for that period (amount E), Step 3: if paragraph 11 applies, reduce amount E in accordance with that paragraph, Step 4: if paragraph 12 applies, reduce (or, as the case may be, further reduce) amount E in accordance with that paragraph, and so much of amount E as remains after making those reductions shall be taken to have been added to the pool in that period. If any pre-commencement supplement is allowed on a claim in respect of a pre-commencement period, the amount of that supplement shall be taken to have been added to the pool in that period. the qualifying company disposes of an interest in an oil licence in a pre-commencement period, part of the value of the interest (the “deductible amount”) is attributable to qualifying E&A expenditure incurred by the company, and section 555 of the Capital Allowances Act (disposal of oil licence with exploitation value) has effect in relation to the disposal. For the purpose of allocating qualifying E&A expenditure to the pool for each pre-commencement period— find the total of the deductible amounts in the case of all such disposals made by the company (amount D), and taking later periods before earlier periods, reduce (but not below nil) amount E for any pre-commencement period by setting against it so much of amount D as does not fall to be set against amount E for a later pre-commencement period. In this paragraph “oil licence” has the same meaning as in section 555 of the Capital Allowances Act (see section 552 (1) of that Act). This paragraph applies if there is an amount of unrelieved group ring fence profits for a pre-commencement period. For the purpose of allocating qualifying E&A expenditure to the pool for that period— find so much (if any) of amount E for that period as remains after any reduction falling to be made under paragraph 11, and reduce that amount (but not below nil) by setting against it a sum equal to the aggregate of the amounts of unrelieved group ring fence profits for the period. For the purposes of this Part of this Schedule, the reference amount for a pre-commencement period is the amount in the pool at the end of the period— after the addition to the pool of any qualifying E&A expenditure allocated to the pool for that period in accordance with paragraph 10(3), but before determining, and adding to the pool, the amount of any pre-commencement supplement claimed in respect of the period. Any claim for pre-commencement supplement in respect of a pre-commencement period must be made at the same time as, and as if it were part of, the claim under section 441 of the Capital Allowances Act mentioned in paragraph 9(1)(a). Subsection (3) of that section (claim for reduced amount) applies in relation to any such claim. A qualifying company which incurs a qualifying E&A loss (see paragraph 17) in a post-commencement period may claim supplement under this Part of this Schedule (“post-commencement supplement”) in respect of— that period, or any subsequent accounting period in which it carries on its ring fence trade. Any post-commencement supplement allowed on a claim in respect of a post-commencement period shall be treated for the purposes of the Corporation Tax Acts (other than this Part of this Schedule) as if it were a loss— incurred in carrying on the ring fence trade in that period, which falls in whole to be set off under section 393 against trading income from the ring fence trade in succeeding accounting periods. Paragraph 74 of Schedule 18 to the Finance Act 1998 (company tax returns etc: time limit for claims for group relief) shall apply in relation to a claim for post-commencement supplement as it applies in relation to a claim for group relief. The amount of the post-commencement supplement for any post-commencement period in respect of which a claim under paragraph 15 is made is the relevant percentage for that period of the reference amount for that period. If the post-commencement period is a period of less than twelve months, the amount of the supplement for the period (apart from this sub-paragraph) shall be reduced proportionally. Paragraphs 19 to 24 have effect for the purpose of determining the reference amount for a post-commencement period. in any post-commencement period (“the period of the loss”) a qualifying company carrying on a ring fence trade incurs a loss in the trade, and some or all of the loss falls to be set off under section 393 against trading income from the trade in succeeding accounting periods, so much of the loss as falls to be so set off is a “ring fence loss” of the company. In determining for the purposes of this Part of this Schedule how much of a loss incurred in a ring fence trade falls to be set off as mentioned in sub-paragraph (1)(b), it shall be assumed that every claim is made that could be made by the company under section 393A to set losses incurred in the ring fence trade against ring fence profits of earlier post-commencement periods. So much of a ring fence loss as is attributable to qualifying E&A allowances for the period of the loss is a “qualifying E&A loss”. A ring fence loss is attributable to qualifying E&A allowances to the extent that the amount of the ring fence loss does not exceed the amount of the qualifying E&A allowances for the period of the loss. But a claim for post-commencement supplement may include an election for a ring fence loss to be treated— as attributable to qualifying E&A allowances for the period of the loss to such lesser extent as may be specified in the election, or as not attributable to such allowances. “Qualifying E&A allowances”, in the case of an accounting period, means allowances for that period under Part 6 of the Capital Allowances Act in respect of qualifying E&A expenditure incurred by the company (including any pre-commencement supplement treated under paragraph 9(2) as such an allowance). This paragraph has effect for the purposes of this Part of this Schedule. So much of a ring fence loss as is not a qualifying E&A loss is a non-qualifying loss. a loss was incurred by a qualifying company in its ring fence trade in an accounting period ending on or before 31st December 2003, and some or all of that loss falls to be set off under section 393 against profits of that trade in accounting periods ending on or after that date, so much of the loss as falls to be so set off is a ring fence loss and that loss is a non-qualifying loss. For the purpose of determining the amount of any post-commencement supplement, a qualifying company shall be taken at all times in its post-commencement periods to have— a continuing pool of the company’s non-qualifying losses (the “non-qualifying pool”), and a continuing mixed pool of the company’s qualifying E&A losses and post-commencement supplement (the “qualifying pool”). A pool continues even if the amount in it is nil. The non-qualifying pool consists of the company’s non-qualifying losses, allocated to the pool in accordance with sub-paragraph (2). A non-qualifying loss is allocated to the pool by adding the amount of the non-qualifying loss to the pool in the period of the loss. In the case of a non-qualifying loss incurred in an accounting period ending on or before 31st December 2003, the period of the loss shall be taken for the purposes of sub-paragraph (2) to be the first accounting period of the company that ends on or after 1st January 2004. The amount in the non-qualifying pool is subject to reductions in accordance with the following provisions of this Part of this Schedule. Where a reduction in the amount in the non-qualifying pool falls to be made in any accounting period— the reduction is to be made after the addition to the pool of any non-qualifying loss allocated to the pool in that period in accordance with sub-paragraph (2), and references to the amount in the non-qualifying pool shall be construed accordingly. The qualifying pool consists of— the company’s qualifying E&A losses, allocated to the pool in accordance with sub-paragraph (2)(a), and the company’s post-commencement supplement, allocated to the pool in accordance with sub-paragraph (2)(b). The allocation of qualifying E&A losses and post-commencement supplement to the pool is as follows— the amount of a qualifying E&A loss is added to the pool in the period of the loss, and if any post-commencement supplement is allowed on a claim in respect of a post-commencement period, the amount of that supplement is added to the pool in that period. The amount in the qualifying pool is subject to reductions in accordance with the following provisions of this Part of this Schedule. Where a reduction in the amount in the qualifying pool falls to be made in any accounting period, the reduction is to be made— after the addition to the pool of the amount of any qualifying E&A losses allocated to the pool in that period in accordance with sub-paragraph (2)(a), but before determining, and adding to the pool, the amount of any supplement claimed in respect of the period, and references to the amount in the pool shall be construed accordingly. If one or more ring fence losses are set off under section 393 against any profits of a post-commencement period, reductions shall be made in that period in accordance with this paragraph. The amount in the non-qualifying pool shall be reduced (but not below nil) by setting against it a sum equal to the total amount so set off. If any of that sum remains after being so set against the amount in the non-qualifying pool, the amount in the qualifying pool shall be reduced (but not below nil) by setting against it so much of that sum as so remains. If there is an amount of unrelieved group ring fence profits for a post-commencement period, reductions shall be made in that period in accordance with this paragraph. In the following provisions of this paragraph, references to the remaining amount in a pool are references to so much (if any) of the amount in the pool as remains after making any reductions that fall to be made in accordance with paragraph 22. The remaining amount in the non-qualifying pool shall be reduced (but not below nil) by setting against it a sum equal to the aggregate of the amounts of unrelieved group ring fence profits for the period. If any of that sum remains after being so set against the remaining amount in the non-qualifying pool, the remaining amount in the qualifying pool shall be reduced (but not below nil) by setting against it so much of that sum as so remains. For the purposes of this Part of this Schedule the reference amount for a post-commencement period is so much of the amount in the qualifying pool as remains after making any reductions required by paragraph 22 or 23. Part 4 of the Finance Act 2003 (c. 14) (stamp duty land tax) is amended in accordance with this Part of this Schedule. In section 43 (land transactions)— in paragraph (c) of subsection (3) (variation of chargeable interest), after “interest” insert “ (other than a lease) ”; the variation of a lease is an acquisition and disposal of a chargeable interest only where it takes effect, or is treated for the purposes of this Part, as the grant of a new lease. In section 44 (contract and conveyance), after subsection (9) insert— paragraph 12A of Schedule 17A applies (agreement for lease), or paragraph 19(3) to (6) of Schedule 17A applies (missives of let etc in Scotland), it applies in place of subsections (4), (8) and (9). After section 44 insert— This section applies where a contract is entered into under which a chargeable interest is to be conveyed by one party to the contract (A) at the direction or request of the other (B)— to a person (C) who is not a party to the contract, or either to such a person or to B. B is not regarded as entering into a land transaction by reason of entering into the contract, but the following provisions have effect. If the contract is substantially performed B is treated for the purposes of this Part as acquiring a chargeable interest, and accordingly as entering into a land transaction. The effective date of the transaction is when the contract is substantially performed. Where the contract is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of subsection (3) shall (to that extent) be repaid by the Inland Revenue. Repayment must be claimed by amendment of the land transaction return made in respect of the contract. Subject to subsection (6), section 44 (contract and conveyance) does not apply (except so far as it defines “substantial performance”) in relation to the contract. this section applies by virtue of subsection (1)(b), and by reason of B’s direction or request, A becomes obliged to convey a chargeable interest to B, section 44 applies to that obligation as it applies to a contract for a land transaction that is to be completed by a conveyance. Section 44 applies in relation to any contract between B and C, in respect of the chargeable interest referred to in subsection (1) above, that is to be completed by a conveyance. References to completion in that section, as it so applies, include references to conveyance by A to C of the subject matter of the contract between B and C. In this section “contract” includes any agreement and “conveyance” includes any instrument. In section 48 (chargeable interests), after subsection (6) insert— This section has effect subject to subsection (3) of section 44A (contract and conveyance to third party). In section 77 (notifiable transactions), after subsection (4) insert— A land transaction that a person is treated as entering into by virtue of subsection (3) of section 44A (contract and conveyance to third party) is notifiable. Section 45 (contract and conveyance: effect of transfer of rights) is amended as follows. after paragraph (b) insert paragraph 12B of Schedule 17A (assignment of agreement for lease) does not apply. at the end insert “ , and references to the transferor and the transferee shall be read accordingly ”. For subsection (5) substitute— Where a transfer of rights relates to part only of the subject-matter of the original contract (“the relevant part”)— subsection (8)(b) of section 44 (restriction of charge to tax on subsequent conveyance) has effect as if the reference to the amount of tax chargeable on that contract were a reference to an appropriate proportion of that amount, and a reference in the second sentence of subsection (3) above to the original contract, or a reference in subsection (4) above to the secondary contract arising from an earlier transfer of rights, is to that contract so far as relating to the relevant part (and that contract so far as not relating to the relevant part shall be treated as a separate contract). In relation to a land transaction treated as taking place by virtue of subsection (3)— references in Schedule 7 (group relief) to the vendor shall be read as references to the vendor under the original contract; other references in this Part to the vendor shall be read, where the context permits, as referring to either the vendor under the original contract or the transferor. After section 45 insert— a contract (“the original contract”) is entered into under which a chargeable interest is to be conveyed by one party to the contract (A) at the direction or request of the other (B)— either to such a person or to B, there is an assignment or other transaction (relating to the whole or part of the subject-matter of the original contract) as a result of which a person (D) becomes entitled to exercise any of B’s rights under the original contract in place of B. References in the following provisions of this section to a transfer of rights are to any such assignment or other transaction. D is not regarded as entering into a land transaction by reason of the transfer of rights, but section 44A (contract providing for conveyance to third party) has effect in accordance with the following provisions of this section. That section applies as if— D had entered into a contract (a “secondary contract”) in the same terms as the original contract except with D as a party instead of B, and the consideration due from D under the secondary contract were— so much of the consideration under the original contract as is referable to the subject-matter of the transfer of rights and is to be given (directly or indirectly) by D or a person connected with him, and the consideration given for the transfer of rights. The substantial performance of the original contract shall be disregarded if— it occurs at the same time as, and in connection with, the substantial performance of the secondary contract, or it occurs after the transfer of rights. Where there are successive transfers of rights, subsection (3) has effect in relation to each of them. The substantial performance of the secondary contract arising from an earlier transfer of rights shall be disregarded if— it occurs at the same time as, and in connection with, the substantial performance of the secondary contract arising from a subsequent transfer of rights, or it occurs after that subsequent transfer. Where a transfer of rights relates to only part of the subject matter of the original contract, or to only some of the rights under that contract— a reference in subsection (3)(a) or (4) to the original contract, or a reference in subsection (6) to the secondary contract arising from an earlier transfer, is to that contract so far as relating to that part or those rights, and that contract so far as not relating to that part or those rights shall be treated as a separate contract. The effective date of a land transaction treated as entered into by virtue of subsection (3) is not earlier than the date of the transfer of rights. In relation to a such a transaction— references in Schedule 7 (group relief) to the vendor shall be read as references to A; other references in this Part to the vendor shall be read, where the context permits, as referring to either A or B. Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of subsection (3)(b). In this section “contract” includes any agreement. In section 122 (index of defined expressions), in the entry for “vendor” insert at the end “ (see too sections 45(5A) and 45A(9)) ”. Section 57A (sale and leaseback arrangements) (inserted by the Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816)) is amended as follows. In subsection (3) (the qualifying conditions), for paragraph (b) substitute— that the sale transaction is entered into wholly or partly in consideration of the leaseback transaction being entered into, that the only other consideration (if any) for the sale is the payment of money or the assumption, satisfaction or release of a debt (or both), After paragraph (c) of that subsection insert— that the sale is not a transfer of rights within the meaning of section 45 (contract and conveyance: effect of transfer of rights) or 45A (contract providing for conveyance to third party: effect of transfer of rights), and where A and B are both bodies corporate at the effective date of the leaseback transaction, that they are not members of the same group for the purposes of group relief (see paragraph 1 of Schedule 7) at that date. Omit subsection (4) (chargeable consideration for sale taken to be not less than market value). In section 79 (registration of land transactions etc), in subsection (2) (transactions to which section does not apply), for the words from “other than” to the end of paragraph (b) substitute other than a transaction treated as taking place— under subsection (4) of section 44 (contract and conveyance) or under that section as it applies by virtue of section 45 (contract and conveyance: effect of transfer of rights), or under subsection (3) of section 44A (contract providing for conveyance to third party) or under that section as it applies by virtue of section 45A (contract providing for conveyance to third party: effect of transfer of rights). In section 119 (meaning of “effective date” of a transaction), in subsection (2) (cases where effective date is not date of completion)— after the entry for section 44(4) insert— “ section 44A(3) (contract providing for conveyance to third party), section 45A(8) (contract providing for conveyance to third party: effect of transfer of rights), ”; at the end insert— “ paragraph 12A(2) of Schedule 17A (agreement for lease followed by substantial performance), paragraph 12B(3) of that Schedule (assignment of agreement for lease occurring after agreement substantially performed), and paragraph 19(3) of that Schedule (missives of let etc in Scotland followed by substantial performance). ”. Schedule 4 (chargeable consideration) is amended as follows. In paragraph 10 (carrying out of works), after sub-paragraph (2) insert— Where subsection (8) of section 44 (contract and conveyance) applies, so that there are two notifiable transactions (the first being the contract and the second being the transaction effected on completion), the condition in sub-paragraph (2)(a) is treated as met in relation to the second transaction if it is met in relation to the first. In paragraph 17 (arrangements involving public or educational bodies) (inserted by the Stamp Duty Land Tax (Amendment of Schedule 4 to the Finance Act 2003) Regulations 2003 (S.I. 2003/3293)), after sub-paragraph (4) insert— Sub-paragraphs (3) and (4) shall be disregarded for the purposes of determining whether the land transaction in question is notifiable. In Schedule 5 (amount of tax chargeable: rent), after paragraph 1 insert— For the purposes of this Part “rent” does not include any chargeable consideration for the grant of a lease that is payable in respect of a period before the grant of the lease. Schedule 17A (further provisions relating to leases) (inserted by the Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816)) is amended as follows. After paragraph 7 insert— a lease contains provision under which the rent may be adjusted, under that provision the first (or only) such adjustment— is to an amount that (before the adjustment) is uncertain, and has effect from a date (the “review date”) that is expressed as falling five years after a specified date, the specified date falls within the three months before the beginning of the term of the lease, this Schedule has effect as if references to the first five years of the term of the lease were to the period beginning with the start of the term of the lease and ending with the review date. References to the fifth year of the term of the lease shall be read accordingly. In paragraph 9 (rent for overlap period in case of grant of further lease), in sub-paragraph (1), at the end of paragraph (b) insert a person claiming relief against re-entry or forfeiture as under-lessee in relation to the original sub-lease (“the old lease”) is granted a lease (“the new lease”) in pursuance of an order of a court. After paragraph 12 insert— This paragraph applies where in England and Wales or Northern Ireland— an agreement for a lease is entered into, and the agreement is substantially performed without having been completed. The agreement is treated as if it were the grant of a lease in accordance with the agreement (“the notional lease”), beginning with the date of substantial performance. The effective date of the transaction is that date. Where a lease is subsequently granted in pursuance of the agreement— the notional lease is treated as if it were surrendered at that time, and the lease itself is treated for the purposes of paragraph 9 (rent for overlap period in case of grant of further lease) as if it were granted in consideration of that surrender. Where sub-paragraph (1) applies and the agreement is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of that sub-paragraph shall (to that extent) be repaid by the Inland Revenue. Repayment must be claimed by amendment of the land transaction return made in respect of the agreement. In this paragraph “substantially performed” and “completed” have the same meanings as in section 44 (contract and conveyance). This paragraph applies, in place of section 45 (contract and conveyance: effect of transfer of rights), where in England and Wales or Northern Ireland a person assigns his interest as lessee under an agreement for a lease. If the assignment occurs without the agreement having been substantially performed, section 44 (contract and conveyance) has effect as if— the contract were with the assignee and not the assignor, and the consideration given by the assignee for entering into the contract included any consideration given by him for the assignment. If the assignment occurs after the agreement has been substantially performed— the assignment is a separate land transaction, and the effective date of that transaction is the date of the assignment. Where there are successive assignments, this paragraph has effect in relation to each of them. In paragraph 16 (surrender of existing lease in return for new lease), at the end insert— “ Paragraph 5 (exchanges) of Schedule 4 (chargeable consideration) does not apply in such a case. ”. In paragraph 19 (provisions relating to leases in Scotland), for sub-paragraph (2) substitute— Where in Scotland there is a lease constituted by concluded missives of let (“the first lease”) and at some later time a lease is executed (“the second lease”)— the first lease is treated as if it were surrendered at that time, and the second lease is treated for the purposes of paragraph 9 (rent for overlap period in case of grant of further lease) as if it were granted in consideration of that surrender. Where in Scotland— there are concluded missives of let that do not constitute a lease, and the agreement represented by the missives of let is substantially performed without a lease having been executed, the missives of let are treated as if they did constitute a lease (“the notional lease”).

The effective date of the transaction is when the agreement is substantially performed. Where sub-paragraph (3) applies and at some later time a lease is executed— the lease itself is treated for the purposes of paragraph 9 as if it were granted in consideration of that surrender. References in sub-paragraphs (2) to (4) to the execution of a lease are to the execution of a lease that either— is in conformity with the missives of let, or relates to substantially the same property and period as the missives of let. Where sub-paragraph (3) applies and the agreement is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of that sub-paragraph shall (to that extent) be repaid by the Inland Revenue. In Schedule 19 (commencement and transitional provisions), in paragraph 3 (contract entered into before first relevant date), for paragraph (c) of sub-paragraph (3) substitute— if on or after that date there is an assignment, subsale or other transaction (relating to the whole or part of the subject-matter of the contract) as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance to him. Paragraph 4, and paragraphs 7 and 8 so far as relating to the section 44A inserted by that paragraph, apply in relation to any contract entered into after 17th March 2004. Paragraph 5, and paragraphs 7 and 8 so far as relating to the section 45A inserted by that paragraph, apply in relation to any transfer of rights occurring after that date. Subject to sub-paragraphs (4) and (5), the amendments made by the other provisions of this Part of this Schedule apply in relation to any transaction of which the effective date is after 17th March 2004. Paragraph 12 does not apply in relation to a contract that was substantially performed before 17th March 2004. Paragraphs 6 and 11 (which contain amendments the effect of which is reproduced in Part 2 of this Schedule) do not apply in relation to any transaction of which the effective date is on or after the day on which this Act is passed. “effective date” and “substantially performed” have the same meaning as in Part 4 of the Finance Act 2003 (as amended by this Part of this Schedule); “transfer of rights” has the same meaning as in section 45 of that Act or, as the case may require, section 45A of that Act (inserted by paragraph 5(5)). This Part of this Schedule contains amendments to Parts 4 and 5 of the Finance Act 2003 (c. 14) (stamp duty land tax and stamp duty) corresponding, subject to certain changes, to those made by the Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816) (made under section 109 of that Act). Those regulations are revoked. Section 44 (contract and conveyance) is amended as follows. In subsection (5)(a) (meaning of “substantial performance”: purchaser taking possession), after “the purchaser” insert “ , or a person connected with the purchaser, ”. In subsection (6) (meaning of taking possession)— for paragraph (a) substitute— possession includes receipt of rents and profits or the right to receive them, and in paragraph (b), for “the purchaser takes possession” substitute “ possession is taken ”. After subsection (10) add— Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this section. After section 57 (disadvantaged areas relief) insert— The leaseback element of a sale and leaseback arrangement is exempt from charge if the qualifying conditions specified below are met. A “sale and leaseback”arrangement means an arrangement under which— A transfers or grants to B a major interest in land (the “sale”), and out of that interest B grants a lease to A (the “leaseback”). The qualifying conditions are— “debt” means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date; and “money” means money in sterling or another currency. For sections 58 and 59 (relief for certain exchanges of residential property and relocation relief) substitute— Schedule 6A provides for relief in the case of certain acquisitions of residential property. After Schedule 6 insert— Where a dwelling (“the old dwelling”) is acquired by a house-building company from an individual (whether alone or with other individuals), the acquisition is exempt from charge if the following conditions are met. that the individual (whether alone or with other individuals) acquires from the house-building company a new dwelling, that the individual— occupied the old dwelling as his only or main residence at some time in the period of two years ending with the date of its acquisition, and intends to occupy the new dwelling as his only or main residence, that each acquisition is entered into in consideration of the other, and that the area of land acquired by the house-building company does not exceed the permitted area. Where the conditions in sub-paragraph (2)(a) to (c) are met but the area of land acquired by the house-building company exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the old dwelling. A “house-building company” means a company that carries on the business of constructing or adapting buildings or parts of buildings for use as dwellings. References in this paragraph to such a company include any company connected with it. references to the acquisition of the new dwelling are to the acquisition, by way of grant or transfer, of a major interest in the dwelling; references to the acquisition of the old dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling; and references to the market value of the old dwelling and of the permitted area are, respectively, to the market value of that major interest in the dwelling and of that interest so far as it relates to that area. Where a dwelling (“the old dwelling”) is acquired by a property trader from an individual (whether alone or with other individuals), the acquisition is exempt from charge if the following conditions are met. that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from individuals who acquire new dwellings from house-building companies, that the individual (whether alone or with other individuals) acquires a new dwelling from a house-building company, that the property trader does not intend— to spend more than the permitted amount on refurbishment of the old dwelling, or to grant a lease or licence of the old dwelling, or to permit any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling, and that the area of land acquired by the property trader does not exceed the permitted area. Paragraph (d)(ii) does not apply to the grant of lease or licence to the individual for a period of no more than six months. Where the conditions in sub-paragraph (2)(a) to (d) are met, but the area of land acquired by the property trader exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the old dwelling. The provisions of paragraph 1(4) (meaning of “house-building company” etc) also have effect for the purposes of this paragraph. references to the acquisition of a new dwelling are to the acquisition, by way of grant or transfer, of a major interest in the dwelling; Where a dwelling is acquired by a property trader from the personal representatives of a deceased individual, the acquisition is exempt from charge if the following conditions are met. that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from personal representatives of deceased individuals, that the deceased individual occupied the dwelling as his only or main residence at some time in the period of two years ending with the date of his death, to spend more than the permitted amount on refurbishment of the dwelling, or to grant a lease or licence of the dwelling, or to permit any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling, and that the area of land acquired does not exceed the permitted area. Where the conditions in sub-paragraph (2)(a) to (c) are met, but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the dwelling. references to the acquisition of the dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling; and references to the market value of the dwelling and of the permitted area are, respectively, to the market value of that major interest in the dwelling and of that interest so far as it relates to that area. Where a dwelling (“the old dwelling”) is acquired by a property trader from an individual (whether alone or with other individuals), the acquisition is exempt from charge if— the individual has made arrangements to sell a dwelling (“the old dwelling”) and acquire another dwelling (“the second dwelling”), the arrangements to sell the old dwelling fail, and the acquisition of the old dwelling is made for the purpose of enabling the individual’s acquisition of the second dwelling to proceed, and the following conditions are met. that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from individuals in those circumstances, intends to occupy the second dwelling as his only or main residence, Paragraph (c)(ii) does not apply to the grant of a lease or licence to the individual for a period of no more than six months. Where the conditions in sub-paragraph (2)(a) to (c) are met, but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the old dwelling. references to the acquisition of the second dwelling are to the acquisition, by way of grant or transfer, of a major interest in the dwelling; Where a dwelling is acquired from an individual (whether alone or with other individuals) by his employer, the acquisition is exempt from charge if the following conditions are met. that the individual occupied the dwelling as his only or main residence at some time in the period of two years ending with the date of the acquisition, that the acquisition is made in connection with a change of residence by the individual resulting from relocation of employment, that the consideration for the acquisition does not exceed the market value of the dwelling, and Where the conditions in sub-paragraph (2)(a) to (c) are met but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the dwelling. In this paragraph “relocation of employment” means a change of the individual’s place of employment due to— his becoming an employee of the employer, an alteration of the duties of his employment with the employer, or an alteration of the place where he normally performs those duties. For the purposes of this paragraph a change of residence is one “resulting from” relocation of employment if— the change is made wholly or mainly to allow the individual to have his residence within a reasonable daily travelling distance of his new place of employment, and his former residence is not within a reasonable daily travelling distance of that place. The individual’s “new place of employment” means the place where he normally performs, or is normally to perform, the duties of his employment after the relocation. references to the acquisition of the dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling; references to the market value of the dwelling and of the permitted area are, respectively, to the market value of that major interest in the dwelling and of that interest so far as it relates to that area; and references to an individual’s employer include a prospective employer. Where a dwelling is acquired by a property trader from an individual (whether alone or with other individuals), the acquisition is exempt from charge if the following conditions are met. that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from individuals in connection with a change of residence resulting from relocation of employment, that the consideration for the acquisition does not exceed the market value of the dwelling, Paragraph (e)(ii) does not apply to the grant of a lease or licence to the individual for a period of no more than six months. Where the conditions in sub-paragraph (2)(a) to (e) are met but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the dwelling. his becoming employed by a new employer, an alteration of the duties of his employment, or An individual’s “new place of employment” means the place where he normally performs, or is normally to perform, the duties of his employment after the relocation. “Dwelling” includes land occupied and enjoyed with the dwelling as its garden or grounds. A building or part of a building is a “new dwelling”if— it has been constructed for use as a single dwelling and has not previously been occupied, or it has been adapted for use as a single dwelling and has not been occupied since its adaptation. “The permitted area”, in relation to a dwelling, means land occupied and enjoyed with the dwelling as its garden or grounds that does not exceed— an area (inclusive of the site of the dwelling) of 0.5 of a hectare, or such larger area as is required for the reasonable enjoyment of the dwelling as a dwelling having regard to its size and character. Where sub-paragraph (3)(b) applies, the permitted area is taken to consist of that part of the land that would be the most suitable for occupation and enjoyment with the dwelling as its garden or grounds if the rest of the land were separately occupied. A “property trader” means— a company, a limited liability partnership, or a partnership whose members are all either companies or limited liability partnerships, that carries on the business of buying and selling dwellings. In relation to a property trader a “principal” means— in the case of a company, a director; in the case of a limited liability partnership, a member; in the case of a partnership whose members are all either companies or limited liability partnerships, a member or a person who is a principal of a member. For the purposes of this Schedule— anything done by or in relation to a company connected with a property trader is treated as done by or in relation to that property trader, and references to the principals or employees of a property trader include the principals or employees of any such company. “Refurbishment”of a dwelling means the carrying out of works that enhance or are intended to enhance the value of the dwelling, but does not include— cleaning the dwelling, or works required solely for the purpose of ensuring that the dwelling meets minimum safety standards. The “permitted amount”, in relation to the refurbishment of a dwelling, is— 10,000, or 5% of the consideration for the acquisition of the dwelling, whichever is the greater, but subject to a maximum of £20,000. Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this Schedule. Relief under this Schedule is withdrawn in the following circumstances. Relief under paragraph 2 (acquisition by property trader from individual acquiring new dwelling) is withdrawn if the property trader— spends more than the permitted amount on refurbishment of the old dwelling, or grants a lease or licence of the old dwelling, or permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling. Paragraph (b) does not apply to the grant of lease or licence to the individual for a period of no more than six months. Relief under paragraph 3 (acquisition by property trader from personal representatives) is withdrawn if the property trader— spends more than the permitted amount on refurbishment of the dwelling, or grants a lease or licence of the dwelling, or permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling. Relief under paragraph 4 (acquisition by property trader from individual where chain of transactions breaks down) is withdrawn if the property trader— Relief under paragraph 6 (acquisition by property trader in case of relocation of employment) is withdrawn if the property trader— Where relief is withdrawn the amount of tax chargeable is the amount that would have been chargeable in respect of the acquisition but for the relief. In section 81 (further return where relief withdrawn)— in subsection (1) (obligation to deliver a further return), before paragraph (a) insert— paragraph 11 of Schedule 6A (relief for certain acquisitions of residential property), in subsection (4) (meaning of disqualifying event), before paragraph (a) insert— in relation to the withdrawal of relief under Schedule 6A, an event mentioned in paragraph (a), (b) or (c) of paragraph 11(2), (3), (4) or (5) of that Schedule; In section 87 (interest on unpaid tax)— in subsection (3)(a) (relevant date where relief is withdrawn), before sub-paragraph (i) insert— Schedule 6A (relief for certain acquisitions of residential property), in relation to the withdrawal of relief under Schedule 6A an event mentioned in paragraph (a), (b) or (c) of paragraph 11(2), (3), (4) or (5) of that Schedule; After section 81 (further return where relief withdrawn) insert— Where the effect of a transaction (“the later transaction”) that is linked to an earlier transaction is that the earlier transaction becomes notifiable, or that additional tax is payable in respect of the earlier transaction or that tax is payable in respect of the earlier transaction where none was payable before— the purchaser under the earlier transaction must deliver a return or further return in respect of that transaction before the end of the period of 30 days after the effective date of the later transaction, the return must include a self-assessment of the amount of tax chargeable as a result of the later transaction, the tax so chargeable is to be calculated by reference to the rates in force at the effective date of the earlier transaction, and the return must be accompanied by payment of the tax or additional tax payable. The provisions of Schedule 10 (returns, enquiries, assessments and other matters) apply to a return under this section as they apply to a return under section 76 (general requirement to deliver land transaction return), with the following adaptations— in paragraph 5 (formal notice to deliver return), the requirement in sub-paragraph (2)(a) that the notice specify the transaction to which it relates shall be read as requiring both the earlier and later transactions to be specified; references to the effective date of the transaction to which the return relates shall be read as references to the effective date of the later transaction. This section does not affect any requirement to make a return under section 76 in respect of the later transaction. In section 81(3) for “land transaction return” substitute “ return under section 76 (general requirement to deliver land transaction return) ”. In section 87 (interest on unpaid tax), in subsection (3) (meaning of “the relevant date”), after paragraph (a) insert— in the case of an amount payable under section 81A in respect of an earlier transaction because of the effect of a later linked transaction, the effective date of the later transaction; After section 81A (inserted by paragraph 19 above) insert— This section applies to the declaration mentioned in paragraph 1(1)(c) of Schedule 10 or paragraph 2(1)(c) of Schedule 11 (declaration that return or self-certificate is correct and complete). The requirement that an individual make such a declaration (alone or jointly with others) is treated as met if a declaration to that effect is made by a person authorised to act on behalf of that individual in relation to the matters to which the return or certificate relates. For the purposes of this section a person is not regarded as authorised to act on behalf of an individual unless he is so authorised by a power of attorney in writing, signed by that individual. In this subsection as it applies in Scotland “power of attorney” includes factory and commission. Nothing in this section affects the making of a declaration in accordance with— section 100(2) (persons through whom a company acts), or section 106 (1) or (2) (person authorised to act on behalf of incapacitated person or minor). Section 107 (Crown application) is amended as follows. For subsection (1) (extent of Crown application) substitute— This Part binds the Crown, subject to the following provisions of this section. After subsection (3) add— Nothing in this section shall be read as making the Crown liable to prosecution for an offence. For section 120 (meaning of “lease” and other supplementary provisions) substitute— Schedule 17A contains further provisions relating to leases. After Schedule 17 insert— In the application of this Part to England and Wales or Northern Ireland “lease” means— an interest or right in or over land for a term of years (whether fixed or periodic), or a tenancy at will or other interest or right in or over land terminable by notice at any time. In the application of the provisions of this Part to a lease for a fixed term, no account shall be taken of— any contingency as a result of which the lease may determine before the end of the fixed term, or any right of either party to determine the lease or renew it. This paragraph applies to— a lease for a fixed term and thereafter until determined, or a lease for a fixed term that may continue beyond the fixed term by operation of law. For the purposes of this Part (except section 77 (notifiable transactions)), a lease to which this paragraph applies is treated— in the first instance as if it were a lease for the original fixed term and no longer, if the lease continues after the end of that term, as if it were a lease for a fixed term one year longer than the original fixed term, if the lease continues after the end of the term resulting from the application of paragraph (b), as if it were a lease for a fixed term two years longer than the original fixed term, Where the effect of sub-paragraph (2) in relation to the continuation of the lease after the end of a fixed term is that additional tax is payable in respect of a transaction or that tax is payable in respect of a transaction where none was payable before— the purchaser must deliver a return or further return in respect of that transaction before the end of the period of 30 days after the end of that term, the return must include a self-assessment of the amount of tax chargeable in respect of the transaction on the basis of the information contained in the return, the tax so chargeable is to be calculated by reference to the rates in force at the effective date of the transaction, and The provisions of Schedule 10 (returns, enquiries, assessments and other matters) apply to a return under this paragraph as they apply to a return under section 76 (general requirement to deliver land transaction return), with the adaptation that references to the effective date of the transaction shall be read as references to the day on which the lease becomes treated as being for a longer fixed term. For the purposes of section 77 (notifiable transactions) a lease to which this paragraph applies is a lease for whatever is its fixed term. For the purposes of this Part (except section 77 (notifiable transactions))— a lease for an indefinite term is treated in the first instance as if it were a lease for a fixed term of a year, if the lease continues after the end of the term resulting from the application of paragraph (a), it is treated as if it were a lease for a fixed term of two years, if the lease continues after the end of the term resulting from the application of paragraph (b), it is treated as if it were a lease for a fixed term of three years, No account shall be taken for the purposes of this Part of any other statutory provision in England and Wales or Northern Ireland deeming a lease for an indefinite period to be a lease for a different term. Where the effect of sub-paragraph (1) in relation to the continuation of the lease after the end of a deemed fixed term is that additional tax is payable in respect of a transaction or that tax is payable in respect of a transaction where none was payable before— For the purposes of section 77 (notifiable transactions) a lease for an indefinite term is a lease for a term of less then seven years. References in this paragraph to a lease for an indefinite period include— a periodic tenancy or other interest or right terminable by a period of notice, a tenancy at will in England and Wales or Northern Ireland, or any other interest or right terminable by notice at any time. successive leases are granted or treated as granted (whether at the same time or at different times) of the same or substantially the same premises, and those grants are linked transactions. This Part applies as if the series of leases were a single lease— granted at the time of the grant of the first lease in the series, for a term equal to the aggregate of the terms of all the leases, and in consideration of the rent payable under all of the leases. The grant of later leases in the series is accordingly disregarded for the purposes of this Part except section 81A (return or further return in consequence of later linked transaction). For the purposes of this Part a single sum expressed to be payable in respect of rent, or expressed to be payable in respect of rent and other matters but not apportioned, shall be treated as entirely rent. Sub-paragraph (1) is without prejudice to the application of paragraph 4 of Schedule 4 (chargeable consideration: just and reasonable apportionment) where separate sums are expressed to be payable in respect of rent and other matters. This paragraph applies to determine the amount of rent payable under a lease where that amount— varies in accordance with provision in the lease, or is contingent, uncertain or unascertained. As regards rent payable in respect of any period before the end of the fifth year of the term of the lease— the provisions of this Part apply as in relation to other chargeable consideration, and the provisions of section 51 (1) and (2) accordingly apply if the amount is contingent, uncertain or unascertained. As regards rent payable in respect of any period after the end of the fifth year of the term of the lease, the annual amount is assumed for the purposes of this Part to be, in every case, equal to the highest amount of rent payable in respect of any consecutive twelve month period in the first five years of the term. In determining that amount take into account (if necessary) any amounts determined as mentioned in sub-paragraph (2)(b), but disregard paragraph 9(2) (deemed reduction of rent for overlap period in case of grant of further lease). This paragraph has effect subject to paragraph 8 (adjustment where rent payable ceases to be uncertain). No account shall be taken for the purposes of this Part of any provision for rent to be adjusted in line with the retail prices index. this Schedule has effect as if references to the first five years of the term of the lease were to the period beginning with the start of the term of the lease and ending with the review date. References to the fifth year of the term of the lease shall be read accordingly. Where the provisions of section 51 (1) and (2) (contingent, uncertain or unascertained consideration) apply in relation to a transaction by virtue of paragraph 7 (uncertain rent) and— the end of the fifth year of the term of the lease is reached, or the amount of rent payable in respect of the first five years of the term of the lease ceases to be uncertain at an earlier date, the following provisions have effect to require or permit reconsideration of how this Part applies to the transaction (and to any transaction in relation to which it is a linked transaction). For the purposes of this paragraph the amount of rent payable ceases to be uncertain when— in the case of contingent rent, the contingency occurs or it becomes clear that it will not occur, and in the case of uncertain or unascertained rent, the amount becomes ascertained. If the result as regards the rent paid or payable in respect of the first five years of the term of the lease is that a transaction becomes notifiable, or that additional tax is payable in respect of a transaction or that tax is payable where none was payable before— the purchaser must make a return to the Inland Revenue within 30 days of the date referred to in sub-paragraph (1)(a) or (b), the return must contain a self-assessment of the tax chargeable in respect of the transaction on the basis of the information contained in the return, the return must be accompanied by payment of any tax or additional tax payable. The provisions of Schedule 10 (returns, enquiries, assessment and other matters) apply to a return under this paragraph as they apply to a return under section 76 (general requirement to make land transaction return), subject to the adaptation that references to the effective date of the transaction shall be read as references to the date referred to in sub-paragraph (1)(a) or (b). If the result as regards the rent paid or payable in respect of the first five years of the term of the lease is that less tax is payable in respect of the transaction than has already been paid— after the end of that period he may (if the land transaction return is not so amended) make a claim to the Inland Revenue for repayment of the amount overpaid. A surrenders an existing lease to B (“the old lease”) and in consideration of that surrender B grants a lease to A of the same or substantially the same premises (“the new lease”), the tenant under a lease (“the old lease”) of premises to which Part 2 of the Landlord and Tenant Act 1954 or the Business Tenancies (Northern Ireland) Order 1996 applies makes a request for a new tenancy (“the new lease”) which is duly executed, on termination of a lease (“the head lease”) a sub-tenant is granted a lease (“the new lease”) of the same or substantially the same premises as those comprised in his original lease (“the old lease”)— in pursuance of an order of a court on a claim for relief against re-entry or forfeiture, or in pursuance of a contractual entitlement arising in the event of the head lease being terminated, a person who has guaranteed the obligations of a lessee under a lease that has been terminated (“the old lease”) is granted a lease of the same or substantially the same premises (“the new lease”) in pursuance of the guarantee. For the purposes of this Part the rent payable under the new lease in respect of any period falling within the overlap period is treated as reduced by the amount of the rent that would have been payable in respect of that period under the old lease. The overlap period is the period between the date of grant of the new lease and what would have been the end of the term of the old lease had it not been terminated. The rent that would have been payable under the old lease shall be taken to be the amount taken into account in determining the stamp duty land tax chargeable in respect of the acquisition of the old lease. This paragraph does not have effect so as to require the rent payable under the new lease to be treated as a negative amount. In the case of the grant of a lease none of the following counts as chargeable consideration— any undertaking by the tenant to repair, maintain or insure the demised premises (in Scotland, the leased premises); any undertaking by the tenant to pay any amount in respect of services, repairs, maintenance or insurance or the landlord’s costs of management; any other obligation undertaken by the tenant that is not such as to affect the rent that a tenant would be prepared to pay in the open market; any guarantee of the payment of rent or the performance of any other obligation of the tenant under the lease; any penal rent, or increased rent in the nature of a penal rent, payable in respect of the breach of any obligation of the tenant under the lease. Where sub-paragraph (1) applies in relation to an obligation, a payment made in discharge of the obligation does not count as chargeable consideration. The release of any such obligation as is mentioned in sub-paragraph (1) does not count as chargeable consideration in relation to the surrender of the lease. the grant of a lease is exempt from charge by virtue of any of the provisions specified in sub-paragraph (3), or a lease is granted to a person as bare trustee of the grantor, with the result that the lease is treated as vested in the grantor by virtue of paragraph 3 of Schedule 16. The first assignment of the lease that is not exempt from charge by virtue of any of the provisions specified in sub-paragraph (3), and in relation to which the assignee does not acquire the lease as a bare trustee of the assignor, is treated for the purposes of this Part as if it were the grant of a lease by the assignor— for a term equal to the unexpired term of the lease referred to in sub-paragraph (1), and on the same terms as those on which the assignee holds that lease after the assignment. section 57A (sale and leaseback arrangements); Part 1 or 2 of Schedule 7 (group relief or reconstruction or acquisition relief); section 66 (transfers involving public bodies); Schedule 8 (charities relief); any such regulations as are mentioned in section 123(3) (regulations reproducing in relation to stamp duty land tax the effect of enactments providing for exemption from stamp duty). This paragraph does not apply where the relief in question is group relief, reconstruction or acquisition relief or charities relief and is withdrawn as a result of a disqualifying event occurring before the effective date of the assignment. For the purposes of sub-paragraph (4) “disqualifying event” means— in relation to the withdrawal of group relief, the purchaser ceasing to be a member of the same group as the vendor (within the meaning of Part 1 of Schedule 7); in relation to the withdrawal of reconstruction or acquisition relief, the change of control of the acquiring company mentioned in paragraph 9(1)(a) of that Schedule or, as the case may be, the event mentioned in paragraph 11(1)(a) or (2)(a) of that Schedule; in relation to the withdrawal of charities relief, a disqualifying event as defined in paragraphs 2(3) or 3(2) of Schedule 8. Where a lease is assigned, anything that but for the assignment would be required or authorised to be done by or in relation to the assignor under or by virtue of— section 80 (adjustment where contingency ceases or consideration is ascertained), section 81A (return or further return in consequence of later linked transaction), paragraph 3 or 4 of this Schedule (return or further return required where lease for indefinite period continues), or paragraph 8 of this Schedule (adjustment where rent ceases to be uncertain), shall, if the event giving rise to the adjustment or return occurs after the effective date of the assignment, be done instead by or in relation to the assignee. So far as necessary for giving effect to sub-paragraph (1) anything previously done by or in relation to the assignor shall be treated as if it had been done by or in relation to the assignee. This paragraph does not apply if the assignment falls to be treated as the grant of a lease by the assignor (see paragraph 11). Where a lease is varied so as to increase the amount of the rent, the variation is treated for the purposes of this Part as if it were the grant of a lease in consideration of the additional rent made payable by it. Sub-paragraph (1) does not apply to an increase of rent in pursuance of a provision contained in the lease (but see paragraph 14). This paragraph applies if, after the end of the fifth year of the term of a lease— the amount of rent payable increases (or is increased) in accordance with the provisions of the lease, and the rent payable as a result (“the new rent”) is such that the increase falls to be regarded as abnormal (see paragraph 15). The increase in rent is treated as if it were the grant of a lease in consideration of the excess rent. The excess rent is the difference between the new rent and the rent previously taxed. The rent previously taxed is— where the provisions of this paragraph have not previously applied to a rent increase under the lease, the rent that is assumed to be payable after the fifth year of the term of the lease (in accordance with paragraph 7(3)); where the provisions of this paragraph have previously so applied, the rent payable as a result of the last increase in relation to which the provisions of this paragraph applied. The deemed grant is treated as— made on the date on which the increased rent first became payable, and for a term equal to the unexpired part of the original lease, and as linked with the grant of the original lease (and with any other transaction with which that transaction is linked). The assumption in paragraph 7(3) (that the rent does not change after the end of the fifth year of the term of a lease) does not apply for the purposes of this paragraph or paragraph 15 except for the purpose of determining the rent previously taxed. Whether an increase in rent is to be regarded for the purposes of paragraph 14 as abnormal is determined as follows:— Step One Find the start date, which is— where the provisions of that paragraph have not previously applied to a rent increase under the lease, the beginning of the period by reference to which the rent assumed to be payable after the fifth year of the term of the lease is determined in accordance with paragraph 7(3); where the provisions of that paragraph have previously so applied, the date of the last increase in relation to which the provisions of that paragraph applied. Step Two Divide the period between the start date and the date on which the new rent first becomes payable (“the reference period”) into— successive periods of twelve months running from the start date (if any), and any remaining period which does not fall within paragraph (a). Step Three Find the factor by which the retail prices index has increased over each period identified in step two. This is a figure expressed as a decimal and determined by the formula— RD is the retail prices index for the month in which the last day of the period in question falls, and RI is the retail prices index for the month in which the first day of the period in question falls. If, in relation to any period, RD is equal to or less than RI, the factor by which the retail prices index has increased over the period in question shall be treated as nil. If, in relation to any period, the figure determined in accordance with the formula would be a figure having more than 3 decimal places, round it to the nearest third decimal place. Step Four Find the relevant factor for each period identified in step two. m is the number of months in the period in question (treating part of a month as a whole month), and r is the factor by which the retail prices index has increased over the period in question, determined under step three. If, in relation to any period, the figure determined in accordance with the formula would have more than 3 decimal places, round it to the nearest third decimal place. Step Five Find the uplift factor for the reference period as follows. If there is only one period identified in step two, the uplift factor for the reference period is the relevant factor for that period. If there are only two periods identified in step two, the uplift factor for the reference period is calculated by multiplying the relevant factors for those periods. If there are more than two periods identified in step two, the uplift factor for the reference period is calculated by— multiplying the relevant factors for the first two periods, multiplying the result by the relevant factor for the next period, if there are further periods, multiplying the result by the relevant factor for the next period, until all periods have been taken into account. If the uplift factor for the reference period would be a figure having more than 3 decimal places, round it to the nearest third decimal place. Step Six The rent increase is regarded as abnormal if the new rent is greater than: R is the rent previously taxed (see paragraph 14(4)), and UF is the uplift factor for the reference period. Where a lease is varied so as to reduce the amount of the rent, the variation is treated for the purposes of this Part as an acquisition of a chargeable interest by the lessee. Where a lease is varied so as to reduce the term, the variation is treated for the purposes of this Part as an acquisition of a chargeable interest by the lessor. Where a lease is granted in consideration of the surrender of an existing lease between the same parties— the grant of the new lease does not count as chargeable consideration for the surrender, and the surrender does not count as chargeable consideration for the grant of the new lease. Paragraph 5 (exchanges) of Schedule 4 (chargeable consideration) does not apply in such a case. In the case of an assignment of a lease the assumption by the assignee of the obligation— to pay rent, or to perform or observe any other undertaking of the tenant under the lease, does not count as chargeable consideration for the assignment. In the case of the grant, assignment or surrender of a lease a reverse premium does not count as chargeable consideration. A “reverse premium” means— in relation to the grant of a lease, a premium moving from the landlord to the tenant; in relation to the assignment of a lease, a premium moving from the assignor to the assignee; in relation to the surrender of a lease, a premium moving from the tenant to the landlord. In the application of this Part to Scotland— any reference to the term of a lease is to the period of the lease, and any reference to the reversion on a lease is to the interest of the landlord in the property subject to the lease. there is an agreement (including missives of let not constituting a lease) under which a lease is to be executed, and the agreement is substantially performed without a lease having been executed, the agreement is treated as if it were the grant of a lease in accordance with the agreement (“the notional lease”), beginning with the date of substantial performance. References in sub-paragraphs (2) to (4) to the execution of a lease are to the execution of a lease that either is in conformity with, or relates to substantially the same property and period as, the missives of let or other agreement. In section 51 (contingent, uncertain or unascertained consideration), after subsection (4) add— This section applies in relation to chargeable consideration consisting of rent only to the extent that it is applied by paragraph 7 of Schedule 17A. In section 80 (adjustment where contingency ceases or consideration becomes certain)— in subsection (3) for “land transaction return” substitute “ return under section 76 (general requirement to make land transaction return), subject to the adaptation that references to the effective date of the transaction shall be read as references to the date of the event as a result of which the return is required ”; and after subsection (4) add— This section does not apply so far as the consideration consists of rent (see paragraph 8 of Schedule 17A). In section 87 (interest on unpaid tax), in subsection (3) (meaning of “the relevant date”), after paragraph (aa) (inserted by paragraph 19(3) above) insert— in the case of an amount payable under paragraph 3(3) or 4(3) of Schedule 17A (leases that continue after a fixed term and treatment of leases for an indefinite term), the day on which the lease becomes treated as being for a longer fixed term; In section 90 (application to defer payment in case of contingent or uncertain consideration), after subsection (6) add— This section does not apply so far as the consideration consists of rent. In the table in section 122 (index of defined expressions), in the second column of the entry for “lease and related expressions” for “section 120” substitute “ Schedule 17A ”. In paragraph 7 of Schedule 19 (commencement and transitional provisions: earlier related transactions under stamp duty), after sub-paragraph (3) add— For the purposes of paragraph 5 of Schedule 17A (treatment of successive linked leases) no account shall be taken of any transaction that is not an SDLT transaction. In section 125(5) (abolition of stamp duty except on instruments relating to stock or marketable securities: instruments to which the section applies)— in paragraph (a), after “instrument effecting a land transaction”, in paragraph (b), after “instrument effecting a transaction other than a land transaction”, and in the second sentence, after “instrument effecting both a land transaction and a transaction other than a land transaction”, insert “ (or any duplicate or counterpart of such an instrument) ”. In Schedule 19 (commencement and transitional provisions), after paragraph 4 (contracts entered into before the implementation date) insert— a transaction is effected in pursuance of a contract entered into before the first relevant date, the contract is substantially performed, without having been completed, after the implementation date, and there is subsequently an event within paragraph 3(3) by virtue of which the transaction is an SDLT transaction, the effective date of the transaction shall be taken to be the date of the event referred to in paragraph (c) (and not the date of substantial performance). This paragraph applies where section 44 (contract and conveyance) has effect in accordance with section 45 (effect of transfer of rights). Any reference in paragraph 3, 4 or 4A to the date when a contract was entered into (or made) shall be read, in relation to a contract deemed to exist by virtue of section 45(3) (deemed secondary contract with transferee), as a reference to the date of the assignment, subsale or other transaction in question. In Schedule 19 (commencement and transitional provisions), after paragraph 7 (earlier related transactions under stamp duty) insert— a contract that apart from paragraph 7 of Schedule 13 to the Finance Act 1999 (contracts chargeable as conveyances on sale) would not be chargeable with stamp duty is entered into before the implementation date, a conveyance made in conformity with the contract is effected on or after the implementation date, and the transaction effected on completion is an SDLT transaction or would be but for an exemption or relief from stamp duty land tax.

If in those circumstances the contract is presented for stamping together with a Revenue certificate as to compliance with the provisions of this Part of this Act in relation to the transaction effected on completion— the payment of stamp duty land tax on that transaction or, as the case may be, the fact that no such tax was payable shall be denoted on the contract by a particular stamp, and the contract shall be deemed thereupon to be duly stamped. In this paragraph “conveyance” includes any instrument. In paragraph 8 of Schedule 19 (time for stamping agreement for lease: lease subject to stamp duty land tax)— for the heading substitute “ Stamping of agreement for lease where grant of lease subject to stamp duty land tax ”, and in sub-paragraph (1) for the opening words substitute “ This paragraph applies where— ”. For sub-paragraph (2) of that paragraph substitute— If in those circumstances the agreement is presented for stamping together with a Revenue certificate as to compliance with the provisions of this Part of this Act in relation to the grant of the lease— the payment of stamp duty land tax in respect of the grant of the lease or, as the case may be, the fact that no such tax was payable shall be denoted on the agreement by a particular stamp, and the agreement shall be deemed thereupon to be duly stamped. In section 122 (index of defined expressions), at the appropriate place insert— This Part of this Schedule applies in relation to any transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14)) is on or after the day on which this Act is passed. The following is the Schedule inserted after Schedule 11 to the Finance Act 2003 (c. 14)— This Schedule applies to a claim under any provision of this Part other than a claim that is required to be made in, or by amendment to, a return under this Part. References in this Schedule to a claim shall be read accordingly. A claim must be made in such form as the Inland Revenue may determine. The form of claim must provide for a declaration to the effect that all the particulars given in the form are correctly stated to the best of the claimant’s information and belief. The form of claim may require— a statement of the amount of tax that will be required to be discharged or repaid in order to give effect to the claim; such information as is reasonably required for the purpose of determining whether and, if so, the extent to which the claim is correct; the delivery with the claim of such statements and documents, relating to the information contained in the claim, as are reasonably required for the purpose mentioned in paragraph (b). A claim for repayment of tax may not be made unless the claimant has documentary evidence that the tax has been paid. A person who may wish to make a claim must— keep such records as may be needed to enable him to make a correct and complete claim, and preserve those records in accordance with this paragraph. The records must be preserved until the latest of the following times— the end of the period of twelve months beginning with day on which the claim was made; where there is an enquiry into the claim, or into an amendment of the claim, the time when the enquiry is completed; where the claim is amended and there is there is no enquiry into the amendment, the time when the Inland Revenue no longer have power to enquire into the amendment. The duty under this paragraph to preserve records may be satisfied by the preservation of the information contained in them. Where information is so preserved a copy of any document forming part of the records is admissible in evidence in any proceedings before the Commissioners to the same extent as the records themselves. A person who fails to comply with this paragraph in relation to a claim that he makes is liable to a penalty not exceeding £3,000, subject to the following exception. No penalty is incurred if the Inland Revenue are satisfied that any facts that they reasonably require to be proved, and that would have been proved by the records, are proved by other documentary evidence provided to them. The claimant may amend his claim by notice to the Inland Revenue. No such amendment may be made— more than twelve months after the day on which the claim was made, or if the Inland Revenue give notice under paragraph 7 (notice of enquiry), during the period— beginning with the day on which notice is given, and ending with the day on which the enquiry under that paragraph is completed. The Inland Revenue may by notice to the claimant amend a claim so as to correct obvious errors or omissions in the claim (whether errors of principle, arithmetical mistakes or otherwise). No such correction may be made— more than nine months after the day on which the claim was made, or A correction under this paragraph is of no effect if, within three months from the date of issue of the notice of correction, the claimant gives notice rejecting the correction. Notice under sub-paragraph (3) must be given to the officer of the Board by whom the notice of correction was given. As soon as practicable after a claim is made, or is amended under paragraph 4 or 5, the Inland Revenue shall give effect to the claim or amendment by discharge or repayment of tax. Where the Inland Revenue enquire into a claim or amendment— sub-paragraph (1) does not apply until a closure notice is given under paragraph 11 (completion of enquiry), and then it applies subject to paragraph 13 (giving effect to amendments under paragraph 11), but the Inland Revenue may at any time before then give effect to the claim or amendment, on a provisional basis, to such extent as they think fit. The Inland Revenue may enquire into a person’s claim or amendment of a claim if they give him notice of their intention to do so (“notice of enquiry”) before the end of the period of nine months after the day on which the claim or amendment was made. A claim or amendment that has been the subject of one notice of enquiry may not be the subject of another. If the Inland Revenue give a person a notice of enquiry, they may by notice in writing require him— to produce to them such documents in his possession or power, and to provide them with such information, in such form, as they may reasonably require for the purposes of the enquiry. A notice given to a person under this paragraph (which may be given at the same time as the notice of enquiry) must specify the time (which must not be less than 30 days) within which he is to comply with it. In complying with a notice under this paragraph copies of documents may be produced instead of originals, but— the copies must be photographic or other facsimiles, and the Inland Revenue may by notice require the original to be produced for inspection. A notice under paragraph (b) must specify the time (which must not be less than 30 days) within which the person is to comply with it. The Inland Revenue may take copies of, or make extracts from, any documents produced to them under this paragraph. A notice under this paragraph does not oblige a person to produce documents or provide information relating to the conduct of any pending appeal by him. An appeal may be brought against a requirement imposed by a notice under paragraph 8 to produce documents or provide information. Notice of appeal must be given— in writing, within 30 days after the issue of the notice appealed against, to the officer of the Board by whom that notice was given. An appeal under this paragraph shall be heard and determined in the same way as an appeal against an assessment. On an appeal under this paragraph the Commissioners— shall set aside the notice so far as it requires the production of documents, or the provision of information, that appears to them not reasonably required for the purposes of the enquiry, and shall confirm the notice so far as it requires the production of documents, or the provision of information, that appears to them reasonably required for the purposes of the enquiry. A notice that is confirmed by the Commissioners (or so far as it is confirmed) has effect as if the period specified in it for complying was 30 days from the determination of the appeal. The decision of the Commissioners on an appeal under this paragraph is final. A person who fails to comply with a notice under paragraph 8 (notice to produce documents etc for purposes of enquiry) is liable— to a penalty of £50, and if the failure continues after a penalty is imposed under paragraph (a), to a further penalty or penalties not exceeding £30 for each day on which the failure continues. No penalty shall be imposed under this paragraph in respect of a failure at any time after the failure has been remedied. An enquiry under paragraph 7 is completed when the Inland Revenue by notice (a “closure notice”) inform the purchaser that they have completed their enquiries and state their conclusions. A closure notice must either— state that in the opinion of the Inland Revenue no amendment of the claim is required, or if in the Inland Revenue’s opinion the claim is insufficient or excessive, amend the claim so as to make good or eliminate the deficiency or excess. In the case of an enquiry into an amendment of a claim, paragraph (b) applies only so far as the deficiency or excess is attributable to the amendment. A closure notice takes effect when it is issued. The claimant may apply to the General or Special Commissioners for a direction that the Inland Revenue give a closure notice within a specified period. Any such application shall be heard and determined in the same way as an appeal. The Commissioners hearing the application shall give a direction unless they are satisfied that the Inland Revenue have reasonable grounds for not giving a closure notice within a specified period. Within 30 days after the date of issue of a notice under paragraph 11(2)(b) (closure notice that amends claim), the Inland Revenue shall give effect to the amendment by making such adjustment as may be necessary, whether— by way of assessment on the claimant, or by discharge or repayment of tax. An assessment made under sub-paragraph (1) is not out of time if it is made within the time mentioned in that sub-paragraph. An appeal may be brought against a conclusion stated or amendment made by a closure notice. Notice of the appeal must be given— within 30 days after the date on which the closure notice was issued, to the officer of the Board by whom the closure notice was given. On the hearing of the appeal the Commissioners may allow the appellant to put forward grounds not specified in the notice, and take them into consideration, if satisfied that the omission was not deliberate or unreasonable. Paragraph 37 of Schedule 10 (settling of appeals by agreement) applies in relation to an appeal under this paragraph as it applies in relation to an appeal under paragraph 35 of that Schedule. On an appeal against an amendment made by a closure notice, the Commissioners may vary the amendment appealed against whether or not the variation is to the advantage of the appellant. Where any such amendment is varied, whether by the Commissioners or by the order of a court, paragraph 13 (giving effect to amendments under paragraph 11) applies (with the necessary modifications) in relation to the variation as it applied in relation to the amendment. An appeal against a conclusion stated or amendment made by a closure notice is to be made to the Special Commissioners if it relates to a claim made to the Board. Subject to— sub-paragraph (1), paragraph 33(4) of Schedule 10 (appeal against decision on claim for relief in case of double assessment), and any right to elect to bring an appeal before the Special Commissioners conferred by regulations under Schedule 17 (General and Special Commissioners, appeals and other proceedings), an appeal under any provision of this Schedule is to be made to the General Commissioners. In Schedule 15 to the Finance Act 2003 (c. 14) (stamp duty land tax: partnerships), for Part 3 (transactions excluded from stamp duty land tax) substitute— This Part of this Schedule applies to certain transactions involving— the transfer of a chargeable interest to a partnership (paragraph 10), the transfer of an interest in a partnership (paragraphs 14, 17, 31 and 32), or the transfer of a chargeable interest from a partnership (paragraph 18). References in this Part of this Schedule to the transfer of a chargeable interest include— the grant or creation of a chargeable interest, the variation of a chargeable interest, and the surrender, release or renunciation of a chargeable interest. a partner transfers a chargeable interest to the partnership, or a person transfers a chargeable interest to a partnership in return for an interest in the partnership, or a person connected with— a partner, or a person who becomes a partner as a result of or in connection with the transfer, transfers a chargeable interest to the partnership. It applies whether the transfer is in connection with the formation of the partnership or is a transfer to an existing partnership. The chargeable consideration for the transaction shall (subject to paragraph 13) be taken to be equal to— RCP is the relevant chargeable proportion, MV is the market value of the interest transferred, and AC is the actual consideration for the transaction. The relevant chargeable proportion in relation to the market value of the interest transferred is— where SLP is the sum of the lower proportions. The relevant chargeable proportion in relation to the actual consideration for the transaction is— Paragraph 12 provides for determining the sum of the lower proportions. Paragraph 11 applies (instead of sub-paragraphs (2) to (5)) if the whole or part of the chargeable consideration for the transaction is rent. Paragraphs 6 to 8 (responsibility of partners) have effect in relation to a transaction to which this paragraph applies, but the responsible partners are— those who were partners immediately before the transfer and who remain partners after the transfer, and any person becoming a partner as a result of, or in connection with, the transfer. This paragraph applies in relation to a transaction to which paragraph 10 applies where the whole or part of the chargeable consideration for the transaction is rent. Schedule 5 provides for the calculation of the tax chargeable in respect of the transaction, subject to the following provisions of this paragraph. Paragraph 2 of Schedule 5 (calculation of tax chargeable in respect of rent) has effect as if— for “the net present value of the rent payable over the term of the lease” there were substituted “ the relevant chargeable proportion of the net present value of the rent payable over the term of the lease ”, and for “the net present values of the rent payable over the terms of all the leases” there were substituted “ the relevant chargeable proportions of the net present values of the rent payable over the terms of all the leases ”. If there is chargeable consideration other than rent, that chargeable consideration shall be taken to be equal to— AC is the actual chargeable consideration other than rent. If there is no chargeable consideration other than rent— there shall (despite that) be taken to be chargeable consideration other than rent (in particular for the purposes of paragraph 9 of Schedule 5), and that chargeable consideration shall be taken to be equal to— RCP is the relevant chargeable proportion, and MV is the market value of the interest transferred. The relevant chargeable proportion in relation to— the net present value of the rent payable over the term of a lease, or the market value of the interest transferred, is— The relevant chargeable proportion in relation to the actual consideration other than rent is— This paragraph is subject to paragraph 13. The sum of the lower proportions in relation to a transaction to which paragraph 10 applies is determined as follows:— Step One Identify the relevant owner or owners. A person is a relevant owner if— immediately before the transaction, he was entitled to a proportion of the chargeable interest, and immediately after the transaction, he is a partner or connected with a partner. For each relevant owner, identify the corresponding partner or partners. A person is a corresponding partner in relation to a relevant owner if, immediately after the transaction— he is a partner, and he is the relevant owner or is connected with the relevant owner. For each relevant owner, find the proportion of the chargeable interest to which he was entitled immediately before the transaction. Apportion that proportion between any one or more of the relevant owner’s corresponding partners. Find the lower proportion for each person who is a corresponding partner in relation to one or more relevant owners. The lower proportion is— the proportion of the chargeable interest attributable to the partner, or if lower, the partner’s partnership share immediately after the transaction. The proportion of the chargeable interest attributable to the partner is— if he is a corresponding partner in relation to only one relevant owner, the proportion (if any) of the chargeable interest apportioned to him (at Step Three) in respect of that owner; if he is a corresponding partner in relation to more than one relevant owner, the sum of the proportions (if any) of the chargeable interest apportioned to him (at Step Three) in respect of each of those owners. Add together the lower proportions of each person who is a corresponding partner in relation to one or more relevant owners. The result is the sum of the lower proportions. For the purposes of this paragraph persons who are entitled to a chargeable interest as beneficial joint tenants (or, in Scotland, as joint owners) shall be taken to be entitled to the chargeable interest as beneficial tenants in common (or, in Scotland, as owners in common) in equal shares. there is a transaction to which paragraph 10 applies; immediately after the transaction all the partners are bodies corporate; the sum of the lower proportions is 75 or more. Paragraphs 10 and 11 have effect with these modifications. In paragraph 10, for sub-paragraphs (2) to (5) substitute— The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred. In paragraph 10(6), for “sub-paragraphs (2) to (5)” substitute “ sub-paragraph (2) ”. In paragraph 11, omit sub-paragraphs (3) and (6) to (8). In paragraph 11, for sub-paragraph (4) substitute— If there is chargeable consideration other than rent, that chargeable consideration shall be taken to be equal to the market value of the interest transferred. In paragraph 11, for sub-paragraph (5)(b) substitute— that chargeable consideration shall be taken to be equal to the market value of the interest transferred. there is a transfer of an interest in a partnership, consideration is given for the transfer, and the relevant partnership property includes a chargeable interest. The transfer— shall be taken for the purposes of this Part to be a land transaction; is a chargeable transaction. The purchaser under the transaction is the person who acquires an increased partnership share or, as the case may be, becomes a partner in consequence of the transfer. Consideration is regarded as given for the transfer— in a case within paragraph 36(a), if consideration in money or money’s worth is given by or on behalf of the person acquiring the interest; in a case within paragraph 36(b), if there is a withdrawal of money or money’s worth from the partnership by the person reducing his interest or ceasing to be a partner. The “relevant partnership property”, in relation to a transfer of an interest in a partnership, is every chargeable interest held as partnership property immediately after the transfer, other than— any interest that was transferred to the partnership in connection with the transfer; a lease to which paragraph 15 (exclusion of market rent leases) applies. The chargeable consideration for the transaction shall be taken to be equal to a proportion of the market value of the relevant partnership property. That proportion is— if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer; if he was a partner before the transfer, the difference between his partnership share before and after the transfer. A lease held as partnership property immediately after a transfer of an interest in the partnership is not relevant partnership property for the purposes of paragraph 14(5) if the following four conditions are met. The first condition is that— no chargeable consideration other than rent has been given in respect of the grant of the lease, and no arrangements are in place at the time of the transfer for any chargeable consideration other than rent to be given in respect of the grant of the lease. The second condition is that the rent payable under the lease as granted was a market rent at the time of the grant. The third condition is that— the term of the lease is 5 years or less, or if the term of the lease is more than 5 years— the lease provides for the rent payable under it to be reviewed at least once in every 5 years of the term, and the rent payable under the lease as a result of a review is required to be a market rent at the review date. The fourth condition is that there has been no change to the lease since it was granted which is such that, immediately after the change has effect, the rent payable under the lease is less than a market rent. The market rent of a lease at any time is the rent which the lease might reasonably be expected to fetch at that time in the open market. A review date is a date from which the rent determined as a result of a rent review is payable. Where paragraph 5 of Schedule 4 (exchanges) applies to the acquisition of an interest in a partnership in consideration of entering into a land transaction with an existing partner, the interest in the partnership shall be treated as a major interest in land for the purposes of that paragraph if the relevant partnership property includes a major interest in land. In sub-paragraph (1) “relevant partnership property” has the meaning given by paragraph 14(5). The provisions of paragraph 6 of Schedule 4 (partition etc: disregard of existing interest) do not apply where this paragraph applies. there is a transfer of a chargeable interest to a partnership (“the land transfer”); the land transfer falls within paragraph (a), (b) or (c) of paragraph 10(1); there is subsequently a transfer of an interest in the partnership (“the partnership transfer”); the partnership transfer is made— if the land transfer falls within paragraph 10(1)(a) or (b), by the person who makes the land transfer; if the land transfer falls within paragraph 10(1)(c), by the partner concerned; the partnership transfer is made pursuant to arrangements that were in place at the time of the land transfer; the partnership transfer is not (apart from this paragraph) a chargeable transaction. The partnership transfer— The partners shall be taken to be the purchasers under the transaction. The chargeable consideration for the transaction shall be taken to be equal to a proportion of the market value, as at the date of the transaction, of the interest transferred by the land transfer. if the person making the partnership transfer is not a partner immediately after the transfer, his partnership share immediately before the transfer; if he is a partner immediately after the transfer, the difference between his partnership share before and after the transfer. The partnership transfer and the land transfer shall be taken to be linked transactions. Paragraphs 6 to 8 (responsibility of partners) have effect in relation to the partnership transfer, but the responsible partners are— This paragraph applies where a chargeable interest is transferred— from a partnership to a person who is or has been one of the partners, or from a partnership to a person connected with a person who is or has been one of the partners. The chargeable consideration for the transaction shall (subject to paragraph 24) be taken to be equal to— Paragraph 20 provides for determining the sum of the lower proportions. Paragraph 19 applies (instead of sub-paragraphs (2) to (5)) if the whole or part of the chargeable consideration for the transaction is rent. For the purposes of this paragraph property that was partnership property before the partnership was dissolved or otherwise ceased to exist shall be treated as remaining partnership property until it is distributed. This paragraph applies in relation to a transaction to which paragraph 18 applies where the whole or part of the chargeable consideration for the transaction is rent. This paragraph is subject to paragraph 24. The sum of the lower proportions in relation to a transaction to which paragraph 18 applies is determined as follows:— immediately after the transaction, he is entitled to a proportion of the chargeable interest, and immediately before the transaction, he was a partner or connected with a partner. A person is a corresponding partner in relation to a relevant owner if, immediately before the transaction— he was a partner, and he was the relevant owner or was connected with the relevant owner. For each relevant owner, find the proportion of the chargeable interest to which he is entitled immediately after the transaction. if lower, the partnership share attributable to the partner. Paragraph 21 provides for determining the partnership share attributable to the partner. This paragraph provides for determining the partnership share attributable to a partner for the purposes of paragraph 20 (1) (see Step Four). Paragraph 22 applies for determining the partnership share attributable to a partner where— the effective date of the transfer of the relevant chargeable interest to the partnership was before 20th October 2003, or the effective date of the transfer of the relevant chargeable interest to the partnership was on or after that date and— the instrument by which the transfer was effected has been duly stamped with ad valorem stamp duty, or any tax payable in respect of the transfer has been duly paid under this Part. Where the effective date of the transfer of the relevant chargeable interest to the partnership was on or after 20th October 2003 but neither of the conditions in sub-paragraphs (i) and (ii) of sub-paragraph (2)(b) is met, the partnership share attributable to the partner is zero. The relevant chargeable interest is— the chargeable interest which ceases to be partnership property as a result of the transaction to which paragraph 18 applies, or where the transaction to which paragraph 18 applies is the grant or creation of a chargeable interest, the chargeable interest out of which that interest is granted or created. Where this paragraph applies, the partnership share attributable to the partner is determined as follows:— Find the partner’s actual partnership share on the relevant date. In a case falling within paragraph 21(2)(a), the relevant date— if the partner was a partner on 19th October 2003, is that date; if the partner became a partner after that date, is the date on which he became a partner. In a case falling within paragraph 21(2)(b), the relevant date— if the partner was a partner on the effective date of the transfer of the relevant chargeable interest to the partnership, is that date; Add to that partnership share any increases in the partner’s partnership share which— occur in the period starting on the day after the relevant date and ending immediately before the transaction to which paragraph 18 applies, and count for this purpose. The result is the increased partnership share. An increase counts for the purpose of paragraph (b) only if— where the transfer which resulted in the increase took place on or before the date on which the Finance Act 2004 was passed, the instrument by which the transfer was effected has been duly stamped with ad valorem stamp duty under the enactments relating to stamp duty; where the transfer which resulted in the increase took place after that date, any tax payable in respect of the transfer has been duly paid under this Part. Deduct from the increased partnership share any decreases in the partner’s partnership share which occur in the period starting on the day after the relevant date and ending immediately before the transaction to which paragraph 18 applies. The result is the partnership share attributable to the partner. If the effect of applying Step Three would be to reduce the partnership share attributable to the partner below zero, the partnership share attributable to the partner is zero. In a case falling within paragraph 21(2)(a), if the partner ceased to be a partner before 19th October 2003, the partnership share attributable to the partner is zero. In a case falling within paragraph 21(2)(b), if the partner ceased to be a partner before the effective date of the transfer of the relevant chargeable interest to the partnership, the partnership share attributable to the partner is zero. Paragraph 21(4) (relevant chargeable interest) applies for the purposes of this paragraph. there is a transfer of a chargeable interest from a partnership to a partnership, and the transfer is both— a transaction to which paragraph 10 applies, and a transaction to which paragraph 18 applies. Where none of the chargeable consideration for the transaction is rent— paragraphs 10(2) to (5) and 18(2) to (5) do not apply; the chargeable consideration for the transaction shall be taken to be what it would have been if paragraph 10(2) to (5) had applied or, if greater, what it would have been if paragraph 18(2) to (5) had applied. Where the whole or part of the chargeable consideration for the transaction is rent— paragraphs 11 and 19 do not apply; the chargeable consideration for the transaction shall be taken to be what it would have been if paragraph 11 had applied or, if greater, what it would have been if paragraph 19 had applied. there is a transaction to which paragraph 18 applies; immediately before the transaction all the partners are bodies corporate; Paragraphs 18, 19 and 23 have effect with these modifications. In paragraph 18, for sub-paragraphs (2) to (5) substitute— In paragraph 18(6), for “sub-paragraphs (2) to (5)” substitute “ sub-paragraph (2) ”. In paragraph 19, omit sub-paragraphs (3) and (6) to (8). In paragraph 19, for sub-paragraph (4) substitute— In paragraph 19, for sub-paragraph (5)(b) substitute— In paragraph 23(2)— for “paragraphs 10(2) to (5) and 18(2) to (5)” substitute “ paragraphs 10(2) and 18(2) ”; for “paragraph 10(2) to (5)” substitute “ paragraph 10(2) ”; for “paragraph 18(2) to (5)” substitute “ paragraph 18(2) ”. Where paragraph 10, 14, 17 or 18 applies, paragraph 1 of Schedule 3 (exemption of transactions for which there is no chargeable consideration) does not apply. But (subject to paragraphs 26 to 28) this Part of this Schedule has effect subject to any other provision affording exemption or relief from stamp duty land tax. Schedule 6 (disadvantaged areas relief) applies to the transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 or 17 with these modifications. For paragraph 3 substitute— This Part of this Schedule applies to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 of Schedule 15 if every chargeable interest comprising the relevant partnership property is a chargeable interest in relation to land that is wholly situated in a disadvantaged area. This Part of this Schedule applies to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 17 of Schedule 15 if the subject matter of the land transfer is a chargeable interest in relation to land that is wholly situated in a disadvantaged area. In paragraph 5, for sub-paragraphs (2) to (4) substitute— If the relevant consideration does not exceed £150,000 the transaction is exempt from charge. For paragraph 6 substitute— This paragraph applies where the land is partly non-residential property and partly residential property. The non-residential proportion of the chargeable consideration for the transaction does not count as chargeable consideration. The non-residential proportion is the proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land that is non-residential property. If the relevant consideration does not exceed £150,000, none of the residential proportion of the chargeable consideration counts as chargeable consideration. The residential proportion is the proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land that is residential property. For paragraph 7 substitute— This Part of this Schedule applies to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 of Schedule 15 if— some (but not all) of the chargeable interests comprising the relevant partnership property are chargeable interests in relation to land that is wholly situated in a disadvantaged area, or any chargeable interest comprised in the relevant partnership property is a chargeable interest in relation to land that is partly situated in a disadvantaged area and partly situated outside such an area. This Part of this Schedule applies to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 17 of Schedule 15 if the subject matter of the land transfer is a chargeable interest in relation to land that is partly situated in a disadvantaged area and partly situated outside such an area. references to the disadvantaged-area proportion are to the proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land situated in a disadvantaged area; references to the advantaged-area proportion are to the proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land that is situated outside a disadvantaged area. In paragraph 8, for “consideration attributable to the land situated in the disadvantaged area” substitute “ disadvantaged-area proportion of the chargeable consideration ”. In paragraph 9, for sub-paragraphs (2) to (4) substitute— If the relevant consideration does not exceed £150,000 none of the disadvantaged-area proportion of the chargeable consideration counts as chargeable consideration. For paragraph 10 substitute— This paragraph applies where the land situated in a disadvantaged area is partly non-residential property and partly residential property. The non-residential proportion of the disadvantaged-area proportion of the chargeable consideration for the transaction does not count as chargeable consideration. The non-residential proportion is the proportion of the disadvantaged-area proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land that is not residential property. If the relevant consideration does not exceed £150,000, none of the residential proportion of the disadvantaged-area proportion of the chargeable consideration counts as chargeable consideration. The residential proportion is the proportion of the disadvantaged-area proportion of the market value of the relevant property that, on a just and reasonable apportionment, is attributable to land that is residential property. After paragraph 11 (1) insert— “the land transfer” means the transaction that is the land transfer for the purposes of paragraph 17 of Schedule 15; “the relevant partnership property” has the meaning given by paragraph 14(5) of Schedule 15; “the relevant property”— in the case of a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 of Schedule 15, means the relevant partnership property; in the case of a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 17 of Schedule 15, means the subject matter of the land transfer. There is a transfer of an interest in a partnership for the purposes of this Schedule if there is such a transfer for the purposes of Part 3 of Schedule 15 (see paragraph 36 of that Schedule). Omit paragraphs 11(2) and 12. Part 1 of Schedule 7 (group relief) applies to— a transaction that is a chargeable transaction by virtue of paragraph 17, with these modifications. In paragraph 3(1)(a), for “the purchaser” substitute “ a partner who was a partner at the effective date of the relevant transaction (“the relevant partner”) ”. In paragraph 3(1), for paragraph (b) substitute— at the time the relevant partner ceases to be a member of the same group as the vendor (“the relevant time”), a chargeable interest is held by or on behalf of the members of the partnership and that chargeable interest— was acquired by or on behalf of the partnership under the relevant transaction, or is derived from a chargeable interest so acquired, and has not subsequently been acquired at market value under a chargeable transaction for which group relief was available but was not claimed, In paragraph 3(3), for the words from “the transferee company” to the end substitute “ or on behalf of the partnership and to the proportion in which the relevant partner is entitled at the relevant time to share in the income profits of the partnership. ”. In paragraph 3(4), omit the definition of “relevant associated company”. In paragraphs 4 to 6, for “the purchaser” (wherever appearing) substitute “ the relevant partner ”. Schedule 8 (charities relief) applies to the transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 or 17 with these modifications. In paragraph 1(1), for “A land transaction is exempt from charge if the purchaser is a charity” substitute “ A transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 or 17 of Schedule 15 is exempt from charge if the transferee is a charity ”. In paragraph 1(2)— for “the purchaser must intend to hold the subject-matter of the transaction” substitute “ every chargeable interest held as partnership property immediately after the transfer must be held ”; in paragraphs (a) and (b) for “the purchaser” substitute “ the transferee ”. In paragraph 1(3) for “the purchaser” substitute “ the transferee ”. In paragraph 2(1), for paragraph (b) substitute— at the time of the disqualifying event the partnership property includes a chargeable interest— that was held as partnership property immediately after the relevant transaction, or that is derived from an interest held as partnership property at that time, In paragraph 2(3)(a), for “the purchaser” substitute “ the transferee ”. In paragraph 2(3), for paragraph (b) substitute— any chargeable interest held as partnership property immediately after the relevant transaction, or any interest or right derived from it, being used or held otherwise than for qualifying charitable purposes. For paragraph 2(4) substitute— In sub-paragraphs (1) and (2) an “appropriate proportion” means an appropriate proportion having regard to— the chargeable interests held as partnership property immediately after the relevant transaction and the chargeable interests held as partnership property at the time of the disqualifying event, and the extent to which any chargeable interest held as partnership property at that time becomes used or held for purposes other than qualifying charitable purposes. After paragraph 2 insert— Paragraph 34 (1) of Schedule 15 (meaning of references to partnership property) applies for the purposes of this Schedule as it applies for the purposes of Part 3 of that Schedule. Except as provided by— paragraph 10 (transfer of chargeable interest to a partnership), or paragraph 14 (transfer of partnership interest: consideration given and chargeable interest held), or paragraph 17 (transfer of partnership interest pursuant to earlier arrangements), the acquisition of an interest in a partnership is not a chargeable transaction, notwithstanding that the partnership property includes land. A transaction which is a chargeable transaction by virtue of paragraph 14 or 17 (transfer of partnership interest) is a notifiable transaction if (but only if) the consideration for the transaction exceeds the zero rate threshold. The consideration for a transaction exceeds the zero rate threshold if either or both of the following conditions are met— the relevant consideration for the purposes of section 55 (amount of tax chargeable: general) is such that the rate of tax chargeable under that section is 1% or higher; the relevant rental value for the purposes of Schedule 5 (amount of tax chargeable: rent) is such that the rate of tax chargeable under that Schedule is 1% or higher. Nothing in section 125 (abolition of stamp duty except in relation to stock or marketable securities), or in Part 2 of Schedule 20 (amendments and repeals consequential on that section), affects the application of the enactments relating to stamp duty in relation to an instrument by which a transfer of an interest in a partnership is effected. In Part 1 of Schedule 20 (provisions supplementing section 125) references to stock or marketable securities shall be read as including any property that is the subject-matter of a transaction by which an interest in a partnership is transferred. In their application in relation to an instrument by which a transfer of an interest in a partnership is effected, the enactments relating to stamp duty have effect subject to paragraphs 32 and 33. stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (transfer on sale) is chargeable on an instrument effecting a transfer of an interest in a partnership, and The “relevant partnership property”, in relation to a transfer of an interest in a partnership, is every chargeable interest held as partnership property immediately after the transfer, other than any interest that was transferred to the partnership in connection with the transfer. The consideration for the transaction shall (subject to sub-paragraph (8)) be taken to be equal to the actual consideration for the transaction less the excluded amount. The excluded amount is a proportion of the net market value of the relevant partnership property immediately after the transfer. The net market value of a chargeable interest at a particular date is— MV is the market value of the chargeable interest at that date, and SL is the amount outstanding at that date on any loan secured solely on the chargeable interest. If, in relation to a chargeable interest, SL is greater than MV, the net market value of the chargeable interest shall be taken to be nil. If the excluded amount is greater than the actual consideration for the transaction, the consideration for the transaction shall be taken to be nil. Where this paragraph applies in relation to an instrument, the instrument shall not be regarded as duly stamped unless it has been stamped in accordance with section 12 of the Stamp Act 1891. the relevant partnership property includes stock or marketable securities. The relevant partnership property, in relation to a transfer of an interest in a partnership, is the partnership property immediately after the transfer, other than any partnership property that was transferred to the partnership in connection with the transfer. The stamp duty chargeable on the instrument shall not exceed the stamp duty that would be chargeable if— the instrument were an instrument effecting a transfer of the stock and marketable securities comprised in the relevant partnership property, and the consideration for the transfer were equal to the net market value of that stock and those securities immediately after the transfer, less the excluded amount. The excluded amount is a proportion of the net market value of that stock and those securities immediately after the transfer. The net market value of stock or securities at a particular date is— MV is the market value of the stock or securities at that date, and SL is the amount outstanding at that date on any loan secured solely on the stock or securities. If, in relation to any stock or securities, SL is greater than MV, the net market value of the stock or securities shall be taken to be nil. This paragraph shall be construed as one with the Stamp Act 1891. Any reference in this Part of this Schedule to partnership property is to an interest or right held by or on behalf of a partnership, or the members of a partnership, for the purposes of the partnership business. Any reference in this Part of this Schedule to a person’s partnership share at any time is to the proportion in which he is entitled at that time to share in the income profits of the partnership. For the purposes of this Part of this Schedule, there is a transfer of a chargeable interest to a partnership in any case where a chargeable interest becomes partnership property. For the purposes of this Part of this Schedule, there is a transfer of an interest in a partnership where arrangements are entered into under which— a partner transfers the whole or part of his interest as partner to another person (who may be an existing partner), or a person becomes a partner and an existing partner reduces his interest in the partnership or ceases to be a partner. For the purposes of this Part of this Schedule, there is a transfer of a chargeable interest from a partnership in any case where— a chargeable interest that was partnership property ceases to be partnership property, or a chargeable interest is granted or created out of partnership property and the interest is not partnership property. This paragraph applies in relation to a lease for the purposes of this Part of this Schedule if— the grant of the lease is or was a transaction to which paragraph 10 applies or applied (or a transaction to which paragraph 10 would have applied if that paragraph had been in force at the time of the grant), or the grant of the lease is a transaction to which paragraph 18 applies. In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)— it is an obligation such as is mentioned in paragraph 10 (1) of Schedule 17A, or it is an obligation to make a payment to a person. Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this Part of this Schedule. As applied by sub-paragraph (1), that section has effect with the omission of subsection (4) (partners connected with each other). In this Part of this Schedule “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable. The following amendments are consequential on the amendment made by paragraph 1— in section 104(2) of the Finance Act 2003 (c. 14) (partnerships), for the words following “Part 3” substitute “ makes special provision for certain transactions ”; in section 125(8) of that Act (continued application of stamp duty in relation to certain partnership transactions), for “paragraph 13(2) and (3)” substitute “ paragraph 31 ”; in paragraph 5 of Schedule 15 to that Act (partnerships: introduction to Part 2 of Schedule 15), for the words following “Part 3 of this Schedule” substitute “ (transactions to which special provisions apply) ”.

The preceding provisions of this Schedule have effect in relation to any partnership transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14)) is after the day on which this Act is passed. “Partnership transaction” means a transaction mentioned in paragraph 9 (1) of Schedule 15 to the Finance Act 2003 (as substituted by paragraph 1 of this Schedule). The repeal in section 6AA(2) of the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 11(2) of this Act. The other repeals have effect in accordance with section 9(4) of this Act. In section 6AA(2), the word “or” preceding paragraph (b). In section 20AAB(3), “or (2)”. Schedule 2A. These repeals have effect in accordance with section 15(10) of this Act. In section 7B(2)(b), the words “the bet is made otherwise than by means of a totalisator and”. In section 12(4), the definition of “sponsored pool betting”. In Schedule 1, in paragraph 10(1), the words “, or that facilities for sponsored pool betting on those events are being or are to be provided,”. These repeals have effect in accordance with section 37 of this Act. In section 494— in subsection (2), paragraph (d) and the word “and” preceding it, and the third sentence; subsection (2B). In Schedule 24, paragraph 20. In Schedule 28AA— in paragraph 5, in sub-paragraph (1), the words “(but subject to sub-paragraph (2) below)” and sub-paragraphs (2) to (6); in paragraph 11, sub-paragraph (2), in sub-paragraph (3), paragraph (e) and the word “and” preceding it and, in sub-paragraph (4), the words “(2) or”. Section 74(1)(n). In section 209— in subsection (2), paragraph (da) and, in paragraph (e), the words “or (da)”; in subsection (3), the words “, (da)”; in subsection (3A)(a), the words “, (da)”; subsections (8A) to (8F). In section 212— in subsection (1)(b), the words “paragraph (da) of section 209(2) or”; in subsection (3), the words “Without prejudice to subsection (4) below,” and the words from “and does not apply” to the end of the subsection; subsection (4). Section 710(3)(a). In section 730A(5), the words “and (da)” In Schedule 9, in paragraph 11A— sub-paragraphs (2)(a) and (3)(a) ; in sub-paragraph (3)(b), the words “in a case falling within paragraph (b) of that sub-paragraph,”; in sub-paragraph (5)(b), the words “the terms would have been the same, except that”. These repeals have effect in accordance with section 42 of this Act. In section 85(2), the word “or” at the end of paragraph (a) and paragraphs (c) to (d). Section 86(5), (5A) and (7). Section 44. In Schedule 7, paragraph 1. Section 47. In Schedule 7, paragraph 13(1). Section 164(1), (2) and (6). In Schedule 11, in paragraph 4(3), the word “net”. In Schedule 14, paragraph 8. In Schedule 31, paragraph 3 (1) and (2). In Schedule 3, paragraph 1. In Schedule 6, paragraph 2. In Schedule 3, paragraph 9. In Schedule 7, in paragraph 1 the words “86(2) definition of “deductible”,”. These repeals have effect in accordance with Schedule 8 to this Act. In Schedule 9— paragraph 18(3A); in paragraph 20(1), paragraph (c) and the word “and” preceding it; paragraph 20(2). This repeal has effect in accordance with Schedule 9 to this Act. These repeals have effect in accordance with section 52(3) of this Act. The repeals of section 92 of the Finance Act 1996, section 65(7) of the Finance Act 1999 and sections 72 and 73 of, and paragraph 5 of Schedule 23 to, the Finance Act 2002 have effect subject to the provisions of paragraph 9(2) and (3) of Schedule 10 to this Act. The repeals of sections 93, 93A and 93B of the Finance Act 1996 and sections 75 to 77 of, and paragraph 18 of Schedule 27 to, the Finance Act 2002 have effect subject to the provisions of paragraph 11(2) and (3) of Schedule 10 to this Act. In section 730A(6), paragraph (b) (but not the word “and” following it). Section 730BB(12). In section 84— in subsection (1) the words “in accordance with an authorised accounting method”; subsections (2) and (4A). Section 84A(4) to (7). Section 88(2)(b) and (3)(b). Section 88A(5). Section 90. Sections 92 to 94 Section 96(3). In section 103(1)— the definition of “authorised accounting method”, “authorised accruals basis of accounting” and “authorised mark to market basis of accounting”; the definition of “statutory accounts”. Section 103(5). paragraph 5 (1) to (2A); in paragraph 5A(9), the words “by virtue of paragraph 5(2) above”; in paragraph 5A(15), the words “under paragraph 5(1)”; in paragraph 6(2), the words “in accordance with that accounting method”; in paragraph 6C(2), the words “by virtue of paragraph 5(2) above”; in paragraph 9(2), the word “or” at the end of paragraph (b) ; paragraph 10A(5); in paragraph 12(2A), paragraph (b) and the word “and” preceding it; in paragraph 13(1), the words “given by the authorised accounting method used”; in paragraph 14(1), the words “given by an authorised accounting method”; in paragraph 16(2), the words “, notwithstanding the provisions of any authorised accounting method,”; paragraph 19(10). In Schedule 10, in paragraphs 2A (1) and 2B (1), the words “, notwithstanding section 84(2)(b) of this Act”. Sections 72 to 77. In section 103(4)— in paragraph (b), the words “93(2),”; in paragraph (d), the words “sections 84(2)(b) and 85(2)(a),”. In Schedule 23, paragraphs 4, 5 and 8. In Schedule 24, paragraphs 1 to 6. In Schedule 25, paragraphs 4 to 6, 10 and 12. In Schedule 26— in paragraph 15(1), the words “in accordance with an authorised accounting method and”; paragraph 15(2), (3) and (6); paragraph 16(4) to (7); paragraph 22 (1) to (4); in paragraph 22(5), paragraph (b) and the word “and” preceding it; paragraph 22A(5); in paragraph 23(2) and (3), the words “given by the authorised accounting method used”; in paragraph 25(1), the words “given by an authorised accounting method”; in paragraph 31A(2), the words “, notwithstanding the provisions of any authorised accounting method,”. in paragraphs 32 (1) and 33 (1), the words “, notwithstanding paragraph 15”; paragraph 52; in paragraph 54 (1) the definitions of “authorised accounting method”, “authorised accruals basis of accounting” and “authorised mark to market basis of accounting” and of “statutory accounts”. In Schedule 27, paragraph 18. These repeals have effect in accordance with section 77 of this Act. In section 98, in the Table— in the first column, the entry relating to section 561(8) of the Income and Corporation Taxes Act 1988; in the second column, the entry relating to regulations under section 566(1), (2) or (2A) of that Act. Section 139(5). In Schedule 10, paragraph 38(3). Section 139. Schedule 27. Section 72(3). Section 178. Section 55(2). Section 57. Schedule 8. In section 40— subsection (1), subsection (3), and in subsection (4), the second sentence. This repeal has effect in accordance with section 79(4) of this Act. The repeals in section 171 of, and Schedule 1 to, the Income Tax (Earnings and Pensions) Act 2003 have effect for the year 2007-08 and subsequent years of assessment and the other repeals have effect for the year 2005-06 and subsequent years of assessment. In section 114(2), the word “and” following paragraph (b). In section 171, in subsection (2), the words “or van” and, in subsection (3), the words “or a van”. In Part 2 of Schedule 1, in the entry relating to the age of a car or van (in Chapter 6 of Part 3) and in the entry relating to the date of first registration (in relation to a car or van) (in Chapter 6 of Part 3), the words “or van”. In Part 3 of Schedule 7, paragraph 24. These repeals come into force in accordance with section 85(2) of this Act. The repeal of section 119A(8) of the Taxation of Chargeable Gains Act 1992 has effect subject to paragraph 6(4) of Schedule 16 to this Act. The repeals in paragraphs 21(4) and 22C(4) of Schedule 23 to the Finance Act 2003 have effect subject to paragraph 5(6) of Schedule 16 to this Act. Section 480(7). In section 484(7), the definition of “the Contributions and Benefits Act” and the word “and” preceding it. The repeals in sections 429, 443, 446R and 449 of the Income Tax (Earnings and Pensions) Act 2003 have effect in accordance with section 86(8) of this Act. The remaining repeals have effect in accordance with section 88(11) of this Act. Section 421G. Section 429(5). Section 443(5). Section 446R(5). Section 449(4). In section 519(1), the word “and” at the end of paragraph (a). In section 524(1), the word “and” at the end of paragraph (a). Section 701(2)(c)(ii). The repeals of paragraph 5(1ZA) of Schedule 20 to the Finance Act 2000, paragraph 5(1A) of Schedule 22 to the Finance Act 2001 and paragraph 245 of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 have effect in accordance with paragraph 7(3) of Schedule 17 to this Act. The repeal of paragraph 166(3) of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 has effect in accordance with paragraph 5(2) of Schedule 17 to this Act. Section 577(3). In section 677(1), in Part 2 of Table B, the entry relating to compensation payments where child support reduced because of a change in legislation. In Schedule 6— paragraph 166(3); paragraph 245. The repeal in section 303A of the Taxes Act 1988 has effect in accordance with paragraph 8(2) of Schedule 18 to this Act. The repeals in Schedule 28B to the Taxes Act 1988, and in section 73 of the Finance Act 1998, have effect in accordance with paragraph 16 of Schedule 19 to this Act. The repeals of section 151A(3) of, in paragraph 2(4) of Schedule 5B to, and of Schedule 5C to, the Taxation of Chargeable Gains Act 1992, and the repeals in the Finance Act 1995, have effect in accordance with paragraph 7 of Schedule 19 to this Act. The repeal in paragraph 14A of Schedule 5B to the Taxation of Chargeable Gains Act 1992 has effect in accordance with paragraph 18(2) of Schedule 18 to this Act. The repeals in the Income Tax (Earnings and Pensions) Act 2003 have effect in accordance with section 96 of this Act. The remaining repeals have effect in relation to shares issued on or after 17th March 2004. In section 289(1)(a), the words “wholly in cash”. In section 289A(8)(b), the words “it is shown that”. In section 293(4A), the words “which is in administration or receivership”. Section 303A(6)(a). In section 308— in subsection (1)(a), the words from “and, except” to “relevant period”, subsection (2)(a) to (c), in subsection (3)(a), the words “it is shown that”, subsection (3)(b) and the word “and” immediately preceding it, in subsection (4), the words “within the relevant period” and “it is shown that”, subsection (5). In Schedule 28B— in paragraph 3(3), the words from “and for the purposes” to the end, paragraph 6(5), paragraph 10(3)(a) to (c), in paragraph 10(4), the words “it is shown”, the first “that” in paragraph (a) and the word “that” in paragraph (b), in paragraph 10(5), the words “it is shown that”, paragraph 10(6), in paragraph 11(4), the words “it is shown”, the first “that” in paragraph (a) and the word “that” in paragraph (b). Section 151A(3). In Schedule 5B— in paragraph 1(2)(a), the words “wholly in cash”, in paragraph 2(4), the words “or Schedule 5C”, paragraph 14A(6)(a). Schedule 5C. Section 72(4). Schedule 16. In section 73— subsection (2), in subsection (3), the words from “and after paragraph (b)” to the end, in subsection (4), the words from “and after” to the end. In Schedule 13— paragraph 1(1)(a), paragraph 21. In Schedule 15— paragraph 21(2)(a) to (c), in paragraph 24(1), the words “which is in administration or receivership”. The repeals in section 260 of the Taxation of Chargeable Gains Act 1992 and in the Finance Act 1995 have effect in accordance with paragraph 10(8) of Schedule 21 to this Act. The repeal in section 281 of the Taxation of Chargeable Gains Act 1992 has effect in relation to disposals on or after the passing of this Act. Section 260(6A) and (6B). In section 281(3)(c), the words “nor dealt in on the Unlisted Securities Market”. Section 72(6). In Schedule 13, paragraph 4(2). This repeal has effect in accordance with paragraph 7(2) of Schedule 22 to this Act. The repeal of paragraph 2A(1A)(a) of Schedule 23A to the Taxes Act 1988 has effect in accordance with paragraph 2(7) of Schedule 24 to this Act. The other repeals in paragraph 2A(1A) of Schedule 23A to the Taxes Act 1988 and the repeals in paragraph 2A(1B) of that Schedule have effect in accordance with paragraph 2(11) of Schedule 24 to this Act. The repeal of section 108(2) of the Finance Act 2002 has effect in accordance with paragraph 2(7) and (9) of Schedule 24 to this Act. In Schedule 23A, in paragraph 2A— in sub-paragraph (1A), paragraph (a), paragraph (c) and the word “or” before it and the words following paragraph (c) ; in sub-paragraph (1B), paragraph (c) and the word “or” before it; in sub-paragraph (4), in paragraph (a), the words “or corporation tax” and in paragraph (b), the words “or, as the case may be, total profits”. This repeal has effect in accordance with section 140(4) to (6) of this Act. These repeals have effect in accordance with section 145(2) of this Act. The repeal of paragraph 3 of Schedule 10 to the Finance Act 1996 has effect subject to paragraph 1(3) and (4) of Schedule 26 to this Act. The repeal of paragraph 35 of Schedule 26 to the Finance Act 2002 has effect subject to paragraph 2(3) and (4) of Schedule 26 to this Act. Section 759 (1) and (1A). In section 760— in subsection (3), paragraphs (b) to (d) and the word “or” preceding paragraph (b) ; subsections (4) to (7). In Schedule 27— paragraph 10; in paragraph 11 (1) and (4), the words “section 760(3) and”; paragraphs 12 and 13; in paragraph 16(1), the words “by a trustee or officer thereof”. The repeal in section 298 of the Taxes Act 1988 has effect in accordance with paragraph 4(5) and (6) of Schedule 27 to this Act. The repeal in Schedule 28B to the Taxes Act 1988 has effect in accordance with paragraph 5(5) and (6) of Schedule 27 to this Act. The repeal in Schedule 15 to the Finance Act 2000 has effect in accordance with paragraph 6(5) and (6) of Schedule 27 to this Act. The repeal in Schedule 22 to the Finance Act 2000 has effect in accordance with paragraph 7(2) of Schedule 27 to this Act. The repeals in the Capital Allowances Act 2001 have effect in accordance with paragraph 11 (1) of Schedule 27 to this Act. The repeal in section 305 of the Income Tax (Earnings and Pensions) Act 2003 has effect in accordance with paragraph 16 of Schedule 27 to this Act. The repeal in Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 has effect in accordance with paragraph 17(6) and (7) of Schedule 27 to this Act. In section 298(5), the definition of “oil rig”. In paragraph 5 (1) of Schedule 28B, the definition of “oil rig”. In paragraph 28(6) of Schedule 15, the definition of “oil rig”. In Schedule 22, paragraph 20(5). Section 94(2)(b) and (3). Section 153(3). In section 305(6), the definition of “offshore installation”. In paragraph 18(8) of Schedule 5, the definition of “oil rig”. These repeals have effect on 6th April 2006 (but subject to Schedule 36 to this Act). In section 98, in the Table, in the first and second columns, the entries relating to regulations under section 602, 605, 612, 639 and 651A of the Income and Corporation Taxes Act 1988 and the entries relating to section 605 of that Act. In section 100(6)(a), the word “or” in the second place. Section 12(3) and (4). In section 58(2), the words “part of or” and the words “fund or” (in both places). Section 151 (1) and (1A). In section 21A(2), the entry relating to section 76 of the Finance Act 1989. In section 336(1A)(b), sub-paragraph (iii) and the word “or” before it. Section 349B(3)(l) and (m). Section 438(8). In section 466(2), the definition of “pension business”. Section 512(2). Sections 590 to 594. Sections 598 to 599A. Sections 601 to 612. In section 613(4), the word “respective” and paragraphs (b) to (d). Sections 618 to 626. Section 628. Sections 630 to 640A. Section 641A. Sections 643 to 646D. Sections 648B to 651A. Sections 653 to 655. Section 658A. In section 659A(1), the words “592(2), 608(2)(a),”, the words “, 620(6) and 643(2)” and the words following paragraph (b). Sections 659B to 659D. In section 659E(2), the entries relating to sections 592(2), 608(2)(a), 620(6) and 643(2) of the Income and Corporation Taxes Act 1988. Schedules 22, 23 and 23ZA. In Schedule 29, in the Table in paragraph 32, the entries relating to sections 12(2), 151 and 152 of the Inheritance Tax Act 1984. Sections 54 to 56. In Schedule 3, paragraph 18. In Schedule 13, paragraph 6. Sections 75 to 77. Section 170(4)(a) and (b). Schedule 6. Schedule 7. In Schedule 12, paragraphs 15 and 16. Section 99A(4)(c). In section 271— in subsection (1), paragraphs (d), (g), (h) and (j) and the second sentence, in subsection (7), the words after “chargeable gains;”, and in subsection (10), the words after “options contracts”. In Schedule 1, paragraph 2(8). In Schedule 10, paragraph 14(21). Section 106. Section 107(4) to (7). Section 112. Sections 58 to 61. In Schedule 8, paragraph 4(3). Schedule 11. Section 172. In Schedule 21, paragraph 17. In Schedule 39, paragraph 2. Section 92. Sections 94 to 97. Section 98(1). Schedule 15. Section 52. In Schedule 5, paragraphs 4 and 5 and, in paragraph 6(2), the words “and 654”. In Schedule 10, paragraphs 1 to 10 and 12 to 18. Section 61. In Schedule 8, paragraph 83(2). Schedule 13. Section 56(8). Section 224. In section 327(4), the entry relating to section 619 of the Income and Corporation Taxes Act 1988. In Part 6, Chapter 1. Section 407(3). Section 408(2). Section 492(2). In section 566(4), the entry relating to section 623. In Part 9, Chapters 6, 7, 8, 9, 13 and 16. Section 683(4). In Part 2 of Schedule 1, the entries relating to the following expressions: “administrator (in Chapter 2 of Part 6)”, “approved (in Chapter 8 of Part 9)”, “approved (in relation to retirement benefits scheme) (in Chapter 6 of Part 9)”, “approved retirement benefits scheme (in Chapter 6 of Part 9)”, “director (in Chapter 1 of Part 6)”, “employee (in Chapter 1 of Part 6)”, “employee (in Chapter 2 of Part 6)”, “employee (in Chapter 6 of Part 9)”, “employer (in Chapter 1 of Part 6)”, “employment (in Chapter 1 of Part 6)”, “exempt approved scheme (in Chapter 13 of Part 9)”, “ex-spouse (in Chapter 2 of Part 6)”, “ex-spouse (in Chapter 6 of Part 9)”, “former approved superannuation fund (in Chapter 7 of Part 9)”, “income withdrawal (in Chapter 8 of Part 9)”, “non-approved retirement benefits scheme (in Chapter 1 of Part 6)”, “non-approved retirement benefits scheme (in Chapter 2 of Part 6)”, “personal pension arrangements (in chapter 8 of Part 9)”, “personal pension scheme (in Chapter 8 of Part 9)”, “provision of benefits in respect of an employee (in Chapter 1 of Part 6)”, “provision of relevant benefits (in Chapter 2 of Part 6)”, “relative (in Chapter 2 of Part 6)”, “relevant benefits (in Chapter 1 of Part 6)”, “relevant benefits (in Chapter 2 of Part 6)”, “relevant statutory scheme (in Chapter 13 of Part 9)”, “retirement annuity contract (in Chapter 9 of Part 9)”, and “retirement benefits scheme (in Chapter 6 of Part 9)”. In Schedule 6, paragraphs 72, 73, 79, 80 (1) to (5), 82, 89, 90, 92 to 95, 97, 98, 99, 125(3) and 161. In Schedule 7, paragraph 41. In section 153(2)(a), the words “606(13),”. Section 174. In Schedule 24, in paragraph 2(1), the word “or” at the end of paragraph (a). In Schedule 27, paragraph 1(2). The repeal in section 109 of the Senior Courts Act 1981 has effect in accordance with section 294 (4) of this Act. The repeals in section 256 of the Inheritance Tax Act 1984 come into force with the passing of this Act. The repeals in Schedule 10 to the Finance Act 2003 come into force with the passing of this Act. The repeals in sections 43, 45 and 119 of that Act have effect in accordance with paragraph 13 of Schedule 39 to this Act. The other repeals have effect in accordance with paragraph 26 of that Schedule. In section 43(3), the word “and” preceding paragraph (c). In section 45(1), the word “and” preceding paragraph (b). In section 47(3), the words from “and section 58” to the end. In section 77(2)(a) and (b), the word “contractual”. In section 80(2), the words “or chargeable”. In section 119(2), the word “and” at the end of the entry for section 44(4). In Schedule 4— in paragraph 5(6), the words from “and section 58” to the end; paragraphs 13 to 15. In Schedule 5— in paragraph 3, the words “(see paragraphs 4 and 5)” and “(see paragraphs 6 and 7)”; paragraphs 4 to 7, 10 and 11. In Schedule 10— paragraph 33(2) and (3); in paragraph 34(2), the words “by notice in writing given to the Inland Revenue”; paragraph 34(3). In Schedule 19, paragraph 6(1). This repeal has effect in accordance with section 323 of this Act. S. 19 wholly in force at 1.8.2004; s. 19 in force for specified purposes at Royal Assent, see s. 19(2); s. 19 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 S. 291 wholly in force at 23.7.2004; s. 291(4)(5) in force at Royal Assent, see s. 291(4); s. 291(1)-(3) in force at 23.7.2004 by S.I. 2004/1942, art. 2 S. 294(4)-(6) in force at Royal Assent, see s. 294(4)-(6) S. 303 wholly in force at Royal Assent; s. 303(3) in force retrospective to 1.12.2003 see s. 303(5) S. 306 wholly in force at 1.8.2004; s. 306 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 307 wholly in force at 1.8.2004; s. 307 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 308 wholly in force at 1.8.2004; s. 308 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 309 wholly in force at 1.8.2004; s. 309 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 310 wholly in force at 1.8.2004; s. 310 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 311 wholly in force at 1.8.2004; s. 311 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 313 wholly in force at 1.8.2004; s. 313 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) S. 314 wholly in force at 1.8.2004; s. 314 in force for certain purposes at Royal Assent and otherwise in force at 1.8.2004 see s. 319(1) Sch. 2 para. 1 wholly in force at 1.8.2004; Sch. 2 para. 1 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 1 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 2 para. 2 wholly in force at 1.8.2004; Sch. 2 para. 2 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 2 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 2 para. 3 wholly in force at 1.8.2004; Sch. 2 para. 3 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 3 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 2 para. 4 wholly in force at 1.8.2004; Sch. 2 para. 4 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 4 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 2 para. 5 wholly in force at 1.8.2004; Sch. 2 para. 5 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 5 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 2 para. 6 wholly in force at 1.8.2004; Sch. 2 para. 6 in force for specified purposes at Royal Assent, see s. 19(2); Sch. 2 para. 6 in force otherwise at 1.8.2004 by S.I. 2004/1934, art. 2 Sch. 28 para. 2(4)(a) substituted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 7(2), 24(3) Sch. 29 para. 1(1)(a)(aa) substituted (retrospective to 6.4.2006) for Sch. 29 para. 1(1)(a) by Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(a), 24(3) Words in Sch. 29 para. 1(1)(c) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(b), 24(3) Words in Sch. 29 para. 1(1)(e) omitted (retrospective to 6.4.2006) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(c), 24(3) Words in Sch. 36 para. 12(2)(c) substituted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(2), 24(3) Sch. 36 para. 12(2A)-(2C) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(3), 24(3) Sch. 36 para. 12(7)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(a), 24(3) Words in Sch. 36 para. 12(7)(b) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(b), 24(3) Words in Sch. 36 para. 12(7)(c) substituted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(c), 24(3) Words in Sch. 36 para. 12(8)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(5), 24(3) Sch. 36 para. 12(8)(c)(d) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(6), 24(3) Sch. 36 para. 12(8A)(8B) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(7), 24(3) Words in Sch. 36 para. 12(9)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(a), 24(3) Words in Sch. 36 para. 12(9)(b) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(b), 24(3) Sch. 36 para. 12(9)(c) and preceding word inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(c), 24(3) Sch. 36 para. 12(10) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(9), 24(3) Words in Sch. 36 para. 15(2) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 19(2), 24(3) Sch. 39 para. 6 repealed (with effect in accordance with Sch. 39 para. 26 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 4(2) Sch. 39 para. 11 repealed (with effect in accordance with Sch. 39 para. 26 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 4(2) Sch. 36 para. 1(4A) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(8), 2(4) S. 85 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 1 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 2 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 3 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 4 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 6 in force at 1.9.2004 by S.I. 2004/1945, art. 2 Sch. 16 para. 7 in force at 1.9.2004 by S.I. 2004/1945, art. 2 S. 5 in force at 1.9.2004, see s. 5(6) S. 6 in force at 1.9.2004, see s. 6(4) S. 7 in force at 1.9.2004, see s. 7(9) S. 294(1)-(3) in force at 1.11.2004 by S.I. 2004/2571, art. 2 S. 22(2) has effect as specified by The Finance Act 2004, section 22(2), (Appointed Day) Order 2004 (S.I. 2004/3104), art. 2 S. 53 in force at 1.1.2005 with effect as specified in art. 2 of the commencing S.I. by S.I. 2004/3268, art. 2 S. 10 in force at 1.1.2005, see s. 10(10) S. 11 in force at 1.1.2005, see s. 11(2) S. 97 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 631, Sch. 3 (with Sch. 2) S. 98 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 632, Sch. 3 (with Sch. 2) S. 99 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 633, Sch. 3 (with Sch. 2) S. 100 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 634, Sch. 3 (with Sch. 2) S. 103 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 637, Sch. 3 (with Sch. 2) S. 104 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 638, Sch. 3 (with Sch. 2) S. 106 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 639, Sch. 3 (with Sch. 2) S. 138 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 140 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 143 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 147(5)(6) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) S. 147(3) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Word in s. 280(1) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 652, Sch. 3 (with Sch. 2) Words in s. 280(1) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 652 (with Sch. 2) Sch. 4 para. 1 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Sch. 4 para. 3 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Words in Sch. 15 para. 1 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(2) (with Sch. 2) Words in Sch. 15 para. 8(1)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(a)(i) (with Sch. 2) Words in Sch. 15 para. 8(1)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(a)(ii) (with Sch. 2) Words in Sch. 15 para. 8(1)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(3)(b) (with Sch. 2) Words in Sch. 15 para. 9(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(4)(a) (with Sch. 2) Words in Sch. 15 para. 9(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(4)(b) (with Sch. 2) Words in Sch. 15 para. 22(3)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(5) (with Sch. 2) Sch. 17 para. 10(1) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Sch. 35 para. 5 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Sch. 35 para. 24 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Sch. 35 para. 28 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Sch. 35 para. 51 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2) Words in Sch. 36 para. 41(a) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 656(2) (with Sch. 2) Words in Sch. 36 para. 53(2)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 656(3) (with Sch. 2) Sch. 10 paras. 74-76 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7) Sch. 10 para. 79 and cross-heading inserted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 51 S. 52(3)(b) and word repealed (retrospective to 7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 50, Sch. 11 Pt. 2(7) Sch. 10 para. 12 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7) Sch. 10 para. 24 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(5) Sch. 10 para. 26 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(5) Sch. 10 para. 27 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(5) Sch. 10 para. 72 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7) S. 86(4) repealed (with effect in accordance with Sch. 11 Pt. 2(1) Note of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(1) S. 18(2)(3) has effect as specified by The Finance Act 2004, Section 18 (Appointed Day) Order 2005 (S.I. 2005/2356), art. 2 Words in s. 189(1)(d) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 176 Words in s. 203(5) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 178 Words in Sch. 15 para. 8(1)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(a) Words in Sch. 15 para. 10(1)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(b) Words in Sch. 15 para. 10(1)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(b) Words in Sch. 15 para. 10(2)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(b) Words in Sch. 15 para. 10(2)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(b) Words in Sch. 15 para. 10(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 179(b) Sch. 15 para. 11(11)-(13) inserted (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(2)(b)(8) Words in Sch. 15 para. 11(9) substituted (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(2)(a)(8) Words in Sch. 15 para. 21(2)(b)(i) inserted (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(3)(a)(8) Sch. 15 para. 21(2)(b)(ii)(iii) substituted for Sch. 15 para. 21(2)(b)(ii) (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(3)(b)(8) Sch. 15 para. 21(3)(a)(iii) inserted (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(3)(c)(8) Words in Sch. 15 para. 22(2)(b)(i) inserted (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(4)(a)(8) Sch. 15 para. 22(2)(b)(ii)(iii) substituted for Sch. 15 para. 22(2)(b)(ii) (retrospective and with effect in accordance with s. 80(5) of the amending Act) by Finance Act 2006 (c. 25), s. 80(4)(b)(8) Words in Sch. 28 para. 15(1) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 180(a) Words in Sch. 28 para. 15(3) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 180(c) Words in Sch. 35 para. 10(3) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 181(a) Words in Sch. 35 para. 10(3) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 181(b) Words in Sch. 36 para. 54(1)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(a) Words in Sch. 36 para. 54(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(i) Words in Sch. 36 para. 54(5) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(ii)(aa) Words in Sch. 36 para. 54(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(ii)(bb) S. 4(1)(3)(4) has effect as specified by The Finance Act 2004 (Duty Stamps) (Appointed Day) Order 2006 (S.I. 2006/201), art. 2 Sch. 1 has effect as specified by The Finance Act 2004 (Duty Stamps) (Appointed Day) Order 2006 (S.I. 2006/201), art. 2 Pt. 4 modified (N.I.) (1.4.2006) by The Firemens Pension Scheme Order (Northern Ireland) 2006 (S.R. 2006/210), arts. 1(2), 103 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284 S. 230 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 5 (with regs. 2-4) S. 232 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 5 (with regs. 2-4) S. 233 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 6 (with regs. 2-4) S. 234 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 7 (with regs. 2-4) S. 236 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 7 (with regs. 2-4) S. 237 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Restriction of Employers Relief) Regulations 2005 (S.I. 2005/3458), regs. 1(1), 8 (with regs. 2-4) S. 205 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 206 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 207 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 238(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 238(4) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 239 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 250(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 254 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 257 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 258(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 258(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 265(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 266(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 268 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 271 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 272 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 273 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 274 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 28 para. 1 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 28 para. 15(2)(b) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 28 para. 15(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 29 para. 4(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 34 para. 5 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 36 para. 4(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 36 para. 4(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 36 para. 4(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 Sch. 36 para. 6 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 270(2) applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(4) S. 270(3) applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(4) S. 272 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(5) S. 273 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(6) S. 274(2) applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(7) S. 161 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 2(1)-(3) S. 161(4) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 2(4)(5) S. 165(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 3, 4(1)(2) S. 167(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 3, 4(3)(4) Sch. 28 para. 10 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 3, 5(1)(2) Sch. 28 para. 24 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 3, 5(1)(3) S. 168(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 6, 8(1)(2) S. 212 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 9, 10; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(4)) Sch. 36 para. 8(5) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 9, 11; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(5)) S. 245 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 15, 16 Sch. 29 para. 1(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 18 Sch. 36 para. 20(2)(b) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 20; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(11)(b)) Sch. 36 para. 31 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 21, 22 Sch. 29 Pt. 1 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 25(1)(2)(4) Sch. 32 para. 15 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 25(1)(2)(5) S. 166(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 25(1)-(3) Sch. 36 para. 31(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 26 Sch. 36 para. 4 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)(2)(4) Sch. 36 para. 40(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)(2)(5) Sch. 36 para. 1(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)-(3) Sch. 29 para. 1 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 28; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(18)) Sch. 28 para. 9(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 29(1)(2)(4) Sch. 28 para. 8 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 29(1)-(3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(19)) Sch. 28 para. 23(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 30(1)(2)(4) Sch. 28 para. 22 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 30(1)-(3) Sch. 29 para. 14(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 33(1)(2)(4); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(21)(b)) Sch. 29 para. 16(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 33(1)(2)(5); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(21)(b)) Sch. 29 para. 4(2) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 33(1)-(3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(21)(a)) Sch. 28 para. 15(2) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 34 Sch. 36 para. 12(8) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 35 Sch. 36 para. 15 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I.

2006/572), arts. 1(1), 36 S. 151 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 5 S. 152 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 6 Pt. 4 Ch. 2 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 7 S. 164 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 8 Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 9, 10 S. 166 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 11 Sch. 29 Pt. 1 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 11 Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 12 Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 13(5) S. 168 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 14 Sch. 29 Pt. 2 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 14 Ss. 175-181 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 15 Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16 S. 186 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 17 S. 193 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 19 S. 197 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 20 S. 198 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 20 S. 199 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 21 S. 213 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 22 Sch. 32 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 23(5) S. 242 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 24 Pt. 4 Ch. 6 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 25 Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 26 S. 272(4) modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 27(2) S. 273 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 28 Sch. 36 para. 7 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 29(1) Sch. 36 para. 7 construed as one with reg. 29 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 29(3) Sch. 36 para. 12 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 30(2) Sch. 36 para. 12 construed as one with reg. 30 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 30(3) Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1) Sch. 36 paras. 35, 36 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 32; (as amended (18.11.2024) by S.I. 2024/1012, regs. 1(2)(3), 26(5)) Sch. 36 para. 31 applied (6.4.2006) by The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 (S.I. 2006/131), regs. 1, 9(8) S. 165 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 6 S. 167 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 7 S. 227 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 8 S. 275 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 11 S. 276 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 12 S. 279 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 13 Sch. 32 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 16 Sch. 34 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 17 (as amended (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 62(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)) S. 205 applied by 2003 c. 1, s. 636A(3) (as inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 31 para. 11 (with Sch. 36)) S. 174A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 5 S. 273A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 49(1), 64(1) S. 273ZA inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 10 S. 196A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 39, 64(1) S. 246A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 40, 64(1) Ss. 255A, 255B and cross-heading inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 48, 64(1) S. 274A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 50, 64(1) Sch. 28 para. 2A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 12, 64(1) Sch. 29 para. 3A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 159(1)(2) Sch. 32 para. 9A and cross-heading inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 8(3), 64(1) Sch. 32 para. 10A and cross-heading inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 paras. 8, 12(3) Sch. 34 para. 7A and cross-heading inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 14(3) Sch. 36 para. 15A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 41 Sch. 36 para. 17A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(16), 64(1) Word in Sch. 36 para. 21 heading substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(3), 64(1) Sch. 36 paras. 37A-37I and cross-headings inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 15 Words in s. 151(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 2 S. 153(8A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 3, 64(1) Words in s. 153(8) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 2, 64(1) S. 160(7A) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 3(2) Words in s. 160(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(2) Words in s. 160(2)(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(3)(a) Words in s. 160(2)(b) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(3)(a) Words in s. 160(2)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(3)(b) Words in s. 160(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(4) Words in s. 160(4)(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(4) Words in s. 160(4)(b) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 3(4) Words in s. 160(8) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 3(3) Words in s. 161(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(2)(a) Words in s. 161(5) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(2)(b) Words in s. 161(6) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(3)(a) Words in s. 161(6) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(3)(b) Words in s. 161(7) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(3)(a) Words in s. 161(7) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 4(3)(b) Words in s. 161(5) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 5, 64(1) Words in s. 162(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 6(2), 64(1) Words in s. 162(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 6(3), 64(1) Words in s. 162(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(a) Words in s. 162(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(b) Words in s. 162(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(a) Words in s. 162(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(b) Words in s. 164 inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 6(a) Words in s. 164(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 6(b) Words in s. 164(b) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 6(c) Words in s. 165(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 7, 64(1) Words in s. 166(2)(a) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 9, 24(3) Words in s. 167(2) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 22(1), 24(3) S. 169(1A)-(1E) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 36, 64(1) Words in s. 171(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 7 Words in s. 171(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 7 S. 172(1)(a)(b) substituted for words (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 37(2), 64(1) S. 172(3)(a)(b) substituted for words (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 37(3), 64(1) Words in s. 172(5)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 37(4), 64(1) Words in s. 172(6) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 37(5), 64(1) S. 172(7) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 37(6), 64(1) S. 173(7A) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 4 Words in s. 173(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(2)(a) Word in s. 173(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(2)(b) Word in s. 173(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(2)(c) Word in s. 173(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(3)(a) Word in s. 173(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(3)(b) Words in s. 173(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(4)(a) Word in s. 173(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(4)(b) Word in s. 173(7)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(5)(a) Word in s. 173(7)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(5)(b) Words in s. 173(9)(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 8(6) Words in s. 174(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 9(2)(a) Word in s. 174(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 9(2)(b) Word in s. 174(2) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 9(3)(a) Word in s. 174(2) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 9(3)(b) Words in s. 175 inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 10 Words in s. 179(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 11 Words in s. 179(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 11 Words in s. 179(6) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 11 Words in s. 180(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 12 Words in s. 180(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 12 Words in s. 181(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 13(a) Word in s. 181(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 13(b) S. 186(2A) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 7 Words in s. 186(1)(b) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 644, Sch. 2 para. 161 (with Sch. 2) Words in s. 189(2)(b) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 645(2), Sch. 2 para. 161 (with Sch. 2) Words in s. 196(2) inserted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 646, Sch. 2 para. 161 (with Sch. 2) Words in s. 197(10)(a) inserted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 647, Sch. 2 para. 161 (with Sch. 2) Words in s. 200(a) inserted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 649, Sch. 2 para. 161 (with Sch. 2) Words in s. 208(2)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 14(a) Words in s. 208(2)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 14(b) Word in s. 208(2)(c) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 14(c) Words in s. 209(3)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 15(a) Words in s. 209(3)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 15(b) Word in s. 209(3)(c) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 15(c) S. 209(5)(d) added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 4(1)(c) Word in s. 209(5)(b) deleted (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 4(1)(a) Word in s. 209(5)(c) added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 4(1)(b) Words in s. 210(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(2) Words in s. 210(2) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(3) Words in s. 210(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(3) Words in s. 210(5) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(3) Words in s. 210(8) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(3) Words in s. 210(9) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(4) Words in s. 210(10) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 16(5) Words in s. 211(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 17 Words in s. 212(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 18 Words in s. 213(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 19(2) Word in s. 213(2) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 19(3) Word in s. 213(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 19(3) Word in s. 213(5) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 19(3) Word in s. 213(8) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 19(3) S. 239(6) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 8 S. 241(1)(c) and word inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 9 Words in s. 246(2)(a) inserted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 650(2), Sch. 2 para. 161 (with Sch. 2) Words in s. 246(3)(a) inserted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 650(3), Sch. 2 para. 161 (with Sch. 2) Words in s. 249(3) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 651(2)(a), Sch. 2 para. 161 (with Sch. 2) Words in s. 249(3) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 651(2)(b), Sch. 2 para. 161 (with Sch. 2) Words in s. 249(8) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 651(3), Sch. 2 para. 161 (with Sch. 2) Words in s. 251(4)(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 47, 64(1) Words in s. 256(1)(d) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 42(a) Words in s. 256(1)(e) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 42(b) Words in s. 274(3)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 49(2), 64(1) S. 278(3A)(3B) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 11 Sch. 28 para. 2(6A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(8), 64(1) Sch. 28 para. 2(3A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(5), 64(1) Sch. 28 para. 2(4A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(7), 64(1) Sch. 28 para. 2(8) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(9), 64(1) Sch. 28 para. 2(1) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(2), 64(1), Sch. 11 Pt. 4 Word in Sch. 28 para. 2(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(3), 64(1) Words in Sch. 28 para. 2(3)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(4)(a), 64(1) Words in Sch. 28 para. 2(3)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(4)(b), 64(1) Word in Sch. 28 para. 2(4)(b) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(6), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 2(4)(d)-(h) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 11(6), 64(1) Words in Sch. 28 para. 2(8) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 20(4) Words in s. 279(1) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 9, 64(1) Words in s. 279(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 33(a) Words in s. 279(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 33(b) Words in s. 280(2) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 12 Words in s. 280(2) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 10, 64(1) Words in s. 280(2) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 17, 64(1) Words in s. 280(2) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 22(2), 24(3) Words in s. 280(2) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 26 Words in s. 280(2) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 33, 64(1) S. 281(2A)(2B) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 34(2) Words in s. 281(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 34(3) S. 283(3A)-(3C) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 35(2) Words in s. 283(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 35(3) Words in s. 283(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 35(3) Sch. 17 para. 2 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 Note (with Sch. 36) Sch. 17 para. 10(4) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 Note (with Sch. 36) Sch. 28 para. 3(2A)-(2D) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 13(3), 64(1) Sch. 28 para. 3(1)(d) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 13(2), 64(1) Sch. 28 para. 3(3)-(6) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 13(4), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 6(1A)-(1D) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 14(4), 64(1) Words in Sch. 28 para. 6(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 14(2), 64(1) Sch. 28 para. 6(1)(e) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 14(3), 64(1) Sch. 28 para. 6(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 14(5), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 8(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(3), 64(1) Sch. 28 para. 8(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(5), 64(1) Words in Sch. 28 para. 8(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(2), 64(1) Sch. 28 para. 15(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 26, 64(1) Sch. 28 para. 10(8A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 19(3), 64(1) Words in Sch. 28 para. 10(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 19(2)(a), 64(1) Words in Sch. 28 para. 10(4)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 19(2)(b), 64(1) Words in Sch. 28 para. 10(9) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 19(4), 64(1) Sch. 28 para. 16(2A)-(2C) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 27(4), 64(1) Sch. 28 para. 16(1) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 27(2), 64(1), Sch. 11 Pt. 4 Word in Sch. 28 para. 16(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 27(3)(a), 64(1) Sch. 28 para. 16(2)(b) and word repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 27(3)(b), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 16(3)-(6) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 27(5), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 17(2)-(5) substituted for Sch. 28 para. 17(2) (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 15(4), 64(1) Words in Sch. 28 para. 17(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 15(2), 64(1) Sch. 28 para. 17(1)(c) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 15(3), 64(1) Sch. 28 para. 17(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 29(3), 64(1) Sch. 28 para. 20(1A)-(1D) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 16(4), 64(1) Words in Sch. 28 para. 20(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 16(2), 64(1) Sch. 28 para. 20(1)(e) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 16(3), 64(1) Sch. 28 para. 20(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 16(5), 64(1), Sch. 11 Pt. 4 Sch. 28 para. 22(2)(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(3), 64(1) Sch. 28 para. 22(1)(a)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(2), 64(1) Sch. 28 para. 24(8A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 22(3), 64(1) Words in Sch. 28 para. 24(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 22(2)(a), 64(1) Words in Sch. 28 para. 24(4)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 22(2)(b), 64(1) Words in Sch. 28 para. 24(9) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 22(4), 64(1) Words in Sch. 29 para. 1(3)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 34(2), 64(1) Words in Sch. 29 para. 5(1)(d) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 27 Sch. 29 para. 6(7) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(3) Words in Sch. 29 para. 6(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(2) Words in Sch. 29 para. 6(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(2) Words in Sch. 31 para. 11 inserted (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(1)(2) Sch. 36 para. 9(5A)(5B) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 36(3) Words in Sch. 36 para. 9(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 36(2) Words in Sch. 36 para. 9(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(3)(a), 64(1), Sch. 11 Pt. 4 Words in Sch. 36 para. 9(2)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(3)(b), 64(1) Words in Sch. 36 para. 9(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(4), 64(1) Words in Sch. 36 para. 9(5)(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(a), 64(1) Word in Sch. 36 para. 9(5)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(a), 64(1) Sch. 36 para. 9(5)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(b), 64(1) Words in Sch. 36 para. 9(5)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(c), 64(1) Word in Sch. 36 para. 9(5)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(c), 64(1) Word in Sch. 36 para. 9(4)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 45 Sch. 32 para. 10 renumbered as Sch. 32 para. 10(1) (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 paras. 7(2), 12(3) Sch. 32 para. 10(1)(b) substituted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 paras. 7(3), 12(3) Sch. 32 para. 10(2)-(4) inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 paras. 7(4), 12(3) Sch. 32 para. 11(8) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 8(4), 64(1) Sch. 32 para. 12(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 8(5), 64(1) Ss. 185A-185I and cross-heading inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 6 Ss. 172A-172D inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 38, 64(1) Ss. 266A, 266B and cross-heading inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 4, 64(1) Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13 Sch. 28 paras. 16A-16C inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 28, 64(1) Sch. 36 paras. 11A-11D inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 38 Sch. 29A para. 2(1)(b) and word omitted (retrospective to 6.4.2006) by virtue of Finance Act 2008 (c. 9), Sch. 29 para. 3(1)(2) S. 266B modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1 S. 172A(10A) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 6(4), 24(3) S. 172A(5)(da)(db) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 6(2), 24(3) Words in s. 172A(10) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 6(3), 24(3) Sch. 33 para. 4 renumbered as Sch. 33 para. 4(1) (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 32(2) Sch. 33 para. 4(2)(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 32(3) Word in Sch. 33 para. 4(1)(c) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 46(a), 64(1) Words in Sch. 33 para. 4(1)(c) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 46(b), 64(1) Words in Sch. 34 para. 1(3)(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 14(2)(a) Words in Sch. 34 para. 1(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 14(2)(b) Word in Sch. 35 para. 1 deleted (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(3)(a) Words in Sch. 35 para. 1 added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(3)(b) Words in Sch. 35 para. 33 added (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(6)(7) Words in Sch. 36 para. 3(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 51, 64(1) Sch. 36 paras. 11D(2A)-(2C) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 15, 24(3) Sch. 36 para. 12(2)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(3), 64(1) Word in Sch. 36 para. 12(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(5), 64(1) Word in Sch. 36 para. 12(6) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(5), 64(1) Words in Sch. 36 para. 12(9)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(6)(a), 64(1) Words in Sch. 36 para. 12(9)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(6)(b), 64(1) Words in Sch. 36 para. 13(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(7), 64(1) Words in Sch. 36 para. 14(1)(c) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(9), 64(1) Sch. 36 para. 14(3)-(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 39 Sch. 36 para. 14(3A)-(3D) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 18, 24(3) Words in Sch. 36 para. 15(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(2) Words in Sch. 36 para. 15(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(3) Words in Sch. 36 para. 15(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(4) Words in Sch. 36 para. 15(6) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(5) Sch. 36 para. 16(5A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(14), 64(1) Words in Sch. 36 para. 16(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(12), 64(1) Words in Sch. 36 para. 16(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(13), 64(1) Sch. 36 para. 17(6) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(15), 64(1) Words in Sch. 36 para. 22(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(5), 64(1) Word in Sch. 36 para. 22(7)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(6)(a), 64(1) Words in Sch. 36 para. 22(8) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(7), 64(1) Words in Sch. 36 para. 22(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(3), 64(1) Sch. 36 para. 22(6)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(4), 64(1) Sch. 36 para. 22(7)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 43(2) Sch. 36 para. 22(7A)-(7J) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 43(3) Words in Sch. 36 para. 23(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(5), 64(1) Words in Sch. 36 para. 26(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(7)(a), 64(1), Sch. 11 Pt. 4 Words in Sch. 36 para. 26(2)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(7)(b), 64(1) Words in Sch. 36 para. 26(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(8), 64(1) Words in Sch. 36 para. 26(4)(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(a), 64(1) Word in Sch. 36 para. 26(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(a), 64(1) Sch. 36 para. 26(4)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(b), 64(1) Words in Sch. 36 para. 26(4)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(c), 64(1) Word in Sch. 36 para. 26(4)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(c), 64(1) Word in Sch. 36 para. 26(3)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 45 Words in Sch. 36 para. 31(7) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(6), 64(1) Words in Sch. 36 para. 51(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(7), 64(1) Words in Sch. 36 para. 54(1)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 46 Words in Sch. 36 para. 56(1)(a) inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 para. 18(7)(a)(8) Sch. 36 para. 56(4) inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 para. 18(7)(b)(8) Word in Sch. 36 para. 57(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(2), 64(1) Word in Sch. 36 para. 57(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(2), 64(1) Word in Sch. 36 para. 58(6)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(3), 64(1) Words in Sch. 28 para. 15(1A) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 180(b) Sch. 3 repealed (with effect in accordance with Sch. 26 Pt. 3(1) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(1) S. 28 repealed (with effect in accordance with Sch. 26 Pt. 3(1) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(1) S. 79 repealed (with effect in accordance with Sch. 26 Pt. 3(7) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(7) Sch. 39 para. 18 repealed (with effect in accordance with Sch. 26 Pt. 7(3) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 7(3) Sch. 29A para. 33 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Taxable Property Provisions) Regulations 2006 (S.I. 2006/1958), regs. 1(1), 3 Sch. 29A para. 34 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Taxable Property Provisions) Regulations 2006 (S.I. 2006/1958), regs. 1(1), 3 Sch. 29A para. 32 applied (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Taxable Property Provisions) Regulations 2006 (S.I. 2006/1958), regs. 1(1), 4 Sch. 29A para. 33 applied (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Taxable Property Provisions) Regulations 2006 (S.I. 2006/1958), regs. 1(1), 5 Sch. 29A para. 34 applied (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Taxable Property Provisions) Regulations 2006 (S.I. 2006/1958), regs. 1(1), 6 Ss. 185A-185I restricted by S.I. 2006/207, reg. 4B (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9) Sch. 29A para. 15 modified by S.I. 2006/207, reg. 4C (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9) Sch. 29A para. 29 modified by S.I. 2006/207, reg. 4D (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9) Sch. 29A para. 31 modified by S.I. 2006/207, reg. 4D (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), reg. 9) S. 206 applied by S.R. 1995/95, reg. 89A(10) (as inserted (N.I.) (with effect in accordance with reg. 1(2) of the amending Rule) by The Health and Personal Social Services (Superannuation Scheme, Injury Benefits and Additional Voluntary Contributions) (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/410), regs. 1(2), 16) Words in Sch. 29A para. 20(1)(b) substituted (retrospective to 1.1.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 14(2), 24(8) Words in Sch. 28 para. 17(1)(d) inserted (22.2.2007) by The Tax and Civil Partnership Regulations 2007 (S.I. 2007/493), regs. 1, 2(3) Words in Sch. 28 para. 17(1)(e) inserted (22.2.2007) by The Tax and Civil Partnership Regulations 2007 (S.I. 2007/493), regs. 1, 2(3) Sch. 28 para. 2(6)(aa) inserted (22.2.2007) by The Tax and Civil Partnership Regulations 2007 (S.I. 2007/493), regs. 1, 2(2) Sch. 28 para. 3(2)(aa) inserted (22.2.2007) by The Tax and Civil Partnership Regulations 2007 (S.I. 2007/493), regs. 1, 2(2) Words in s. 59(5) substituted (1.3.2007) by National Health Service (Consequential Provisions) Act 2006 (c. 43), s. 8(2), Sch. 1 para. 256 (with Sch. 3 Pt. 1) Sch. 15 para. 23(3) substituted for Sch. 15 para. 23(3)(4) (retrospective to 21.3.2007) by Finance Act 2007 (c. 11), s. 66(1)(2) S. 65(3) has effect as specified by The Finance Act 2004, Section 77(1) and (7), (Appointed Day) Order 2006 (S.I. 2006/3240), art. 2 S. 154(2A) inserted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(3), 24(1) S. 154(1) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(2), 24(1) S. 154(3) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(4), 24(1), Sch. 27 Pt. 3(2) Words in s. 154(4) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(5), 24(1), Sch. 27 Pt. 3(2) S. 279(1A) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 480(3) (with Sch. 2) Words in s. 279(1) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 480(2)(a), Sch. 3 Pt. 1 (with Sch. 2) Word in s. 279(1) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 480(2)(b) (with Sch. 2) Words in s. 279(1) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 480(2)(c), Sch. 3 Pt. 1 (with Sch. 2) Ss. 119-123 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 464, Sch. 3 Pt. 1 (with Sch. 2) Ss. 126-130 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 465, Sch. 3 Pt. 1 (with Sch. 2) Sch. 19 Pt. 1 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 19 Pt. 3 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 paras. 13-17 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 18 Pt. 1 repealed (with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2) S. 73A inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 461 (with Sch. 2) Word in s. 280(1) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(2), Sch. 3 Pt. 1 (with Sch. 2) Words in s. 280(1) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(2) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(a) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(b) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(c) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(d) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(e) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(f) (with Sch. 2) Words in s. 280(2) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(g) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(h) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(i) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(j) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(k) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(l) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(m) (with Sch. 2) Words in s. 280(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 481(3)(n) (with Sch. 2) Sch. 15 para. 9(1)(c) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 482(3) (with Sch. 2) S. 155 repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 324(1), Sch. 27 Pt. 3(2) S. 189(2A) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 473(3) (with Sch. 2) S. 189(5)-(7) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 473(4) (with Sch. 2) Word in s. 189(2) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 473(2)(a), Sch. 3 Pt. 1 (with Sch. 2) S. 189(2)(c) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 473(2)(c) (with Sch. 2) S. 273(11) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 478 (with Sch. 2) Words in s. 273(5)(a) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 4(a)24(1), Sch. 27 Pt. 3(2) Words in s. 273(7) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 4(b)24(1), Sch. 27 Pt. 3(2) Sch. 27 para. 4 repealed (with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 3 Pts. 1, 2 (with Sch. 2) S. 23 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 24 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 3 Pt. 1 (with Sch. 2) S. 29 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Words in s. 193(6) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 475(a) (with Sch. 2) Words in s. 193(6) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 475(b) (with Sch. 2) Words in s. 194(1) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 476(a) (with Sch. 2) Words in s. 194(1) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 476(b) (with Sch. 2) Sch. 36 para. 43 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 10 paras.

61(a), 64(2), Sch. 11 Pt. 4 S. 162(6) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 468(3) (with Sch. 2) Words in s. 162(2)(a) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 468(2) (with Sch. 2) S. 94(1)(2) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 36 para. 46 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 10 paras. 61(b), 64(2), Sch. 11 Pt. 4 S. 59(8) inserted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 459 (with Sch. 2) S. 65(3) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 460 (with Sch. 2) S. 91 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 101 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 463, Sch. 3 Pt. 1 (with Sch. 2) S. 102 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 463, Sch. 3 Pt. 1 (with Sch. 2) S. 124 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 125 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) S. 161(8) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 467 (with Sch. 2) S. 172A(11) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 469 (with Sch. 2) S. 172B(9) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 470 (with Sch. 2) S. 172C(7) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 471 (with Sch. 2) S. 172D(6) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 472 (with Sch. 2) S. 192(5) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 474, Sch. 3 Pt. 1 (with Sch. 2) S. 266A(7) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 477 (with Sch. 2) Words in s. 268(6) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 19 paras. 1729(7) S. 278(4) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 479 (with Sch. 2) Sch. 4 para. 2 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 12 para. 10 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 12 para. 11 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 15 para. 2 substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 482(2) (with Sch. 2) Sch. 17 para. 10(2) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 24 para. 1 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 24 para. 2 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 24 para. 3(2) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 27 para. 5 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 29A para. 4(2) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 484 (with Sch. 2) Sch. 35 para. 8 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 29 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 30 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 31 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 32 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 37 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 36 para. 11D(5) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 485 (with Sch. 2) Words in s. 59(1)(b) inserted (25.5.2007) by The Government of Wales Act 2006 (Consequential Modifications and Transitional Provisions) Order 2007 (S.I. 2007/1388), art. 1(2), Sch. 1 para. 107(a) Words in s. 59(1)(c) substituted (25.5.2007) by The Government of Wales Act 2006 (Consequential Modifications and Transitional Provisions) Order 2007 (S.I. 2007/1388), art. 1(2), Sch. 1 para. 107(b) Words in s. 150(4)(c) inserted (25.5.2007) by The Government of Wales Act 2006 (Consequential Modifications and Transitional Provisions) Order 2007 (S.I. 2007/1388), art. 1(2), Sch. 1 para. 108 Sch. 7 paras. 2-4 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(9) Sch. 34 para. 7ZA and cross-heading inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 19 para. 18(4) S. 181A and cross-heading inserted (19.7.2007) (with effect in accordance with Sch. 19 para. 29(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 14 S. 195A inserted (19.7.2007) (with effect in accordance with Sch. 18 paras. 4-7 of the amending Act) by Finance Act 2007 (c. 11), Sch. 18 para. 3 S. 306A inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(2) (with s. 108(10)) S. 308A inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(4) (with s. 108(10)) Ss. 313A, 313B inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(5) (with s. 108(10)) S. 314A inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(6) (with s. 108(10)) Words in s. 165(1) substituted (with effect as specified in Sch. 19 para. 29(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 2(2)(a) Words in s. 165(1) substituted (with effect as specified in Sch. 19 para. 29(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 2(2)(b) S. 147(1)(2) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7) S. 147(4) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7) S. 160(4A)(4B) inserted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 5 S. 168(1)(g) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 5, Sch. 27 Pt. 3(1) Word in s. 172B(4) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 19 para. 12(3) S. 172B(5)(a) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 6, Sch. 27 Pt. 3(1) S. 188(3)(aa) inserted (19.7.2007) (with effect in accordance with Sch. 18 paras. 4-7 of the amending Act) by Finance Act 2007 (c. 11), Sch. 18 para. 2 S. 188(5)(b) and preceding word repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 7, Sch. 27 Pt. 3(1) S. 245(2) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(5) S. 280(2) entry repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 8, Sch. 27 Pt. 3(1) S. 307(6) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(3) (with s. 108(10)) Words in s. 318(1) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 108(8)(a) (with s. 108(10)) Sch. 7 para. 9(1) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7) Sch. 10 para. 43 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10) Sch. 10 para. 44 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(14) Sch. 10 para. 70 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10) Sch. 10 para. 78 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(14) Sch. 20 para. 7(d) repealed (19.7.2007 with effect in accordance with Sch. 16 to the amending Act) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(16) Words in Sch. 28 para. 2A(2) substituted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 7(3) Sch. 28 para. 10(1)-(1C) substituted (19.7.2007) for Sch. 28 para. 10(1) (with effect in accordance with Sch. 20 para. 24(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 8(2) Sch. 28 para. 24(1)-(1C) substituted (19.7.2007) for Sch. 28 para. 24(1) (with effect in accordance with Sch. 20 para. 24(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 8(3) Words in Sch. 29 para. 10(1)(c) substituted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(2) Words in Sch. 29 para. 10(3) substituted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(3)(a) Sch. 29 para. 10(3)(a) repealed (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(3)(b), Sch. 27 Pt. 3(2) Words in Sch. 29 para. 18(2)(e) substituted (19.7.2007 (with effect in accordance with Sch. 19 para. 29(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 16(5) Sch. 29 para. 19 repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 9, Sch. 27 Pt. 3(1) Words in Sch. 29A para. 22(1) inserted (retrospective to 1.1.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 14(3)(a), 24(8) Sch. 29A para. 22(2) repealed (retrospective to 1.1.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 14(3)(b), 24(8), Sch. 27 Pt. 3(2) Words in Sch. 29A para. 24(1) substituted (retrospective to 1.1.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 14(4), 24(8) Words in Sch. 29A para. 25(2)(a) substituted (retrospective to 1.1.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 14(5), 24(8) Words in Sch. 34 para. 1(6) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 18(2), Sch. 27 Pt. 3 Words in Sch. 34 para. 4(3) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 18(3), Sch. 27 Pt. 3(1) Sch. 35 para. 22(3) repealed (with effect in accordance with s. 38 of the amending Act) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7) Word in Sch. 36 para. 17A(1) inserted (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(a) Sch. 36 para. 17A(1)(c) and preceding word repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(a), Sch. 27 Pt. 3(1) Words in Sch. 36 para. 17A(2) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(b), Sch. 27 Pt. 3(1) Pt. 4 modified (31.12.2007) by Police and Justice Act 2006 (c. 48), s. 53(1), Sch. 3 para. 7; S.I. 2007/3203, art. 3(b) Sch. 7 para. 1 repealed (19.2.2008) (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 1(1), Sch. Pt. 1 S. 7(3) omitted (retrospective to 1.4.2008) by virtue of Finance Act 2008 (c. 9), Sch. 5 paras. 25(e)(i), 26(b) S. 10(2) omitted (retrospective to 1.4.2008) by virtue of Finance Act 2008 (c. 9), Sch. 5 paras. 25(e)(ii), 26(b) Words in Sch. 32 para. 11(6) substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), Sch. 29 paras. 9(2)(a), 12(1) Words in Sch. 32 para. 11(6) substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), Sch. 29 paras. 9(2)(b), 12(1) Sch. 32 para. 11(7A)(7B) inserted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), Sch. 29 paras. 9(3), 12(1) Act modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), reg. 88(1) (with regs. 134, 258) Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258) Act modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), reg. 215(1) (with regs. 134, 258) S. 199A inserted (21.7.2008) (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 2008 (c. 9), s. 90(1) S. 142 omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), s. 75(4)(a) S. 164(1): s. 164 renumbered as s. 164(1) (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 1(2)(a) S. 164(2) inserted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 1(2)(b) Word in s. 172(3)(a) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(1) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 2(2)(a) Words in s. 172(3)(b) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(1) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 2(2)(b) S. 172(6A) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(1) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 2(3) S. 172A(1)(aa) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 3(2) Words in s. 172A(3)(a) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 3(3) S. 172A(5)(ca) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 3(4) S. 172A(9A) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 3(5) S. 172B(2)(aa) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 4(2) Words in s. 172B(3)(a) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 4(3) Words in s. 172B(7)(b) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 4(3) S. 172B(7)(a) omitted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 28 para. 4(4)(a) Words in s. 172B(7)(b) substituted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 4(4)(b) S. 172B(7A)(7B) inserted (21.7.2008) (with effect in accordance with Sch. 28 para. 15(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 28 para. 4(5) S. 185G(3)(c) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 53 Words in s. 197(2) substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 14(2)(a) Words in s. 197(4) substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 14(2)(b) S. 197(9A) inserted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 14(2)(c) Words in s. 199(2) substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 29 para. 14(3) Sch. 21 para. 2 omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 21(g) Sch. 21 para. 3(4) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(g)(i) Sch. 21 para. 8 omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(g)(i) Word in Sch. 21 para. 10(4) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(g)(ii) Sch. 21 para. 10(6) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(g)(ii) Words in Sch. 28 para. 16(2) inserted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 28 para. 5 Sch. 35 para. 25 omitted (21.7.2008) (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(m) Sch. 35 para. 27 omitted (21.7.2008) (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(m) S. 59(1)(h) modified (E.W.) (1.12.2008) by The Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839), arts. 1(1), 3, Sch. para. 1 (with art. 6) Words in s. 59(1)(f) substituted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 82; S.I. 2008/3068, art. 2(1)(b)(3) (with arts. 6-13) Pt. 4 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), reg. 5A (as inserted (6.4.2006) by S.I. 2008/2990, arts. 1(1), 3) S. 269(3)(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 427(2) Words in s. 269(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 427(3) Words in s. 269(7)(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 427(4)(a) Words in s. 269(7)(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 427(4)(b) S. 34(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 9 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 5 paras. 5-8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 5 paras. 14-16 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 paras. 1-4 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 paras. 47-69 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 paras. 19-23 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 paras. 30-42 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 45(1)-(3) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 313(4)(a)-(c) substituted for s. 313(4)(a)-(g) (1.4.2009) by The Finance Act 2008, Schedule 40 (Appointed Day, Transitional Provisions and Consequential Amendments) Order 2009 (S.I. 2009/571), art. 1(1), Sch. 1 para. 26 S. 271(8) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(2) S. 271(10) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(2) Words in s. 271(11) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(3) Words in s. 271(12) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(4)(a) Words in s. 271(12) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(4)(b) Words in s. 271(13) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(5)(a) Words in s. 271(13) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 428(5)(b) S. 156(3)(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(2) Words in s. 156(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(3) Words in s. 156(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(4)(a) Words in s. 156(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(4)(b) Words in s. 156(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(5)(a) Words in s. 156(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(5)(b) Words in s. 156(8) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 423(5)(c) S. 159(3)(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(2) Words in s. 159(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(3) Words in s. 159(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(4)(a) Words in s. 159(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(4)(b) Words in s. 159(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(5)(a) Words in s. 159(8) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 424(5)(b) S. 170(3)(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(2) Words in s. 170(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(3) Words in s. 170(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(4)(a) Words in s. 170(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(4)(b) Words in s. 170(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(5)(a) Words in s. 170(8) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 425(5)(b) Words in s. 67(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(2) Word in s. 67(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(3)(a) Words in s. 67(4) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(3)(b) Word in s. 67(5)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(4)(a) Words in s. 67(5)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(4)(b) S. 67(6) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 421(5) Words in s. 246(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 578(2)(b) (with Sch. 2 Pts. 1, 2) Words in s. 246(3)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 578(3)(b) (with Sch. 2 Pts. 1, 2) Words in s. 246(2)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 578(2)(a) (with Sch. 2 Pts. 1, 2) Words in s. 246(3)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 578(3)(a) (with Sch. 2 Pts. 1, 2) Sch. 33 para. 6(3)(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 435(2) Words in Sch. 33 para. 6(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 435(3) Words in Sch. 33 para. 6(7) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 435(4) Words in Sch. 33 para. 6(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 435(5)(a) Words in Sch. 33 para. 6(8) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 435(5)(b) S. 38 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 39 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 48 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in s. 196(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 573(3) (with Sch. 2 Pts. 1, 2) Words in s. 196(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 573(2) (with Sch. 2 Pts. 1, 2) S. 54 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in s. 196A(4)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 574(a) (with Sch. 2 Pts. 1, 2) Words in s. 196A(4)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 574(b) (with Sch. 2 Pts. 1, 2) Word in s. 59(4)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 420 Words in s. 197(10)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 575(a) (with Sch. 2 Pts. 1, 2) Words in s. 197(10)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 575(b) (with Sch. 2 Pts. 1, 2) Words in s. 199A(10)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 576(a) (with Sch. 2 Pts. 1, 2) Words in s. 199A(10)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 576(b) (with Sch. 2 Pts. 1, 2) S. 71(3)(b) and preceding word repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 570, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 137(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) S. 141 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in s. 200(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 577(b) (with Sch. 2 Pts. 1, 2) Words in s. 200(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 577(a) (with Sch. 2 Pts. 1, 2) Words in s. 246A(4)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 579(a) (with Sch. 2 Pts. 1, 2) Words in s. 246A(4)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 579(b) (with Sch. 2 Pts. 1, 2) Word in s. 280(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 580(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in s. 280(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 580(b) (with Sch. 2 Pts. 1, 2) Word in s. 306A(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 429 Word in s. 306A(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 429 Word in s. 314A(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 432 Word in s. 314A(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 432 Word in s. 308A(2)(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 430 Words in s. 318(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(2) Words in s. 318(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 434(3) Word in s. 313B(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 431 S. 295(4)(a) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 21(l); S.I. 2009/571, art. 2 S. 317A omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 433 Sch. 5 para. 2 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 6 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 9(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 13 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 14 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 16 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 17 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 25 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 28 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 71 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 10 para. 73 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 16 para. 5 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 17 para. 4 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 17 para. 7 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 17 para. 8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Words in Sch. 26 para. 1(6) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 581(2) (with Sch. 2 Pts. 1, 2) Words in Sch. 26 para. 2(6) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 581(3) (with Sch. 2 Pts. 1, 2) Sch. 26 para. 12 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 35 para. 45 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 35 para. 50 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 35 para. 52 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Sch. 35 para. 53 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2) Ss. 131-133 omitted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 to the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 8(b), 12 S. 166(2) modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23B (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3) Ss. 230-237 modified (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 5(2) S. 229(3) modified (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 4(1) S. 230(1) modified (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 5(1) S. 233(1) modified (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 5(1) S. 234(1) modified (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 5(1) S. 236 applied (with modifications) (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 6(6) Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18 S. 135 omitted (with effect in accordance with Sch. 25 para. 10 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(3)(d) S. 282(A1)(A2) inserted (21.7.2009) by Finance Act 2009 (c. 10), s. 75(1) S. 282(1A) inserted (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 18(2) Words in s. 282(2) inserted (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 18(3) S. 164(2)(d) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(a) S. 192(4) substituted (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 11 S. 208(6)(6A) substituted for s. 208(6) (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 12 S. 209(7)(8) substituted for s. 209(7) (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 13 S. 240(3A)(3B) inserted (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 16 S. 242(5)(6) inserted (with effect in accordance with Sch. 2 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 2 para. 17 S. 281(4) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(b) S. 283(3C) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(c) Sch. 18 para. 13(1)(f) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 10(b) Sch. 28 para. 3(2CA) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(d) Sch. 28 para. 17(4A) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(d) Sch. 29A para. 9(2) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 75(2)(e) Sch. 35 para. 12 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(m) Sch. 35 para. 49 omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 126(6)(a) Sch. 35 para. 65(2) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 126(6)(a) Sch. 21 para. 1 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 60(j) Words in Act substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 1(2); S.I. 2009/1604, art. 2(d) Sch. 11 para. 14A inserted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 6 Sch. 26 paras. 4-9 repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2 Sch. 26 paras. 13-16 repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2 Sch. 26 para. 1(1) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2 Sch. 26 para. 2(1) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2 S. 308(4)-(4C) substituted for s. 308(4) (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(5); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 308(1) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(2)(a); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Word in s. 308(1) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(2)(b); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Word in s. 308(2)(a) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(3); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 308(3) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(4)(a); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 308(3) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 2(4)(b); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Ss. 312, 312A substituted for s. 312 (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 4; S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 313(1)(a) omitted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by virtue of Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(2); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 313(3) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(a); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 313(3)(a) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(b); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in s. 313(3)(b) substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(3)(c); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 S. 313(5) inserted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 5(4); S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 S. 316 substituted (1.11.2008 except for the purposes of Stamp Duty Land tax, 1.4.2010 in so far as not already in force) by Finance Act 2008 (c. 9), s. 116(2), Sch. 38 para. 6; S.I. 2008/1935, art. 2(1) (with art. 2(2)); S.I. 2010/409, art. 2 Words in Sch. 29A para. 21(3)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(3)(a)(i) (with Sch. 2) Words in Sch. 29A para. 21(3)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(3)(b)(i) (with Sch. 2) Words in Sch. 29A para. 21(3)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(3)(b)(ii) (with Sch. 2) Words in Sch. 29A para. 21(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(5)(c) (with Sch. 2) S. 34(2)(3) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) Words in s. 59(1)(h) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 33; S.I. 2010/862, art. 2 (with Sch.) Words in s. 59(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 426 (with Sch. 2) S. 26 repealed (with effect in accordance with s.

1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Ss. 107-111 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 62(a), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22) Ss. 30-32 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) Sch. 5 paras. 11-13 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) Sch. 27 paras. 1-3 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 paras. 34-36 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 137(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 137(3)-(7) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 285(7) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 6 (with Sch. 9 paras. 1-9, 22) and repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(a) (with Sch. 9 paras. 1-9, 22) Words in s. 318(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(2)(b) (with Sch. 9 paras. 1-9, 22) S. 318(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 302(3), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22) Words in Sch. 29A para. 22(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(4) (with Sch. 2) Words in Sch. 29A para. 22(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(5)(d) (with Sch. 2) Words in s. 307(2)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 429(a) (with Sch. 2) Words in s. 307(2)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 429(b) (with Sch. 2) Sch. 37 para. 11 repealed (1.4.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 6 (with Sch. 9 paras. 1-9, 22) and repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) S. 36 repealed (1.4.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22) S. 45(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 50 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 424, Sch. 3 Pt. 1 (with Sch. 2) S. 51 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 425, Sch. 3 Pt. 1 (with Sch. 2) S. 56 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 83 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 427, Sch. 3 Pt. 1 (with Sch. 2) S. 113 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 62(b), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22) S. 114 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 62(b), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22) S. 115(4) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 62(c), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22) S. 139 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) S. 148 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Words in s. 189(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 63 (with Sch. 9 paras. 1-9, 22) S. 252 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 13 (with art. 8) S. 253 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 13 (with art. 8) S. 259 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 13 (with art. 8) Words in s. 273(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 428 (with Sch. 2) Sch. 5 para. 3(2)(a) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 7 para. 7 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22) Sch. 10 para. 45 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 10 para. 77 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Words in Sch. 11 para. 4(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 430 (with Sch. 2) Sch. 12 para. 12 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22) Sch. 26 para. 10 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Words in Sch. 29A para. 10(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(5)(a) (with Sch. 2) Words in Sch. 29A para. 17(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(2) (with Sch. 2) Words in Sch. 29A para. 19(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(5)(b) (with Sch. 2) Words in Sch. 29A para. 24(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(5)(e) (with Sch. 2) Words in Sch. 34 para. 20 substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 64 (with Sch. 9 paras. 1-9, 22) Sch. 35 para. 7 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 18 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 19 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Sch. 35 para. 23 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2) Words in Sch. 36 para. 12(8A)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(2) (with Sch. 2) Words in Sch. 36 para. 22(7J) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(3) (with Sch. 2) Words in Sch. 36 para. 37H(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(4) (with Sch. 2) S. 251(5)(aa) inserted (8.4.2010) by Finance Act 2010 (c. 13), s. 49 Words in s. 280(2) inserted (with effect in accordance with s. 68(5) of the amending Act) by Finance Act 2010 (c. 13), s. 68(2) Word in s. 280(2) substituted (with effect in accordance with s. 68(6) of the amending Act) by Finance Act 2010 (c. 13), s. 68(3) Words in s. 280(2) inserted (with effect in accordance with s. 68(5) of the amending Act) by Finance Act 2010 (c. 13), s. 68(4) Ss. 213A-213P and cross-heading inserted (with effect for tax year 2011-12 and subsequent tax years in accordance with Sch. 2 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 2 para. 2; which insertion fell without ever having effect as a result of the repeal (10.12.2010) of the affecting provision by The Finance Act 2010, Section 23 and Schedule 2 (High Income Excess Relief Charge) (Repeal) Order 2010 (S.I. 2010/2938), arts. 1, 2 Sch. 34 para. 7B and cross-heading inserted (with effect for tax year 2011-12 and subsequent tax years in accordance with Sch. 2 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 2 para. 4; which insertion fell without ever having effect as a result of the repeal (10.12.2010) of the affecting provision by The Finance Act 2010, Section 23 and Schedule 2 (High Income Excess Relief Charge) (Repeal) Order 2010 (S.I. 2010/2938), arts. 1, 2 S. 199 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 3(2) S. 200 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 3(3) S. 263 applied (with modifications) (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 5-11; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 27) Sch. 36 Pt. 2 applied (with modifications) (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 5-11 S. 261 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 11(2) S. 262 applied (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 11(2) S. 165 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(a) (with Sch. 2 para. 2(1)) Sch. 28 para. 7 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(b)(i) (with Sch. 2 para. 2(1)) Sch. 28 para. 9(2) modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(b)(ii) (with Sch. 2 para. 2(1)) S. 167 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(c) (with Sch. 2 para. 2(1)) Sch. 28 para. 23(2) modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(d)(ii) (with Sch. 2 para. 2(1)) Sch. 28 para. 6 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 3(1) Sch. 29 para. 1 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 7 Sch. 28 para. 8 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 8(1)(2) Sch. 29 para. 17 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 2(1)(2)(e) (with Sch. 2 para. 2(1) Words in Sch. 36 para. 11D(2A) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 11D(2A) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 11D(2B)(b) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 11D(2B)(b) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 14(3A) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 14(3A) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 14(3D)(a) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 14(3D)(a) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in s. 172A(5)(db) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 58(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in s. 172A(5)(db) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 58(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 12(2C)(d) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) Words in Sch. 36 para. 12(2C)(d) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2)) S. 307(1A) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(4); S.I. 2010/3019, art. 2 S. 307(4A)-(4C) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(5); S.I. 2010/3019, art. 2 Words in s. 307(6) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(7); S.I. 2010/3019, art. 2 Words in s. 307(1)(a) substituted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(2); S.I. 2010/3019, art. 2 Words in s. 307(1)(b) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(3); S.I. 2010/3019, art. 2 Words in s. 307(5) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 2(6); S.I. 2010/3019, art. 2 Word in s. 308(2) substituted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 3(2); S.I. 2010/3019, art. 2 S. 308(2)(za) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 3(3); S.I. 2010/3019, art. 2 Words in s. 313A(1) substituted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 4; S.I. 2010/3019, art. 2 Words in s. 316 substituted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 7; S.I. 2010/3019, art. 2 Words in s. 317(2) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 8; S.I. 2010/3019, art. 2 S. 313C inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 9; S.I. 2010/3019, art. 2 S. 313ZA inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 6; S.I. 2010/3019, art. 2 Words in s. 318(1) inserted (1.1.2011) by Finance Act 2010 (c. 13), Sch. 17 para. 5; S.I. 2010/3019, art. 2 S. 260(1)-(5) omitted (1.4.2011) by virtue of The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Assessment and Pension Schemes) (Appointed Days and Consequential and Savings Provisions) Order 2011 (S.I. 2011/702), arts. 1(1), 14 (with arts. 1(2), 21) S. 182 restricted (retrospective to 6.4.2011) by Finance Act 2011 (c. 11), s. 68(1)(6) S. 182 modified (retrospective to 6.4.2011) by Finance Act 2011 (c. 11), s. 68(2)(6) S. 183 modified (retrospective to 6.4.2011) by Finance Act 2011 (c. 11), s. 68(2)(6) S. 163(2) applied (retrospective to 6.4.2011) by Finance Act 2011 (c. 11), s. 68(5)(6) S. 166(2)(a) modified by S.I. 2006/572, art. 23ZC(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(12)) S. 166(2)(a) modified by S.I. 2006/572, art. 23ZE(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(13)) Sch. 36 para. 22(7)(a) modified by S.I. 2006/572, art. 42(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4) Sch. 36 para. 22(7)(a) modified by S.I. 2006/572, art. 43(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4) Sch. 36 para. 23(7) modified by S.I. 2006/572, art. 42(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4) Sch. 36 para. 23(7) modified by S.I. 2006/572, art. 43(4) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4) Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZA(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(5) (with reg. 6)) Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZC(3) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3) Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZD(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(6) (with reg. 6)) Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZE(3) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(7) (with reg. 6)) Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5)) Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with art. 3(2)(3), 4(2), 6(4)(5)) Sch. 28 para. 10(7)-(8A) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 90(8) Sch. 28 para. 24(7)-(8A) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 98(8) Sch. 36 para. 12(7)-(8B) applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(9) Sch. 36 para. 12(2A)-(2C) applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(10) S. 165 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 90(2)(a) S. 167 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 98(2)(a) Sch. 36 para. 14 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(11) Sch. 36 para. 53(3) applied by 2003 c. 1, s. 554U(2) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 2 para. 1) Sch. 28 para. 6 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 87 Sch. 28 para. 8(1A) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 88 Sch. 28 para. 9(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 89(2) Sch. 28 para. 10 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 90(2)(b) Sch. 28 para. 10(4) applied (with modifications) (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 90(7) S. 165 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 91(2)(a) Sch. 28 para. 9(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 92(2) Sch. 28 para. 9(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 92(4) Sch. 28 para. 9(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 93(2) Sch. 28 para. 22(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 96 Sch. 28 para. 23(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 97(2) Sch. 28 para. 24 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 98(2)(b) Sch. 28 para. 24(4) applied (with modifications) (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 98(7) S. 167 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 99(2)(a) Sch. 28 para. 23(1)(a) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 100(2) S. 282 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 108(2) S. 234(4)(5) applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 17 para. 28(6) Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3) Sch. 36 para. 17A applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(8) Words in s. 182(3)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 70(2)(a) Words in s. 182(3)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 70(2)(b) Words in s. 182(5) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 70(3) S. 238(1)(a)(i)(ii) substituted for words (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 16(2) S. 238(4A) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 16(3) Words in s. 238(6) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 16(4)(a) Word in s. 238(6) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 16(4)(b) Words in s. 238(6)(b) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 16(4)(c) Words in s. 238(7) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 16(5) S. 236(4)(5) substituted for s. 236(4)-(7) (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(5) S. 236(8)-(8D) substituted for s. 236(8) (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(6) Words in s. 236(1) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(2) Words in s. 236(2) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(3)(a) Words in s. 236(2) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(3)(b) Words in s. 236(2) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(3)(c) Words in s. 236(3) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(4)(a) Words in s. 236(3) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(4)(b) Words in s. 236(3) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 12(4)(c) S. 236(9) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 12(7) S. 228A inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 5 S. 228A applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 17 paras. 29, 30 Words in Sch. 28 para. 8(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(2) Sch. 28 para. 8(2)(3) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 6(4) Words in Sch. 28 para. 8(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(5) Words in Sch. 28 para. 8(1A)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(3) S. 232(8)-(8D) substituted for s. 232(8) (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 9(8) Words in s. 232(2) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 9(2) Words in s. 232(3) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 9(3) Words in s. 232(4) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 9(4)(b) Word in s. 232(4) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 9(4)(c) S. 232(5) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 9(5) Words in s. 232(6) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 9(6)(b) S. 232(7) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 9(7) S. 232(9) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 9(9) Words in s. 169(1D)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 66(a) S. 169(1D)(b) and preceding word omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 66(b) S. 227(4A)-(4C) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 3(4) S. 227(2)(3) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 3(2) S. 227(5A)(5B) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 3(5) Words in s. 227(4) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 3(3) S. 227(6) entry inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 3(6) S. 280(2) entries omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 77(2) S. 280(2) entries omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 77(3) S. 280(2) entries inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 77(3) S. 280(2) entry omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 77(5) S. 280(2) entry inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 77(5) Words in s. 280(2) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 22 Sch. 28 para. 10(1)(1ZA)(A1) substituted for Sch. 28 para. 10(1) (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(2) Sch. 28 para. 10(6A) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(7) Words in Sch. 28 para. 10(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(4)(a) Words in Sch. 28 para. 10(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(4)(b) Words in Sch. 28 para. 10(8A) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(10) Words in Sch. 28 para. 10(1B)(b) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(3)(a) Words in Sch. 28 para. 10(1B)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(3)(b) Words in Sch. 28 para. 10(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(4)(a) Words in Sch. 28 para. 10(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(4)(b) Words in Sch. 28 para. 10(5) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(5)(a) Words in Sch. 28 para. 10(5) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(5)(b) Words in Sch. 28 para. 10(6) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(6)(a) Words in Sch. 28 para. 10(6) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(6)(b) Words in Sch. 28 para. 10(7) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(8) Words in Sch. 28 para. 10(8) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(9) Words in Sch. 28 para. 10(9)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 8(11) S. 172BA omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 68 Words in s. 167(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 11(2)(a)(i) Words in s. 167(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 11(2)(a)(ii) Words in s. 167(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 11(2)(a)(iii) Words in s. 167(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 11(2)(b) Words in s. 167(1) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 11(2)(c) Words in s. 165(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 1(2)(a)(i) Words in s. 165(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 1(2)(a)(ii) Words in s. 165(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 1(2)(b) Words in s. 165(1) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 1(2)(c); and omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(a)(4) Words in s. 165(3)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 64 Words in s. 322(2) inserted (with effect in accordance with Sch. 25 paras. 18(6), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 18(2) S. 322(2) substituted (with effect in accordance with Sch. 25 paras. 18(6), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 18(3) S. 322(3) substituted (with effect in accordance with Sch. 25 paras. 18(6), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 18(4) Words in s. 322(4) substituted (with effect in accordance with Sch. 25 paras. 18(6)(7), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 18(5) S. 234(5A)-(5C) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 10(4) Sch. 28 para. 24(1)(1ZA)(A1) substituted for Sch. 28 para. 24(1) (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(2) Sch. 28 para. 24(6A) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(7) Words in Sch. 28 para. 24(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(4)(a) Words in Sch. 28 para. 24(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(4)(b) Words in Sch. 28 para. 24(8A) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(10) Words in Sch. 28 para. 24(1B)(b) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(3)(a) Words in Sch. 28 para. 24(1B)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(3)(b) Words in Sch. 28 para. 24(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(4)(a) Words in Sch. 28 para. 24(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(4)(b) Words in Sch. 28 para. 24(5) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(5)(a) Words in Sch. 28 para. 24(5) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(5)(b) Words in Sch. 28 para. 24(6) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(6)(a) Words in Sch. 28 para. 24(6) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(6)(b) Words in Sch. 28 para. 24(7) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(8) Words in Sch. 28 para. 24(8) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(9)(a) Words in Sch. 28 para. 24(8) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(9)(b) Words in Sch. 28 para. 24(9)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 18(11) S. 168(1)(e) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 65 Sch. 29 para. 18(1A)(1B) inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(3) Words in Sch. 29 para. 18(1)(c) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(b) Words in Sch. 29 para. 18(1)(d) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(c) Words in Sch. 29 para. 18(2)(d) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(b) Words in Sch. 29 para. 18(2)(e) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(c) Words in Sch. 29 para. 18(4) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(5) Sch. 29 para. 18(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(a) Sch. 29 para. 18(2)(b) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(a) Words in s. 172B(2)(b) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 67(2) S. 172B(8A) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 67(4) Words in s. 172B(7A)(a) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 67(3)(a) Words in s. 172B(7A)(b) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 67(3)(b) Words in Sch. 29 para. 1(3)(b) omitted (with effect in accordance with Sch. 16 paras. 85, 101 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 79(2) Sch. 29 para. 1(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 101 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 24(2)(a) Ss. 237A-237F inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 15 S. 237B(5)(a) applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 17 para. 32 Words in Sch. 28 para. 22(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(2) Words in Sch. 28 para. 22(3) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(a) Words in Sch. 28 para. 22(2)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(3) Words in Sch. 28 para. 22(3)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(b) Words in Sch. 28 para. 9(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 7(2)(a) Words in Sch. 28 para. 9(1)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 7(2)(b) Words in Sch. 28 para. 9(1) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 7(2)(c) Sch. 28 para. 9(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 7(3) S. 230(5A)-(5C) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 7(3) Word in s. 172D(4)(b) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 2 Words in Sch. 28 para. 23(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 17(2)(a) Words in Sch. 28 para. 23(1) inserted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 17(2)(c) Sch. 28 para. 23(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 17(3) Words in Sch. 28 para. 23(1)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 17(2)(b) S. 181A omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 69 Words in s. 235(1) omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 11(2) S. 235(3) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 11(3) S. 206(1A) inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 41(3) S. 206(1)(c) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 41(2) S. 229(4) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 6(4) Word in s. 229(2)(c) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 6(2) S. 229(3)(a) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 6(3) S. 254(7A)(7B) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 18 S. 254(7A) applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 17 para. 33 Sch. 28 para. 8 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(6) Sch. 28 para. 4 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 3(2) Sch. 28 para. 9 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 7(4) Words in s. 211(1)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 71 Words in s. 212(2) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 72 S. 231(3) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 8 S. 241(1)(aa) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 74 Word in s. 237(5) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch.

17 para. 14 S. 255(1)(ca) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 19 Word in Sch. 36 para. 36(3) inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(a)(i) Sch. 36 para. 36(3)(c) and word omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(a)(ii) Sch. 36 para. 36(4) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(b) Sch. 36 para. 36(8) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(b) Words in Sch. 36 para. 36(9) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(c)(i) Words in Sch. 36 para. 36(9) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(c)(ii) Words in Sch. 36 para. 36(10)(a) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(d) Words in Sch. 36 para. 36(11) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(e) Word in s. 268(6) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 75(a) Words in s. 268(6) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 75(b) Sch. 29 para. 15(1)(c) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 35(2)(a) Sch. 29 para. 15(1)(e) and word inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 35(2)(b) Sch. 29 para. 15(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 35(2)(a) Words in Sch. 29 para. 15(2)(b) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 79(4) Sch. 29 para. 13 renumbered as Sch. 29 para. 13(1) (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 33(2) Sch. 29 para. 13(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 33(3)(a) Sch. 29 para. 13(1)(c) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 33(3)(b) Sch. 29 para. 10(2A) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 5(3) Word in Sch. 29 para. 10(1)(d) inserted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 30(a) Sch. 29 para. 10(1)(f) and word omitted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 30(b) Word in Sch. 29 para. 10(2) substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 5(2) Sch. 29 para. 20(3) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 6(3) Sch. 29 para. 3A(4A) inserted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(3) Words in Sch. 29 para. 3A(2) substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(2) Sch. 29 para. 3A(5) substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(4) Sch. 29 para. 4(1)(e) and word omitted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 28(2)(b) Words in s. 269(1)(a) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 20 Sch. 29 para. 7(4A) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 4(3) Words in Sch. 29 para. 7(1)(e) omitted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 29 Sch. 29 para. 17(1) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(2) Words in Sch. 29 para. 17(2) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(3)(a) Sch. 29 para. 17(2)(d) and word inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(3)(c) Sch. 29 para. 17(2)(b) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 37(3)(b) Words in Sch. 29 para. 17(3) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(4) Words in Sch. 29 para. 17(4) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(5) S. 273A(1)(c) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 76 Words in Sch. 28 para. 6(1)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 4(a) Words in Sch. 28 para. 6(1)(d) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 4(b) Words in Sch. 28 para. 20(1)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 14(a) Words in Sch. 28 para. 20(1)(d) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 14(b) Sch. 29 para. 16(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 36(2) Word in s. 282(1A) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 23(a) Words in s. 282(1A) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 23(b) Sch. 28 paras. 10A, 10B inserted (with effect in accordance with Sch. 16 paras. 85, 91(3) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 9 Sch. 28 paras. 11-13 omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 78(b) Sch. 28 paras. 25-27 omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 78(d) Sch. 36 para. 49 cross-heading omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 25 Sch. 28 paras. 24A, 24B inserted (with effect in accordance with Sch. 16 paras. 85, 99(3) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 19 Sch. 28 para. 18 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 13(2) Sch. 28 para. 22 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(5) Sch. 28 para. 23 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 17(4) Sch. 29 para. 17 cross-heading substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 37(6) Words in Sch. 34 para. 5 substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 81(4)(a) Sch. 29 para. 14(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 34(2) Words in s. 234(6) substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 10(5) Words in s. 279(1) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 21 Words in Sch. 28 para. 4 substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 3(1) Sch. 28 para. 5 omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 78(a) Sch. 28 para. 7 substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 5 Words in Sch. 28 para. 18 substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 13(1) Sch. 28 para. 19 omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 78(c) Sch. 34 paras. 9A, 9B inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 24(3) S. 236A inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 13 S. 238A inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 17 Sch. 36 para. 49 omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 25 Sch. 28 para. 21 substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 15 Sch. 34 para. 3(7) inserted (with effect in accordance with Sch. 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 51 Sch. 34 para. 7ZA omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 81(5) Words in Sch. 34 para. 8(1) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 24(2) Words in Sch. 34 para. 12(1) inserted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 24(4) Sch. 36 para. 20(4) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(2) Word in s. 234(4) formula substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 10(2)(a) Word in s. 234(5) formula substituted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 17 para. 10(3) Words in Sch. 29A para. 21(3)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 431(3)(a)(ii) (with Sch. 2) Sch. 28 para. 20 modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 95 S. 227 revocation of earlier affecting provision S.I. 2006/207, reg. 8 (with effect in accordance with reg. 1(2) of the amending S.I.) by The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2011 (S.I. 2011/1751), regs. 1(1), 12(2) S. 231 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 9 (as amended (with effect in accordance with reg. 1(7) of the amending S.I.) by S.I. 2011/1751, regs. 1(1), 12(3)) S. 235 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 10 (as amended (with effect in accordance with reg. 1(7) of the amending S.I.) by S.I. 2011/1751, regs. 1(1), 12(4)) Sch. 29 Pt. 2 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 6, 8(1)(3) S. 208 modified (1.4.2012) by The Postal Services Act 2011 (Taxation) Regulations 2012 (S.I. 2012/764), regs. 1(1), 24; S.I. 2012/687; S.I. 2012/688; S.I. 2012/966 S. 209 modified (1.4.2012) by The Postal Services Act 2011 (Taxation) Regulations 2012 (S.I. 2012/764), regs. 1(1), 24; S.I. 2012/687; S.I. 2012/688; S.I. 2012/966 S. 227 modified (1.4.2012) by The Postal Services Act 2011 (Taxation) Regulations 2012 (S.I. 2012/764), regs. 1(1), 24; S.I. 2012/687; S.I. 2012/688; S.I. 2012/966 S. 59(1)(fa) inserted (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 19 para. 42(2); S.I. 2012/628, art. 6(i) (with arts. 9, 11, 14, 15, 17) S. 180 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Finance Act 2004, Section 180(5) (Modification) Regulations 2012 (S.I. 2012/1258), regs. 1, 2 Sch. 36 para. 51 applied (N.I.) (1.7.2012) by The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 1(1), 47(6) (as amended (1.7.2012) by S.R. 2012/237, regs. 1(1)(b), 2(2)) Ss. 196B-196L inserted (with effect in accordance with Sch. 13 para. 17 of the amending Act) by Finance Act 2012 (c. 14), Sch. 13 para. 15 (with Sch. 13 Pt. 4) (and see also, as to denial of relief for contributions paid during the period 29.11.2011 to 21.2.2012, the ss. 196B-196J inserted by Finance Act 2012 (c. 14), Sch. 13 paras. 1, 3 (with Sch. 13 Pt. 2)) Words in s. 280(1) inserted (with effect in accordance with Sch. 13 para. 17 of the amending Act) by Finance Act 2012 (c. 14), Sch. 13 para. 16(b) (with Sch. 13 Pt. 4) (and see also Finance Act 2012 (c. 14), Sch. 13 para. 2(b)) Word in s. 280(1) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 122(a); same word omitted (with effect in accordance with Sch. 13 para. 17 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 13 para. 16(a) (with Sch. 13 Pt. 4) (and see also Finance Act 2012 (c. 14), Sch. 13 para. 2(a)) Words in s. 280(1) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 122(b) S. 196L(2)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 115 S. 40 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(i) Words in s. 246(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 120(3) S. 246(2)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 120(2) Words in s. 196(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 113(a) Words in s. 196(4)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 113(b) S. 41 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(i) Words in s. 196A(4)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 114 S. 44 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(ii) Words in s. 197(10)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 116 S. 199(5) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 117 Words in s. 199A(10)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 118 Words in s. 246A(4)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 121 S. 200(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 119 S. 298(5) omitted (with effect in accordance with Sch. 39 para. 10(4) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 8(2)(c) (with Sch. 39 paras. 11-13) S. 308(6) inserted (17.7.2012) by Finance Act 2012 (c. 14), s. 215 Sch. 7 para. 5 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(iv) Sch. 7 para. 8 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(iv) Sch. 7 para. 9(2) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(iv) Sch. 6 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(iii) Sch. 35 para. 11 omitted (with effect in accordance with Sch. 39 para. 31(3) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(2)(b) Sch. 35 para. 20 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(l)(v) S. 165 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), reg. 6 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 3) S. 167 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), reg. 7 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 4) Sch. 28 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 14 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 5) Words in s. 324(1)(2) substituted (1.8.2012) by The Treaty of Lisbon (Changes in Terminology or Numbering) Order 2012 (S.I. 2012/1809), art. 2(1), Sch. Pt. 1 (with art. 2(2)) S. 308 applied (with modifications) (1.11.2012) by The Stamp Duty Land Tax (Avoidance Schemes) (Specified Proposals or Arrangements) Regulations 2012 (S.I. 2012/2396), regs. 1, 5, 6 Words in Sch. 29A para. 15(8) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 7(a) Words in Sch. 29A para. 15(8) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 7(b) Words in Sch. 28 para. 14(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 100 (with Sch. 20); S.I. 2013/423, art. 3, Sch. S. 188(6) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(3)(10) S. 190(5) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(4)(10) S. 196(5) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(5)(10) S. 233(2) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(7)(10) Sch. 29 para. 5(2A)(2B) inserted (retrospective to 6.4.2013) by Finance Act 2013 (c. 29), s. 52(8)(10) Sch. 36 para. 14(2) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(9)(10) Words in s. 158(1)(c) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Pension Schemes (Miscellaneous Amendments) Order 2013 (S.I. 2013/1114), arts. 1(1), 2(2) Words in s. 158(5) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Pension Schemes (Miscellaneous Amendments) Order 2013 (S.I. 2013/1114), arts. 1(1), 2(3) S. 260(6)(7) omitted (1.6.2013) by virtue of The Pension Schemes (Miscellaneous Amendments) Order 2013 (S.I. 2013/1114), arts. 1(1), 5 Sch. 36 para. 12(7)-(8B) applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(8) Sch. 36 para. 12(2A)-(2C) applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(9) Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2) Sch. 36 para. 17A applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(7) Sch. 36 para. 14 applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(10) Words in s. 150(8) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(1) S. 169(4)-(4B) substituted for s. 169(4) (17.7.2013) by Finance Act 2013 (c. 29), s. 53(4) S. 169(8) inserted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(7) Words in s. 169(2)(c) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(3) Words in s. 169(5) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(5)(a) S. 169(5)(a) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(5)(b) Words in s. 169(5)(b) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(5)(c) S. 169(6) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(6) S. 228(1) substituted (with effect in accordance with s. 49(4) of the amending Act) by Finance Act 2013 (c. 29), s. 49(2) Words in s. 318(1) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 35 para. 2(a) Words in s. 318(1) inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 35 para. 2(b) S. 312B inserted (17.7.2013) by Finance Act 2013 (c. 29), s. 223(2) S. 313ZB inserted (17.7.2013) by Finance Act 2013 (c. 29), s. 223(3) Words in s. 185G(3)(a) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 120 Words in s. 205(3) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 121 Words in s. 206(3) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 123 Words in s. 207(3) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 124 Words in s. 208(4) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 125 Words in s. 209(5) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 126 Words in s. 237A(2) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 128 Words in s. 237B(8) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 129 Words in s. 239(4) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 130 Words in s. 242(3) omitted (with effect in accordance with Sch. 46 para. 132 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 131 Words in s. 280(1) inserted (17.7.2013) by Finance Act 2013 (c. 29), s. 53(8) Sch. 24 para. 3(1) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 11, 52 Sch. 24 para. 3(3) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 11, 52 S. 239 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 18 (as amended (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 12(4)(5), 15) S. 166(5)-(7) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 13, 15 Word in s. 166(1) omitted (19.3.2014) by virtue of Finance Act 2014 (c. 26), Sch. 5 paras. 5(1), 15 Words in s. 239(3) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 12(1)(a), 15 S. 185J and cross-heading inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 3, 15 Words in s. 282(1)(2) substituted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 14, 15 Words in Sch. 36 para. 31(8) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 9(a), 15 Words in Sch. 36 para. 31(8) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 9(b), 15 S. 268(7A) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 12(3), 15 Sch. 36 para. 22(6A) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 7(1), 15 Words in Sch. 36 para. 23(6) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 7(2), 15 S. 153(5A)-(5C) inserted (with effect in accordance with Sch. 7 para. 5(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 2(4), 5(1) Word in s. 153(4) substituted (with effect in accordance with Sch. 7 para. 5(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 2(2), 5(1) S. 153(5)(a)-(g) substituted for s. 153(5)(a) (with effect in accordance with Sch. 7 para. 5 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 2(3), 5(1) S. 158(6)-(10) inserted (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(4), 8(2) S. 158(1)(za) inserted (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(2)(a), 8(2) S. 158(1)(da)(db) inserted (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(2)(c), 8(2) S. 158(1)(e)(ea) substituted for s. 158(1)(e) (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(2)(d), 8(2) Word in s. 158(1)(d) substituted (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(2)(b), 8(2) Ss. 153A-153F inserted (with effect in accordance with Sch. 7 para. 5(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 3, 5(1) S. 156A inserted (with effect in accordance with Sch. 7 para. 5(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 4, 5(1) Word in s. 195(5) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 52, 89 (with Sch. 8 paras. 90-96) Word in s. 195(5) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 139, 146 (with Sch. 8 paras. 147-157) Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3) Sch. 36 para. 20(4) applied (with modifications) (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 2(3)(4)(7)(8) Pt. 7 excluded (17.7.2014) by Finance Act 2014 (c. 26), Sch. 35 para. 13(b) Word in s. 274(3)(b) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 21(3) Word in s. 274(1) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 21(2)(a) Words in s. 274(1)(b) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 21(2)(b) Ss. 310A, 310B inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 284(2) (with s. 284(11)) S. 266B(5) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(4) Words in s. 266B(1)(b) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(2) Word in s. 266B(3) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(3)(a) Words in s. 266B(3) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 15(3)(b) S. 266A(6A) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 14(4) Words in s. 266A(1)(b) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 14(2) Word in s. 266A(5) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 14(3)(a) Words in s. 266A(5) substituted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 14(3)(b) Word in s. 270(2) omitted (with effect in accordance with Sch. 7 para. 9(2) of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 7 para. 9(1)(a) S. 270(2)(c) and word inserted (with effect in accordance with Sch. 7 para. 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 9(1)(b) S. 172A(5)(d) omitted (with effect in accordance with Sch. 7 para. 12 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 7 para. 10(2) S. 172A(5A) inserted (with effect in accordance with Sch. 7 para. 12 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 10(3) S. 188(3A)-(3C) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 13(3) Words in s. 188(2) inserted (with effect in accordance with Sch. 7 para. 16 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 13(2) Word in s. 165(1) substituted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2014 (c. 26), s. 41(1) Word in s. 257(4)(a)(b) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(b) Word in s. 167(1) substituted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2014 (c. 26), s. 41(2) Word in s. 169(5)(a)(ii) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(a) S. 189(2B) inserted (with effect in accordance with Sch. 17 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 18 S. 207(6A)(6B) inserted (with effect in accordance with Sch. 7 para. 12 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 11 S. 255(1)(ea) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 17 Word in s. 261(1)(a) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(c) Word in s. 264(2)(a) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 23(d) Words in s. 272(4) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 18 S. 273(1A) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 7 para. 20 Word in s. 316(2) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 284(3) Words in s. 318(1) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 284(4) Sum in Sch. 29 para. 7(4) substituted (with effect in accordance with s. 42(8) of the amending Act) by Finance Act 2014 (c. 26), s. 42(1) Sch. 34 para. 10(2) substituted (with effect in accordance with s. 45(4) of the amending Act) by Finance Act 2014 (c. 26), s. 45(2) Sch. 35 para. 46 and cross-heading omitted (with effect in accordance with s. 114(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 114(3)(c) Ss. 272A-272C inserted (with effect in accordance with Sch. 7 para. 22 of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 para. 19 Sch. 34 para. 11(2) substituted (with effect in accordance with s. 45(4) of the amending Act) by Finance Act 2014 (c. 26), s. 45(3) Percentage in s. 205(4)(b) substituted (24.3.2010 with effect for the tax year 2010-11 and subsequent tax years) by The Taxation of Pensions Schemes (Rates, etc) Order 2010 (S.I. 2010/536), arts. 1, 3(3) Sum in s. 205(4)(a) substituted (24.3.2010 with effect for the tax year 2010-11 and subsequent tax years) by The Taxation of Pensions Schemes (Rates, etc) Order 2010 (S.I. 2010/536), arts. 1, 3(2) Ss. 159A-159D inserted (1.9.2014) (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 7, 8(3) Words in s. 158(1)(ea) inserted (1.9.2014) (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(3)(b), 8(3) S. 158(1)(zb) inserted (1.9.2014) (with effect in accordance with Sch. 7 para. 8(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 7 paras. 6(3)(a), 8(3) Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3) Sch. 28 paras. 8A-8D and cross-headings inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 3(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 3(1) Sch. 28 paras. 22A-22D and cross-headings inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 4(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 4(1) Sch. 28 paras. 27A-27K and cross-headings inserted (17.12.2014) (with effect in accordance with Sch. 2 para. 3(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 3(1) Sch. 29 para. 4A and cross-heading inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 57 Sch. 29 para. 17A and cross-heading inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 24 Sch. 29 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23C (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3 (as amended (with effect in accordance with s. 42(9) of the amending Act) by Finance Act 2014 (c. 26), s. 42(5); and by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 72(1) (with Sch. 1 para. 72(2)(b)); and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(14)) Sch. 29 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 15 (as amended: (13/8/2009) by S.I. 2009/2047, regs. 1(1), 2-10; (with effect in accordance with reg. 1(3) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 6; (with effect in accordance with Sch. 1 para. 96(16)(a) of the amending Act) by 2014 c. 30, Sch. 1 para. 96(3)-(14) (with Sch. 1 para. 96(16)(b)); and (for the tax year 2024-25 and subsequent tax years) by 2024 c. 3, Sch. 9 paras. 62(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4); and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 22(2)) Sch. 34 para. 5A inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(4) Sch. 34 paras. 9ZA, 9ZB inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(7) Sch. 36 para. 23ZA inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 78(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 78(1) S. 227ZA inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 64(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 64 Ss. 227B-227G inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 65(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 65(1) S. 273B inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 79 S. 164(3)(4) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 85 Words in s. 165(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 1 Words in s. 165(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 41(a) Words in s. 165(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 41(b) Words in s. 165(1) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 41(c) S. 166(2)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 55 S. 166(1)(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 54 Words in s. 167(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 6 Words in s. 167 inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 2(2) Words in s. 167 inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 2(3) S. 167(1A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 2(4) Words in s. 167(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 2(5) S. 168(1)(ea) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 7 S. 169(1D)(aa) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 8 S. 169(1D)(ab)(ac) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 4 S. 169(4)(ba)-(bc) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 92 Words in s. 172(1)(a) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 5 Words in s. 172A(1)(a) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 6 Words in s. 172A(5)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 7(a) S. 172A(5)(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 7(b) Words in s. 172A(5)(c) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 7(c) Words in s. 172A(5A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 8(a) Words in s. 172A(5A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 8(b) S. 172A(5B) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 9 Words in s. 172A(7) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 10(a) Words in s. 172A(7)(a) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 10(b) Words in s. 172B(2)(a) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 11(a) S. 172B(2)(ab) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 11(b) Word in s. 172B(2)(aa) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 9(a) S. 172B(2)(c) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 9(b) Words in s. 172B(7A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 10 Words in s. 172B(7A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 12 S. 182(3)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 11(a) Words in s. 182(3)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 11(b) S. 182(3)(ba)(bb) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 13 Words in s. 182(5) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 12 Words in s. 206(1) inserted (17.12.2014) (with application in accordance with s. 2(5) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), s. 2(2) Word in s. 206(4) substituted (17.12.2014) (with application in accordance with s. 2(5) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), s. 2(3) Word in s. 206(1)(b) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 13(a) S. 206(1)(d) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 13(b) S. 206(1B)(1C) inserted (17.12.2014) (with application in accordance with Sch. 2 para. 20 of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 17(3) S. 206(1ZA) inserted (17.12.2014) (with application in accordance with Sch. 2 para. 20 of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 17(2) S. 206(7) substituted (17.12.2014) (with application in accordance with Sch. 2 para. 20 of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 17(4) Word in s. 211(1)(a) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 14(a) S. 211(1)(c) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 14(b) Words in s. 212(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 15 S. 227A omitted (17.12.2014) (with effect in accordance with Sch. 1 para. 66(3) of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 66(1) Ss. 228A(8)(9) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 67(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 67(1) S. 237B(2A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 68 Words in s. 227(4) omitted (17.12.2014) (with effect in accordance with Sch. 1 para. 66(3) of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 66(2)(a) Words in s. 227(1) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(2) S. 227(1A) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(3) Words in s. 227(4) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(4) Words in s. 227(4A) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(5) Words in s. 227(5) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(6) Words in s. 227(6) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(7)(a) Word in s. 227(6) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(7)(b) Words in s. 227(6) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 63(8) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 63(7)(c) Word in s. 251(4)(a) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 93(2)(a) S. 251(4)(c)(d) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 93(2)(b) Words in s. 251(6) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 93(3) Word in s. 273A(1)(b) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 17(a) S. 273A(1)(d) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 17(b) Words in s. 280(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 18 Words in s. 280(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 56 Words in s. 280(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 14 Sch. 28 para. 3(1)(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 43 Sch. 28 para. 3(1A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 37 Sch. 28 para. 3(2C)(za) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 44(1)(a) Words in Sch. 28 para. 3(2C)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 44(1)(b) Sch. 28 para. 3(2E) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 44(2) Sch. 28 para. 6(1)(ca) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 45 Sch. 28 para. 6(1C)(za) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 46(1)(a) Words in Sch. 28 para. 6(1C)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 46(1)(b) Sch. 28 para. 6(1E) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 46(2) Sch. 28 para. 6(1ZA) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 38 Words in Sch. 28 para. 7 inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 19 Word in Sch. 28 para. 8(1A) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(a) Words in Sch. 28 para. 8(1A)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(b) Sch. 28 para. 8(1A)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(c) Words in Sch. 28 para. 8(1A)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(ii) Word in Sch. 28 para. 8(1A)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(i) Sch. 28 para. 17(1)(za) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 47 Words in Sch. 28 para. 17(1A) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 48 Sch. 28 para. 17(1ZA) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 39 Sch. 28 para. 17(4)(za) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 49(1)(a) Words in Sch. 28 para. 17(4)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 49(1)(b) Sch. 28 para. 17(6) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 49(2) Sch. 28 para. 20(1)(ca) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 50 Words in Sch. 28 para. 20(1C)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 51(1)(b) Sch. 28 para. 20(1C)(za) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 51(1)(a) Sch. 28 para. 20(1E) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 51(2) Sch. 28 para. 20(1ZA) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 40 Words in Sch. 28 para. 21 inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 20 Word in Sch. 28 para. 22(2) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(a) Words in Sch. 28 para. 22(2)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(b) Sch. 28 para. 22(2)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(c) Word in Sch. 28 para. 22(2)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(i) Words in Sch. 28 para. 22(2)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(ii) Sum in Sch. 29 para. 3A(3) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 70(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 70(1) Sch. 29 para. 7(1)(aa) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(a) Words in Sch. 29 para. 7(1)(d) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(b) Words in Sch. 29 para. 7(1)(e) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(c) Words in Sch. 29 para. 15(1) omitted (17.12.2014) (with application in accordance with Sch. 2 para. 20 of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 19(1)(a) Sch. 29 para. 15(1A) omitted (17.12.2014) (with application in accordance with Sch. 2 para. 20 of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 19(1)(b) Words in Sch. 29 para.

17(1)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 23(a) Words in Sch. 29 para. 17(2)(c) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 23(b) Words in Sch. 29 para. 18(1)(c) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 25(a) Words in Sch. 29 para. 18(2)(d) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 25(b) Words in Sch. 29 para. 18(4) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 25(c) Sch. 29 para. 18(2A) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 15(2) Words in Sch. 29 para. 18(3) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 15(3) Words in Sch. 29 para. 18(4) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 15(4) Words in Sch. 29 para. 20(1) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 74(6) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 74(2) Sch. 29 para. 20(1A)(1B) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 74(6) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 74(3) Sum in Sch. 29 para. 20(2) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 74(6) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 74(4) Sch. 29 para. 21 omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 75(1) Sch. 32 para. 15(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 61 Words in Sch. 34 para. 1(4) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(3)(a) Sch. 34 para. 1(4)(b) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(3)(b) Words in Sch. 34 para. 6(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(5)(a) Words in Sch. 34 para. 6(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(5)(b) Sch. 34 para. 7(2)(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(6) Sch. 34 para. 11(3) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(8) Sch. 34 para. 12(2)(ba) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 95(9) Words in Sch. 36 para. 20(4)(a) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 77(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 77(1) Words in Sch. 36 para. 20(4)(b) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 77(3) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 77(1) Sch. 28 paras. 27E(4) applied (17.12.2014) by Income Tax (Earnings and Pensions) Act 2003 (c.1), s. 579CZA(9) (as inserted (with effect in accordance with Sch. 2 para. 25(7)) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 25(5)) Sch. 28 paras. 27E(5) applied (17.12.2014) by Income Tax (Earnings and Pensions) Act 2003 (c.1), s. 579CZA(9) (as inserted (with effect in accordance with Sch. 2 para. 25(7)) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 25(5)) S. 233(4) inserted (with effect in accordance with art. 6 of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 14 S. 234(5B)-(5BE) substituted for s. 234(5B) (with effect in accordance with arts. 2(c), 3(2) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 15(b) Words in s. 234(4) substituted (with effect in accordance with art. 2(c) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 15(a) Words in s. 234(5C) inserted (with effect in accordance with art. 2(c) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 15(c)(i) Words in s. 234(5C) substituted (with effect in accordance with art. 2(c) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 15(c)(ii) Words in s. 234(5C) inserted (with effect in accordance with art. 2(c) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 15(c)(iii) S. 230(5B)-(5BC) substituted for s. 230(5B) (with effect in accordance with arts. 2(a), 3(1) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 12(b) S. 230(4) substituted (with effect in accordance with art. 2(a) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 12(a) Words in s. 230(5C) substituted (with effect in accordance with art. 2(a) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 12(c)(i) Words in s. 230(5C) inserted (with effect in accordance with art. 2(a) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 12(c)(ii) S. 228B inserted (28.1.2015) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 11 S. 232(4A) inserted (with effect in accordance with arts. 2(b), 3(3) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(b) S. 232(6A)-(6C) inserted (with effect in accordance with art. 2(b) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(d) S. 232(6D) inserted (with effect in accordance with art. 3(4) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(e) Words in s. 232(4) substituted (with effect in accordance with arts. 2(b), 3(3) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(a)(i) Words in s. 232(4) omitted (with effect in accordance with arts. 2(b), 3(3) of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(a)(ii) Words in s. 232(6) substituted (with effect in accordance with art. 2(b) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(c)(i) Words in s. 232(6) omitted (with effect in accordance with art. 2(b) of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(c)(ii) Words in s. 232(8D) substituted (with effect in accordance with art. 5 of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(g) S. 232(8B)(a)(b) omitted (with effect in accordance with art. 4 of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 13(f) S. 236(4A) inserted (with effect in accordance with arts. 2(d), 3(5) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(b) S. 236(5A)-(5C) inserted (with effect in accordance with art. 2(d) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(d) S. 236(5D) inserted (with effect in accordance with art. 3(6) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(e) Words in s. 236(4) substituted (with effect in accordance with arts. 2(d), 3(5) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(a)(i) Words in s. 236(4) omitted (with effect in accordance with arts. 2(d), 3(5) of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(a)(ii) Words in s. 236(5) substituted (with effect in accordance with art. 2(d) of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(c)(i) Words in s. 236(5) omitted (with effect in accordance with art. 2(d) of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(c)(ii) Words in s. 236(8D) substituted (with effect in accordance with art. 7 of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 16(f) Words in s. 237B(6) substituted (with effect in accordance with art. 8 of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 17(a)(i) Words in s. 237B(6) omitted (with effect in accordance with art. 8 of the amending S.I.) by virtue of The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 17(a)(ii) Words in s. 237B(9) substituted (with effect in accordance with art. 9 of the amending S.I.) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order 2015 (S.I. 2015/80), arts. 1, 17(b) Sch. 28 paras. 27E(3)-(5) applied by 2003 c. 1, s. 646B(5) (as inserted (with effect in accordance with Sch. 4 para. 17(2) of the amending Act) by Finance Act 2015 (c. 11), Sch. 4 para. 17(1)) Sch. 28 paras. 27E(3)-(5) applied by 2003 c. 1, s. 646D(5) (as inserted (with effect in accordance with Sch. 4 para. 17(2) of the amending Act) by Finance Act 2015 (c. 11), Sch. 4 para. 17(1)) Sch. 28 para. 27E(4)(5) applied by 2003 c. 1, s. 646C(9) (as inserted (with effect in accordance with Sch. 4 para. 17(2) of the amending Act) by Finance Act 2015 (c. 11), Sch. 4 para. 17(1)) Words in s. 173(3) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(3)(a) Words in s. 173(7) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(5) Words in s. 173(2) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(2) Words in s. 173(3)(a) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(3)(b) Words in s. 173(6) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(4) Words in s. 173(10) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 25(6) Words in s. 167(1) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 2(2) Words in s. 167(1) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 2(3) Sch. 28 para. 27AA and cross-heading inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 3(2) (with Sch. 4 para. 3(4)) Sch. 28 para. 27FA and cross-heading inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 3(3) (with Sch. 4 para. 3(4)) Sch. 36 para. 45 and cross-heading inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 19 S. 310C inserted (with application in accordance with Sch. 17 para. 19 of the amending Act) by Finance Act 2015 (c. 11), Sch. 17 para. 1 S. 313ZC inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 9 S. 316A inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 14 S. 316B inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 16 Ss. 316C, 316D inserted (with application in accordance with Sch. 17 para. 21 of the amending Act) by Finance Act 2015 (c. 11), Sch. 17 para. 17 Sch. 28 para. 27FA(2) applied by 2003 c. 1, s. 646D(6) (as inserted (with effect in accordance with Sch. 4 para. 17(2) of the amending Act) by Finance Act 2015 (c. 11), Sch. 4 para. 17(1)) Sch. 28 para. 27FA(2) applied by 2003 c. 1, s. 646B(6) (as inserted (with effect in accordance with Sch. 4 para. 17(2) of the amending Act) by Finance Act 2015 (c. 11), Sch. 4 para. 17(1)) S. 312A(2A) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 5(2) S. 312A(3) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 5(3) Words in s. 312A(4) substituted (with application in accordance with Sch. 15 para. 20 of the amending Act) by Finance Act 2015 (c. 11), Sch. 17 para. 5(4) Words in s. 312A(5) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 5(5) Words in Sch. 28 para. 27E(5) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(5) Word in Sch. 28 para. 27E(3)(b) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(4)(a) Words in Sch. 28 para. 27E(3) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(4)(b) Words in Sch. 28 para. 27E(4)(b) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(5) Words in s. 172(6A)(b) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 8 Words in s. 172B(2)(aa) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 10(2) Words in s. 172B(7A) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 10(3) Words in s. 172B(7B)(b) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 10(4) S. 313C(1)(1A) substituted for s. 313C(1) (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 12(2) S. 313C heading substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 12(4) Words in s. 313C(3) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 12(3) Word in s. 316(2) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 2 Words in s. 316(2) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 7 Words in s. 316(2) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 10 Words in s. 172A(1)(aa) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 9(2) Words in s. 172A(9A)(b) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 9(3) Word in Sch. 28 para. 27K(3)(b) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(6)(a) Words in Sch. 28 para. 27K(3) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(6)(b) S. 273B(1)(fa)(fb) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 11 Words in s. 280(2) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 12 S. 313(6) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 17 para. 6 Words in Sch. 28 para. 3(2B)(a) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(2) Words in Sch. 28 para. 6(1B)(a) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(3) Words in Sch. 29 para. 15(2)(a) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 15 S. 298(3) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 28 (with s. 29(5)(6)); S.I. 2015/637, art. 2 Sch. 29 para. 3A excluded (N.I.) (1.4.2015) by The Teachers Pension Scheme Regulations (Northern Ireland) 2014 (S.R. 2014/310), regs. 1, 167(1) S. 234 modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 15(2) (with reg. 15(1)) S. 234 applied (with modifications) (N.I.) (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/81), regs. 1(1), 14(2) S. 234 modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 15(2)(3) S. 234 modified (1.4.2015) by The Firefighters' Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), regs. 1(2), 14(2)(3) S. 234 modified (S.) (1.4.2015) by The Firefighters' Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/117), regs. 1(3), 14(2)(3) (with reg. 14(1)) S. 234 modified (S.) (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(3), 15(2)(3) (with reg. 15(1)) S. 234 modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential and Amendment) Regulations 2015 (S.I. 2015/372), regs. 1(2), 15(2)(3) S. 234 applied (with modifications) (N.I.) (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/156), regs. 1(2), 14(2) S. 234 applied (with modifications) (N.I.) (1.4.2015) by The Firefighters' Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/166), regs. 1, 13(2) S. 234 applied (with modifications) (N.I.) (1.4.2015) by The Health Service Workers (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/167), regs. 1, 14(2) S. 234 applied (with modifications) (N.I.) (1.4.2015) by The Teachers' Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/170), regs. 1, 14(2) S. 234 modified (1.4.2015) by The Teachers' Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 15(2)(3) (with reg. 15(1)) S. 234 modified (W.) (1.4.2015) by The Firefighters Pension Scheme (Wales) (Consequential Provisions) Regulations 2015 (S.I. 2015/848), regs. 1(2), 14(2)(3) (with reg. 14(1)) S. 234 modified (S.) (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 15(2)(3) (with reg. 15(1)) S. 234 modified (S.) (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 15(2)(3) (with reg. 15(1)) S. 234 applied (with modifications) (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 15(2) Sch. 28 paras. 14A-14E omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(iii)(4) Sch. 28 paras. 24C-24G omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(vi)(4) Sch. 11 para. 8A inserted (6.4.2015) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2015 (S.I. 2015/789), arts. 1, 2(b) Sch. 11 para. 12A inserted (6.4.2015) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2015 (S.I. 2015/789), arts. 1, 3(b) S. 165(3A)(3B) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(b)(4) Words in s. 167(1) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(c)(4) S. 167(2A)(2B) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(d)(4) S. 188(3)(c) and word omitted (6.4.2015) by virtue of Finance Act 2013 (c. 29), s. 52(2)(11) Sch. 36 para. 20(4)(c) and word inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 28(1)(b), (2) Words in Sch. 36 para. 20(4)(b) substituted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 28(1)(a), (2) Word in s. 280(2) entry substituted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 paras. 18, 20 Words in Sch. 28 paras. 8C, 8D substituted by S.I. 2006/207, reg. 14(3)(ba) (as inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 33(3)(a)(4) (with Sch. 1 para. 33(5)) Words in Sch. 28 paras. 22C, 22D substituted by S.I. 2006/207, reg. 14(3)(ea) (as inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 33(3)(c)(4) (with Sch. 1 para. 33(5)) Sch. 11 para. 8(6) inserted (6.4.2015) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2015 (S.I. 2015/789), arts. 1, 2(a) Sch. 11 para. 12(9) inserted (6.4.2015) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2015 (S.I. 2015/789), arts. 1, 3(a) Sch. 28 para. 10(11) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(i)(4) Sch. 28 para. 10A(11) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(ii)(4) Sch. 28 para. 24(11) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(iv)(4) Sch. 28 para. 24A(9) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(e)(v)(4) Sch. 34 para. 4A omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(1)(f)(4) Words in s. 168(2) inserted (15.7.2015) by Finance (No. 2) Act 2015 (c. 33), s. 22(9)(13) Words in s. 280(2) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 7(4) S. 192(1A) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 3(3) S. 192(11) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 3(5) Words in s. 192(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 3(4) Words in s. 192(1) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 3(2) Ss. 192A, 192B inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (S.I. 2015/1810), arts. 1(1), 4 S. 206(8)-(10) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(5) Words in s. 206(7) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(4) Words in s. 206(1) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(2) Words in s. 206(1A) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(2) Words in s. 206(1B)(a) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(2) Words in s. 206(1C)(a) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(2) S. 206(1B)(b)(iia) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(3) Words in s. 227B(3)(c) omitted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(a)(i) Words in s. 227B(3)(c) substituted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(a)(ii) Words in s. 227B(3)(c) omitted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(a)(iii) Words in s. 227(1) inserted (with effect in accordance with Sch. 4 para. 11(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 11(2)(a) Words in s. 227(1A) omitted (with effect in accordance with Sch. 4 para. 11(4) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 11(2)(b) S. 227C(2)(a) and word omitted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(b) Words in s. 227C(2)(b) substituted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(c) S. 227D(6) omitted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(2)(d) Ss. 228ZA, 228ZB inserted (with effect in accordance with Sch. 4 para. 10(2) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 10(1) Ss. 238ZA, 238ZB inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 3 S. 228C inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 6 S. 237ZA inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 9 Words in s. 238 title inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 2(a) Words in s. 238(1) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 2(b) Words in Sch. 29 para. 13(1) omitted (with effect in accordance with s. 21(10) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 21(8)(a) Sch. 29 para. 13(2) omitted (with effect in accordance with s. 21(10) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 21(8)(b) S. 227E omitted (with effect in accordance with Sch. 4 para. 4(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 4(1) S. 227ZA(4) inserted (with effect in accordance with Sch. 4 para. 11(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 11(3) S. 229(5) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 8 S. 251(4)(ba) inserted (with effect in accordance with s. 21(10) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 21(6) Words in s. 280(2) table substituted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 4 para. 5 Words in Sch. 28 para. 2(8) omitted (with effect in accordance with s. 20(6) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 20(4)(6); S.I. 2016/1005, reg. 2 (with regs. 1(2), 3, 4) Sch. 28 para. 2(4)(c) omitted (with effect in accordance with s. 20(6) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 20(2)(6); S.I. 2016/1005, reg. 2 (with regs. 1(2), 3, 4) Sch. 28 para. 2(5) omitted (with effect in accordance with s. 20(6) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 20(3)(6); S.I. 2016/1005, reg. 2 (with regs. 1(2), 3, 4) Sch. 28 para. 2(5A) omitted (with effect in accordance with s. 20(6) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 20(3)(6); S.I. 2016/1005, reg. 2 (with regs. 1(2), 3, 4) Sch. 28 para. 2(4B) omitted (with effect in accordance with s. 20(6) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 20(3)(6); S.I. 2016/1005, reg. 2 (with regs. 1(2), 3, 4) Sch. 28 para. 16C(4) substituted for Sch. 28 para. 16C(4)(5) (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(c)(6) Words in Sch. 28 para. 16C(3)(a) omitted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 21(5)(a)(6) Word in Sch. 28 para. 16C(3)(b) substituted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(b)(6) Word in Sch. 28 para. 16C(6) substituted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(d)(i)(6) Words in Sch. 28 para. 16C(6) substituted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(d)(ii)(6) Words in Sch. 28 para. 16C(8)(a) substituted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(e)(6) Words in Sch. 28 para. 16C(8)(b) inserted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(f)(6) Words in Sch. 28 para. 16C(11) substituted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by Finance Act 2016 (c. 24), s. 21(5)(g)(6) Sch. 28 para. 16C(13)(14) omitted (with effect in accordance with s. 21(6)(8)(b) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 21(5)(h)(6) Sch. 28 paras. 16AA-16AE inserted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(3)(6) S. 202 omitted (6.4.2016 except for s. 202(5)) by virtue of Finance Act 2013 (c. 29), s. 52(6)(12) Sch. 11 para. 4(1)(a) substituted (6.4.2016) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2016 (S.I. 2016/404), arts. 1, 2(a) Sch. 28 para. 16B(6) inserted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(4)(b)(6) Words in Sch. 28 para. 16B(3)(c) substituted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(4)(a)(6) Sch. 11 para. 8(1)(a) substituted (6.4.2016) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2016 (S.I. 2016/404), arts. 1, 2(b) Sch. 28 para. 16A(1A) inserted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(2)(6) Sch. 11 para. 12(1)(a) substituted (6.4.2016) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2016 (S.I. 2016/404), arts. 1, 2(c) Sch. 36 para. 12(7)-(8B) applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 6 Sch. 36 para. 12(2A)-(2C) applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 7 Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1 Sch. 36 para. 14 applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 4(4) Sch. 36 para. 17A applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 5 Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2) Sch. 36 para. 20(4) applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 10(3) Sch. 36 para. 20(4) applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 10(7) Words in s. 280(2) table omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(1)(c) Words in Sch. 29 para. 7(1)(d) inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 7(3) Words in Sch. 29 para. 7(1)(aa) inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 7(2) Sch. 29 para. 4(2A) inserted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 1(5) Sch. 29 para. 4(1)(ca) substituted for Sch. 29 para. 4(1)(c)(d) (with effect in accordance with Sch. 5 para. 4 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 1(4)(b) Words in s. 164(2)(b) omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(1)(a) S. 205A omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 1(2) S. 272A(7)(a)(ii) omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(1)(b) S. 282(3) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 19(7) Words in s. 318(1) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 104(1) (with s. 117) Sch. 29 para. 15(2A) inserted (with effect in accordance with Sch. 5 para. 10(2) of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 10(1) Sch. 34 para. 1(3)(ca) omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(1)(d)(i) Words in Sch. 34 para. 5 omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(1)(d)(ii) Word in Sch. 28 para. 22(3) inserted (16.9.2016) by Finance Act 2016 (c. 24), Sch. 5 para. 6(3)(b)(4) Words in Sch. 28 para. 22(2)(a)(aa) omitted (16.9.2016) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 6(3)(a)(4) Sch. 28 para. 15(2A)(2B) inserted (with effect in accordance with Sch. 5 para. 6(5) of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 6(2)(4) (with Sch. 5 para. 6(5)) Sch. 34 para. 3(5A) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 4(2), 8 Sch. 34 para. 3(8) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 4(4), 8 Words in Sch. 34 para. 3(6) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 4(3), 8 Sch. 34 para. 4(3A) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 5(4), 8 Sch. 34 para. 4(5)-(7) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 5(6), 8 Words in Sch. 34 para. 4(1) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 5(2), 8 Words in Sch. 34 para. 4(2) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 5(3), 8 Words in Sch. 34 para. 4(4) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 5(5), 8 S. 169(2A) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(3) S. 169(4ZA) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(4) S. 169(4C) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(6) S. 169(7A)-(7D) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(7) Words in s. 169(8) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(8)(a) Words in s. 169(8) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(8)(b) Words in s. 169(4A) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 13(5) Sch. 34 para. 9ZB(4) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 7(3), 8 Words in Sch. 34 para. 9ZB(2) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 7(2), 8 S. 255(1)(da) inserted (retrospective to 9.3.2017 and with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 16 Sch. 34 para. 1(6A)-(6F) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 2(2), 8 Words in Sch. 34 para. 7(2)(c) inserted (retrospective to 9.3.2017) by Finance Act 2017 (c. 10), Sch. 4 paras. 6, 8 S. 192(4A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 3(3) Word in s. 192(4) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 3(2)(a) Words in s. 192(4) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 3(2)(b) S. 237B(4A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(4) Words in s. 237B(4)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(2)(a)(i) Words in s. 237B(4)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(2)(a)(ii) Words in s. 237B(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(3) Words in s. 237B(4)(b) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(2)(b)(i) Words in s. 237B(4)(b) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(2)(b)(ii) Words in s. 237B(4)(c) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 5(2)(c) S. 227(4AA) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(4) Words in s. 227(4A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(3) S. 227(4C) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(5) Words in s. 227(4A)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(2)(a) Words in s. 227(4A)(b) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(2)(b) Words in s. 227(4A)(c) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 4(2)(c) Words in s. 279(1) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 6 Words in s. 280(2) table omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Scotland Act 2016 (Income Tax Consequential Amendments) Regulations 2017 (S.I. 2017/468), regs. 1(1), 7 Sch. 34 para. 2(2)-(5) inserted (with application in accordance with Sch. 4 para. 8 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 3(4) Sch. 34 para. 2 renumbered as Sch. 34 para. 2(1) (with application in accordance with Sch. 4 para. 8 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 3(2) Words in Sch. 34 para. 2(1) inserted (with application in accordance with Sch. 4 para. 8 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 3(3) Pt. 4 Ch. 5A inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 14 Words in s. 269(1)(a) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 17 Ss. 242C-242E inserted (with effect in accordance with Sch. 3 para. 1(2) of the amending Act) by Finance Act 2017 (c. 10), Sch. 3 para. 1(1) Ss. 244A-244N and cross-heading inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 11 S. 169(2)(ba) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 paras. 13(2), 25(3) S. 254(6)(ba) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 15 "£4,000" in s. 227B(2) formula substituted (with effect in accordance with s. 7(5) of the amending Act) for "£10,000" by Finance (No. 2) Act 2017 (c. 32), s. 7(3) Sch. 15 para. 8(4) inserted (with effect in accordance with Sch. 8 para. 39 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 19 S. 274B and cross-heading inserted (15.3.2018) by virtue of Finance Act 2018 (c. 3), Sch. 3 paras. 1(5), 2(3) (with Sch. 3 para. 4) S. 150(5A) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(2), 2(3) S. 279(1B)-(1E) inserted (15.3.2018 for specified purposes, 6.4.2018 in so far as not already in force) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(6), 2(1)(c)(2)(c)(3) (with Sch. 3 para. 3) S. 153(5)(h)(i) and word inserted (15.3.2018 for specified purposes, 6.4.2018 in so far as not already in force) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(3), 2(1)(a)(2)(a)(3) S. 158(1)(g)(h) and word inserted (15.3.2018 for specified purposes, 6.4.2018 in so far as not already in force) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(4), 2(1)(b)(2)(b)(3) Words in s. 280(2) table inserted (15.3.2018 for specified purposes, 6.4.2018 in so far as not already in force) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(7), 2(1)(d)(2)(d)(3) Words in s. 192(4A) inserted (6.4.2018) by The Scottish Rates of Income Tax (Consequential Amendments) Order 2018 (S.I. 2018/459), arts. 1(2), 3(2) Sch. 36 applied (1.6.2018) by The Local Government Pension Scheme (Scotland) Regulations 2018 (S.S.I. 2018/141), regs. 1(1), 48(2) S. 192B(3A)(3B) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(5) Word in s. 192B(1) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(2) Words in s. 192B(1) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(3) Words in s. 192B(3) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(3) Words in s. 192B(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(3) Words in s. 192B(2)(a) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(4)(a) Words in s. 192B(2)(c) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(4)(b) S. 192B(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 6(6) S. 192A(3A)(3B) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 5(4) Word in s. 192A(1) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 5(2) Words in s. 192A(2)(a) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 5(3)(a) Words in s. 192A(2)(c) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 5(3)(b) S. 192A(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 5(5) S. 192(4B) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 4(3) S. 192(1A)(aa) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 4(2) S. 227(4AB) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 7(3) Words in s. 227(4A) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 7(2) Words in s. 227(4C) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 7(4) S. 237B(4B) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 8(3) Words in s. 237B(4) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Devolved Income Tax Rates (Consequential Amendments) Order 2019 (S.I. 2019/201), arts. 1(1), 8(2) S. 70A inserted (12.2.2019) by Finance Act 2019 (c. 1), s. 82(1)(b) Word in s. 69 cross-heading inserted (12.2.2019) by Finance Act 2019 (c. 1), s. 82(1)(a) Sch. 29 para. 3A excluded (E.W.) (1.4.2015) by The Teachers' Pension Scheme Regulations 2014 (S.I. 2014/512), reg. 167(1) (with reg. 183) Sch. 36 para. 22(7K)-(7M) inserted (retrospective to 1.3.2020) by Finance Act 2020 (c. 14), s. 108(3)(4) Sch. 36 para. 22(7F)(c) and word inserted (retrospective to 1.3.2020) by Finance Act 2020 (c. 14), s. 108(2)(4) S. 55A inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 7, 35 (with Sch. 5 para. 36) Word in s. 55A(1) omitted (6.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 6 para. 7(a) S. 55A(1)(c) and word inserted (6.4.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 7(b) S. 228ZA(1) substituted (6.4.2020 for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), s. 22(2)(4) Words in s. 228ZA(3)(b) substituted (for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), s. 22(3)(b)(4) S.

307 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 13 para. 6(3) Words in s. 244C heading substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 12(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) Word in s. 275(1)(a) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 12(3)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) S. 275(1)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 12(3)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) Words in s. 244C heading inserted (18.2.2021 with effect from IP completion day) by The Pension Schemes (Qualifying Recognised Overseas Pension Schemes) (Gibraltar) (Exclusion of Overseas Transfer Charge) Regulations 2021 (S.I. 2021/89), regs. 1, 2(2)(a) S. 59(2)-(3B) substituted for s. 59(2)(3) (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 2(3) (with Sch. 6 para. 3) S. 59(1)(l) substituted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 2(2) S. 60(3A)-(3C) inserted (with effect in accordance with Sch. 1 para. 27 of the amending Act) by Finance Act 2020 (c. 14), Sch. 1 para. 20 (with Sch. 1 paras. 30-34) S. 61(4)-(7) inserted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 5 Words in s. 61(1) substituted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 4 S. 62(3A)-(3C) inserted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 6(2) Words in s. 62(4) substituted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2021 (c. 26), Sch. 6 para. 6(3) S. 72 substituted (with effect in accordance with Sch. 6 para. 8 of the amending Act) by Finance Act 2021 (c. 26), Sch. 6 para. 7 Ss. 311-311C substituted for s. 311 (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 5, 44 S. 310D inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 4, 44 S. 312ZA inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 7, 44 S. 305A inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 2, 44 Word in s. 307(4A) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 3, 44 Words in s. 312 heading inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 6(2), 44 Words in s. 312(2) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 6(3)(a), 44 Words in s. 312(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 6(3)(b), 44 S. 312A(1A) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 8(3), 44 Words in s. 312A(4) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 8(4), 44 Words in s. 312A(1) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 8(2)(a), 44 Words in s. 312A(1) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 8(2)(b), 44 Words in s. 312B heading omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 9(2), 44 S. 312B(1) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 9(3), 44 Words in s. 312B(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 9(4), 44 S. 313 heading substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 10(2), 44 Word in s. 313(1) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 10(3), 44 Word in s. 313(5) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 10(5), 44 Words in s. 313(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 10(4), 44 S. 313ZA(1A) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 11(3), 44 S. 313ZA(6) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 11(7), 44 S. 313ZA(1)(a)(b) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 11(2), 44 S. 313ZA(2) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 11(4), 44 Words in s. 313ZA(3) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 11(5), 44 S. 313ZA(4) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 11(6), 44 S. 313ZB(1)(a)(aa) substituted for s. 313ZB(1)(a) (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 12(2), 44 Words in s. 313ZB(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 12(3), 44 Words in s. 313ZB(3) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 12(4), 44 S. 313ZC(2) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 13(2), 44 Words in s. 313ZC(3) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 13(3), 44 Word in s. 313ZC(4) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 13(4), 44 Word in s. 313ZC(6) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 13(5)(a), 44 Word in s. 313ZC(6) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 13(5)(b), 44 Word in s. 316(2) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 14(a), 44 Word in s. 316(2) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 14(b), 44 Word in s. 316A(1) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 15, 44 Word in s. 316A(2) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 15, 44 S. 316C(1) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(2), 44 Words in s. 316C(2)(a) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(3)(a)(i), 44 Words in s. 316C(2)(a) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(3)(a)(ii), 44 S. 316C(2)(b) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(3)(b), 44 Word in s. 316C(2)(c) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 16(3)(c), 44 Words in s. 316C(2)(e) inserted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(3)(d), 44 Word in s. 316C(4) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 16(4), 44 Words in s. 316C(5) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(6)(a), 44 Words in s. 316C(5) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(6)(b), 44 Words in s. 316C(6) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 16(7), 44 Word in s. 316D(1)(a) omitted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by virtue of Finance Act 2021 (c. 26), Sch. 31 paras. 17, 44 Words in s. 318(1) substituted (with application in accordance with Sch. 31 paras. 45, 46 of the amending Act) by Finance Act 2021 (c. 26), Sch. 31 paras. 18, 44 S. 254(7AA) inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 9(4)(b) Word in s. 254(7B) omitted (24.2.2022) by virtue of Finance Act 2022 (c. 3), s. 9(4)(c)(i) Words in s. 254(7B) inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 9(4)(c)(ii) Words in s. 254(7A) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 9(4)(a) S. 279(4)-(7) inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(3) Words in s. 279(1) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(2) Words in Sch. 36 para. 21(1) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(4)(a) Words in Sch. 36 para. 21(2) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(4)(b) Words in Sch. 36 para. 23ZA(2) inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(6)(b) Words in s. 237B(5)(a) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 9(2) S. 237BA inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 9(3) Sch. 36 paras. 23ZB, 23ZC and cross-headings inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(5) Sch. 36 para. 22 cross-heading inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(6)(a) Words in s. 280(2) table inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 19, 25(1); S.I. 2022/874, reg. 2 Sch. 32 para. 10(A1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 22(5), 25(1); S.I. 2022/874, reg. 2 Sch. 32 para. 10(5) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 22(7), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 32 para. 10(1) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 22(6)(a), 25(1); S.I. 2022/874, reg. 2 Sch. 32 para. 10(1)(za) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 22(6)(b), 25(1); S.I. 2022/874, reg. 2 Word in Sch. 32 para. 10(1)(b) omitted (1.8.2022) by virtue of Finance Act 2021 (c. 26), Sch. 5 paras. 22(6)(d), 25(1); S.I. 2022/874, reg. 2 Word in Sch. 32 para. 10(1)(a) omitted (1.8.2022) by virtue of Finance Act 2021 (c. 26), Sch. 5 paras. 22(6)(c), 25(1); S.I. 2022/874, reg. 2 Word in s. 227C(1)(b)(ii) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 14(2), 25(1); S.I. 2022/874, reg. 2 S. 152(3A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(3), 25(1); S.I. 2022/874, reg. 2 S. 152(4A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(4), 25(1); S.I. 2022/874, reg. 2 S. 152(5A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(6), 25(1); S.I. 2022/874, reg. 2 S. 152(10) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(9), 25(1); S.I. 2022/874, reg. 2 Words in s. 152(2) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(2), 25(1); S.I. 2022/874, reg. 2 S. 152(5)(b) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(5)(c), 25(1); S.I. 2022/874, reg. 2 Words in s. 152(5) renumbered as s. 152(5)(a) (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(5)(a), 25(1); S.I. 2022/874, reg. 2 Word in s. 152(5)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(5)(b), 25(1); S.I. 2022/874, reg. 2 Words in s. 152(8) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(7), 25(1); S.I. 2022/874, reg. 2 Words in s. 152(9) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(8)(a), 25(1); S.I. 2022/874, reg. 2 Words in s. 152(9) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 2(8)(b), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 29 para. 7(1)(d) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(b), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 29 para. 7(1)(aa) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(i), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 29 para. 7(1)(aa) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(ii), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 29 para. 7(1)(aa) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(iii), 25(1); S.I. 2022/874, reg. 2 S. 184(1A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(3), 25(1); S.I. 2022/874, reg. 2 Words in s. 184(1) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 184(2) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(4), 25(1); S.I. 2022/874, reg. 2 Words in s. 184(3)(a) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2 Words in s. 184(3)(b) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2 Words in s. 182 heading inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 6(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 183 heading inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 7(2), 25(1); S.I. 2022/874, reg. 2 S. 237(3A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 18(3), 25(1); S.I. 2022/874, reg. 2 Word in s. 237(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 18(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 237(4) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 18(4), 25(1); S.I. 2022/874, reg. 2 Words in s. 165(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 3(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 165(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 3(3), 25(1); S.I. 2022/874, reg. 2 Words in s. 167(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 4(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 167(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 4(3), 25(1); S.I. 2022/874, reg. 2 Word in s. 227B(5) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(5)(a), 25(1); S.I. 2022/874, reg. 2 Word in s. 227B(5)(b)(i) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(3), 25(1); S.I. 2022/874, reg. 2 Words in s. 227B(5) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(5)(b), 25(1); S.I. 2022/874, reg. 2 Words in s. 227B(5)(b)(ii) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(4)(a), 25(1); S.I. 2022/874, reg. 2 Word in s. 227B(5)(b)(ii) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(4)(b), 25(1); S.I. 2022/874, reg. 2 Words in s. 227B(5)(b)(ii) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(4)(c), 25(1); S.I. 2022/874, reg. 2 Word in s. 227B(2) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(2), 25(1); S.I. 2022/874, reg. 2 Sch. 28 para. 2(9)(10) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 20(2), 25(1); S.I. 2022/874, reg. 2 Words in s. 172C(2)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 5(2)(a), 25(1); S.I. 2022/874, reg. 2 Words in s. 172C(2)(b) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 5(2)(b), 25(1); S.I. 2022/874, reg. 2 Words in s. 182(1) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 6(3), 25(1); S.I. 2022/874, reg. 2 Words in s. 182(8) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 6(4), 25(1); S.I. 2022/874, reg. 2 Words in s. 227F(5)(b) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 16(2), 25(1); S.I. 2022/874, reg. 2 S. 212(7)-(9) substituted for s. 212(7-10) (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 9(3), 25(1); S.I. 2022/874, reg. 2 Words in s. 212(3)(b) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 9(2)(a), 25(1); S.I. 2022/874, reg. 2 Words in s. 212(3)(c) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 9(2)(b), 25(1); S.I. 2022/874, reg. 2 Words in s. 227D(2)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 15(2)(a), 25(1); S.I. 2022/874, reg. 2 Word in s. 227D(2)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 15(2)(b), 25(1); S.I. 2022/874, reg. 2 S. 227G(9A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 17(3), 25(1); S.I. 2022/874, reg. 2 Word in s. 227G(9)(a) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 17(2), 25(1); S.I. 2022/874, reg. 2 Sch. 28 para. 2A(3A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 20(3), 25(1); S.I. 2022/874, reg. 2 Words in Sch. 29 para. 4A(1)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(5), 25(1); S.I. 2022/874, reg. 2 Sch. 32 para. 5 and cross-heading omitted (1.8.2022) by virtue of Finance Act 2021 (c. 26), Sch. 5 paras. 22(3), 25(1); S.I. 2022/874, reg. 2 and Sch. 32 para. 5 and cross-heading expressed to be omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(6)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) "X" substituted for "AA" in s. 227B(2) formula substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 13(2), 25(1); S.I. 2022/874, reg. 2 S. 188 modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 3 (with reg. 1(3)) S. 237B applied (with modifications) (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 8 (with reg. 1(3)) (as amended (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 23(a)(c) (with reg. 1(3))) S. 237BA applied (with modifications) (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 8 (with reg. 1(3)) (as amended (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 23(b) (with reg. 1(3))) S. 237B applied (with modifications) (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 9 (with reg. 1(3)) (as amended (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 24 (with reg. 1(3))) S. 237BA applied (with modifications) (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 9 (with reg. 1(3)) S. 164(1) modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 23(2), 24(2), 26(2), 28(2) (with reg. 1(3)) (as amended (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 28(a) (with reg. 1(3))) Sch. 29 para. 7(1)(a)(b) excluded (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 25(2) (with reg. 1(3)) Sch. 28 para. 2(3) modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 27(3) (with reg. 1(3)) S. 206(1B) modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 31 (with reg. 1(3)) S. 254(2) modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 33(4) (with reg. 1(3)) S. 164(1) modified (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 9(2), 11(2), 16(2), 19(2) (with reg. 1(3)) S. 264 excluded (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 40(1) (with reg. 1(3)) S. 236(5A) restricted (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 7(2)(b) (with reg. 1(3)) S. 227B(2) formula: "£10,000" substituted for "£4000" (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 21(2)(b)(4) Sum in s. 227B(1)(b) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 21(2)(b)(4) Sum in s. 227ZA(1)(b) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 21(2)(a)(4) Sum in s. 227D(4) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 21(2)(c)(4) Sum in s. 228ZA(3)(b) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 22(3)(4) S. 228ZA(1) formula: "£260,000" substituted for "£240,000" (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 22(2)(b)(4) Sum in s. 228ZA(3)(a) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 22(3)(4) Sum in s. 228ZA(1) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 22(2)(a)(4) Words in Sch. 36 para. 12(2) inserted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 23(2)(8) Word in s. 150(5A) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 348(1)(a)(3) Words in s. 152(5A) renumbered as s. 152(5A)(a) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(2)(a) S. 152(5A)(b) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(2)(c) Word in s. 152(5A)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(2)(b) S. 169(1F)(1G) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(3) S. 193A inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 25 Word in s. 228(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 20(3) S. 228(1) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 20(2) S. 251(5A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 348(1)(b)(3) S. 274ZB and cross-heading inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 348(1)(d)(3) S. 274B renumbered as s. 274ZA (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 348(1)(c)(3) S. 279(1F)(1G) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(4) Words in s. 280(2) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(5) Sch. 28 para. 3(2A)(b) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(2)(c) Word in Sch. 28 para. 3(2A)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(2)(b) Words in Sch. 28 para. 3(2A) renumbered as Sch. 28 para. 3(2A)(a) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(2)(a) Word in Sch. 28 para. 17(2)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(3)(b) Words in Sch. 28 para. 17(2) renumbered as Sch. 28 para. 17(2)(a) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(3)(a) Sch. 28 para. 17(2)(b) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 33(3)(c) Sch. 28 para. 16(A)(3) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(6) Sch. 28 para. 16A modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 24 S. 229(4)(a)-(c) applied (1.10.2023) by The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations (Northern Ireland) 2023 (S.R. 2023/141), regs. 1(b), 54(6) S. 229(4)(a)-(c) applied (1.10.2023) by The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023 (S.I. 2023/942), regs. 1(b), 54(6) Words in s. 66(1)(b) inserted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(2)(a)(i) (with s. 35(5)) Words in s. 66(1)(c) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(2)(a)(ii) (with s. 35(5)) S. 66(3)(b) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(2)(b)(i) (with s. 35(5)) Words in s. 66(3)(c) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(2)(b)(ii) (with s. 35(5)) Words in Sch. 11 para. 4(1)(a)(iii) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(a)(i) (with s. 35(5)) Sch. 11 para. 4(1)(a)(v) inserted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(a)(ii) (with s. 35(5)) Words in Sch. 11 para. 8(1)(a)(iii) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(b)(i) (with s. 35(5)) Sch. 11 para. 8(1)(a)(v) inserted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(b)(ii) (with s. 35(5)) Words in Sch. 11 para. 12(1)(a)(iii) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(c)(i) (with s. 35(5)) Sch. 11 para. 12(1)(a)(v) inserted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2024 (c. 3), s. 35(3)(c)(ii) (with s. 35(5)) S. 244K heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 34 paras. 13-19 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 14, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) and Sch. 34 paras. 13-19 omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 60(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) Sch. 36 para. 23A and cross-heading omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 80, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 11A and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 33, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14A and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(f), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 15A and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(10)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14C and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(h), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 2A and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(6)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14ZA and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(d), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14ZB and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(e), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14B and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(g), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Ss. 214-226 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 3, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 11 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 32, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 6 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(6)(d), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 9 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 13 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 14 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(8)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 16 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(10)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 17 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(10)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 34 paras. 13-19 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 14, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 35 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 88, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 paras. 2B, 3 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(6)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 4 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(6)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 261 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 101(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 262 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 263 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 103(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 256 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 3A cross-heading inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 3B inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(8), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 3C and cross-heading inserted ( for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(9), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 12A inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 36, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 12 cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 34, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 32 shoulder note substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 13(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 32 heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 paras. A1, A2 and cross-headings inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 13(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 34 heading inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 64(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) Sch. 34 para. 5ZA inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 60(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 34 para. 12A and cross-heading inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 64(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) Words in Sch. 36 Pt. 2 heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 66, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 paras. 20A-20G and cross-headings inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 78, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) S. 236ZA inserted (6.4.2024 with effect for the tax year 2023-24 and subsequent tax years) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order 2024 (S.I. 2024/357), arts. 1(1), 2(2) (with art. 1(2)) Ss. 244AA-244AC substituted for s. 244A (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 45, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 17) Ss. 244IA-244IC inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 54, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244ID inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(2) S. 244JA inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 56, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Ss. 278A, 278B inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 23, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 269(1)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 9(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 269(1)(b) and word omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 9(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 269(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 9(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 269(9)-(11) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 9(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 272A(7)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 10, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 280(2) table inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(8) Words in s. 280(2) table omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 11, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 280(2) table inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 24(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 280(2) table substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 24(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 280(2) table substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 24(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 280(2) table substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 24(d), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 28 para. 16AA(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 12, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 1(1)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(a)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 1(3A) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 1(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 1(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 1A omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 1B omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 2 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 3A(5) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 3C(1)(b) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(a) Sch. 29 para. 3C(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(b) Sch.

29 para. 3C(3) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs.1, 3(10)(b) Words in Sch. 29 para. 3C(5)(a) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(c)(i) Sch. 29 para. 3C(5)(b) and word omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(c)(ii) Words in Sch. 29 para. 4(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 27(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 27(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4(1)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 27(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 29 para. 4(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 27(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 29 para. 4A(1)(e) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 29 para. 4A(1)(f) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4A(1)(g) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4A(3)-(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4A(8) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 63(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4A(7) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(11) Sch. 29 para. 4A(1)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 28(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 4A(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 28(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 5(1)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 29(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 7(1)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 30(1), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 10(1)(d) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 31, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 256(1)(a)-(c) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 256(1)(d) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 256(1)(e) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(c)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 256(1)(e) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(c)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 256(1)(f) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(d)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 256(1)(f) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(d)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 256(1)(g)-(i) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 100(3)(e), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 256(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 256(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(5)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 256(3)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(5)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 256(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 100(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 207(4) substituted (6.4.2024) by The Authorised Surplus Payments Charge (Variation of Rate) Order 2024 (S.I. 2024/335), arts. 1, 2 S. 227G(11) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 19, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 228ZA(4)(e) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 20(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 228ZA(5)(d) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 20(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) Words in s. 232(8A)(c) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 4(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 232(8A)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 4(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 232(8D)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 4(3)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 232(8D)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 4(3)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 232(8E) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 4(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 236(8A)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 5(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 236(8D)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 5(3)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 236(8D)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 5(3)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 236(8E) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 5(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 236A(4)(b) substituted (6.4.2024 with effect for the tax year 2023-24 and subsequent tax years) by The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order 2024 (S.I. 2024/357), arts. 1(1), 2(3) (with art. 1(2)) Words in s. 237B(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 6, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244 inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 44, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244B(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 46(2)(a)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244B(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 46(2)(a)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244B(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 46(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244B(1)(b)(i) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 46(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244B(3) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 46(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in . 244D inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 48, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in . 244E(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 49, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in . 244F(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 50, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244G(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 51(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244G(3) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 51(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244G(5) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 51(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in . 244H substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 52(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244H inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 52(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244I(1) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 53(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244I(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 53(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)) S. 244J(1A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 55(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)) Words in s. 244J(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 55(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244K(1A) substituted for s. 244K(1) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 244K(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 244K(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244K(3A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 244K(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244K(5) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 57(8), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 244K(10) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 57(8), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 244K(7) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(4)(a) Words in s. 244K(7) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(4)(b) S. 244K(7A)(7B) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(5) Words in s. 244K(8) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(6) Words in s. 244K(9) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(7) Words in s. 244M(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 58, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 255(1)(c) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 7, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 264(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 21, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 265(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 22(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 265(4)(b) and word omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 22(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 267 omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 8, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 29 para. 12(1A)-(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 35(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 29 para. 12(5) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 35(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 29 para. 13(1)(d) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 37(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 29 para. 13(1)(d) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 37(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 32 para. 1 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 13(5)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 32 para. 1 omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(5)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 7(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 32 para. 7(5) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 13(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 32 para. 15(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 13(9), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 33 para. 4(1)(d) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 59(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 33 para. 4(4) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 59(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 33 para. 5(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 59(3)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 33 para. 5(2A) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 59(3)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 33 para. 5(6) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 59(3)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 34 para. 1(3)(d) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 60(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 34 para. 1(3)(e) substituted for Sch. 34 para. 1(3)(da)(db)(e) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 60(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 34 para. 1(4)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 60(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 7 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 68, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 36 para. 11(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 11(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 11(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 11(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 11(5) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 36 para. 11A(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 11A(4)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 11A(4)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 11A(5) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 164(2)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 16, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 166(1)(aa) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 17(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 166(1)(e) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 17(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 166(1)(g) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 17(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 166(1)(h) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 17(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 166(2)(za) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 17(3)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 166(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 17(3)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 168(1)(f) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 18(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 168(1)(i) and word omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 18(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) S. 204(3) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 2, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 13(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 72, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 15(2A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 73(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in Sch. 36 para. 15(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 73(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 15(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 73(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sum in Sch. 36 para. 16(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 74, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 18 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 75, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 19(1) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 19(1A)(1B) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 19(2)(2A) substituted for Sch. 36 para. 19(2) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 19(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 19(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 19(5) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 76(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 19(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 76(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 19(7) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(1) renumbered as Sch. 36 para. 20(1)(a) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 20(1)(b) and word inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 20(1A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(a)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(a)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(2)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(c)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 20(2)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(c)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 24(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 81(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) Words in Sch. 36 para. 28(1) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 83(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 28(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 83(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 28(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 83(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 29 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 84, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Sch. 36 para. 29A inserted and then immediately omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 85, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) and The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(14) Sch. 36 para. 30 omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 86, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Words in Sch. 36 para. 51(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 89, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 261(1)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 101(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(4)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(2)(b) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(4)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(5)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(5)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(5)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(6)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(5)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(6)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(6)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 261(6)(b) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 101(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 262(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 262(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Word in s. 262(c) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 102(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17) Words in s. 263(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 103(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)) Words in s. 169(1G) substituted (24.5.2024) by Finance (No. 2) Act 2024 (c. 12), s. 24(3) Words in s. 169(1F) substituted (24.5.2024) by Finance (No. 2) Act 2024 (c. 12), s. 24(2) S. 279(1F) omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(4) Words in s. 280(2) omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(5) Word in Sch. 29 para. 1(1)(c) inserted (24.5.2024) by Finance (No. 2) Act 2024 (c. 12), s. 24(6)(a) Sch. 29 para. 1(1)(f) and preceding word omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(6)(b) Sch. 29 para. 1(4A) omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(6)(c) Sch. 29 para. 3C(4)(b) and preceding word omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(7) Ss. 244AA-244AC amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A Sch. 36 Pt. 2 amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 17 Sch. 32 amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 17 Sch. 34 amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras.

125-132A (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 17 Sch. 36 para. 20A applied (with modifications) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/575, reg. 23A (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 26(3)) Sch. 36 para. 20C modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/572, arts. 12, 13 (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(7)) Sch. 36 para. 20D modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/572, arts. 12, 14 (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(8)) Sch. 36 para. 12A inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(5) Sch. 36 para. 20H and cross-heading inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(16) Sch. 36 para. 34A inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(9) (with reg. 6) Sch. 36 para. 6A and cross-heading omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(2) Words in Sch. 36 para. 20G heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(15)(a) Words in Sch. 36 para. 20C heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(11)(a) Words in Sch. 36 para. 20D heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(12)(a) Words in Sch. 36 para. 20F heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(14)(a) Sch. 32 para. 2 and cross-heading omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 7 S. 239(3)(b) and word omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 5(2)(a) S. 239(3A) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 5(2)(b) Word in s. 255(1)(f) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 5(3)(a) S. 255(1)(h) and word inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 5(3)(b) Word in Sch. 29 para. 2(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(2) Word in Sch. 29 para. 2(c) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(2) Sch. 29 para. 2C(4) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(d) (with reg. 6) Words in Sch. 29 para. 2C(1) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(a)(i) (with reg. 6) Words in Sch. 29 para. 2C(1)(a) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(a)(ii) (with reg. 6) Words in Sch. 29 para. 2C(2) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(b)(i) (with reg. 6) Sch. 29 para. 2C(2): word “- D” in formula omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(b)(ii) (with reg. 6) Word in Sch. 29 para. 2C(2) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(b)(iii) (with reg. 6) Words in Sch. 29 para. 2C(2) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(b)(iv) (with reg. 6) Word in Sch. 29 para. 2C(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(2)(c) (with reg. 6) Words in Sch. 29 para. 4A(8)(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(3) Sch. 29 para. 8 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(3) (with reg. 6) Sch. 29 para. 14(3): in the formula the words “(B x C)” are substituted for “AC” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(4)(a) Words in Sch. 29 para. 14(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(4)(b) Words in Sch. 29 para. 16(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(5) Sch. 36 para. 7(2)(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(a) Word in Sch. 36 para. 7(6) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(b) Words in Sch. 36 para. 7(8)(b) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(c) Sch. 36 para. 12(3A) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(4)(a) Sch. 36 para. 12(3B)-(3H) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(4)(b) Sch. 36 para. 18(2)(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(6)(a) Words in Sch. 36 para. 18(7) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(6)(b) Sch. 36 para. 19(1C) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(b) Word in Sch. 36 para. 19(2) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(c) Words in Sch. 36 para. 19(1B) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(a) Sch. 36 para. 20(2A) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(2) (with reg. 6) Words in Sch. 36 para. 20(2)(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(c) Word in Sch. 36 para. 20(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(a)(i) Words in Sch. 36 para. 20(1)(a) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(a)(ii) Words in Sch. 36 para. 20(1A)(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(b) Sch. 36 para. 20A(3)(3A) substituted for Sch. 36 para. 20A(3) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(b) Sch. 36 para. 20A(10) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(3)(b) (with reg. 6) Words in Sch. 36 para. 20A(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(a) Words in Sch. 36 para. 20A(8) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(c) Sch. 36 para. 20A(5) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(3)(a) (with reg. 6) Sch. 36 para. 20B(2)(2A) substituted for Sch. 36 para. 20B(2) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(b) Words in Sch. 36 para. 20B(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(a) Sch. 36 para. 20B(3) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(c) Sch. 36 para. 20B(4) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(c) Words in Sch. 36 para. 20B(8) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(d) Sch. 36 para. 20C(8) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(c) (with reg. 6) Sch. 36 para. 20C(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(11)(b) Sch. 36 para. 20C(4): sum in formula “£1,000,000” substituted for “SLA” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(a)(i) (with reg. 6) Words in Sch. 36 para. 20C(4) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(a)(ii) (with reg. 6) Sch. 36 para. 20C(7): sum in formula “£1,000,000” substituted for “SLA” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(b)(i) (with reg. 6) Words in Sch. 36 para. 20C(7) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(b)(ii) (with reg. 6) Sch. 36 para. 20D(8) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(b) (with reg. 6) Sch. 36 para. 20D(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(12)(b) Sch. 36 para. 20D(4): word “SLA” in formula substituted for sum “£1,000,000” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(a)(i) (with reg. 6) Words in Sch. 36 para. 20D(4) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(a)(ii) (with reg. 6) Sch. 36 para. 20E(4)(4A) substituted for Sch. 36para. 20E(4) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(b) Sch. 36 para. 20E(11) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(b) (with reg. 6) Words in Sch. 36 para. 20E(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(a) Words in Sch. 36 para. 20E(9) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(c) Words in Sch. 36 para. 20E(10)(a) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(d) Words in Sch. 36 para. 20E(6) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(a)(ii) (with reg. 6) Sch. 36 para. 20E(6): in the formula, “SLA” is substituted for “£1,000,000” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(a)(i) (with reg. 6) Sch. 36 para. 20F(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(14)(b) Sch. 36 para. 20G(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(15)(b) Sch. 36 para. 24(1)(b) and word omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(17) Sch. 36 para. 27 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(18) Sch. 36 para. 28(A1) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(19) Sch. 36 para. 31(1A) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(b) (with reg. 6) Words in Sch. 36 para. 31(3) renumbered as Sch. 36 para. 31(3)(a) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(c)(i) (with reg. 6) Sch. 36 para. 31(3)(b) and word inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(c)(ii) (with reg. 6) Words in Sch. 36 para. 31(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(a) (with reg. 6) Sch. 36 para. 34 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(8) (with reg. 6) Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(9)(b) (with reg. 6)) Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(10)(b) (with reg. 6)) S. 254 modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 17(1)(2) Sch. 28 para. 2(3)(b) modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 23 S. 164(1) modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 3, 4 S. 206(1B) modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 5 S. 228A modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 21 Pt. 4 modified (with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 6 Words in s. 185G(3)(a) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(2) S. 189(5)-(6B) omitted (for the purposes of income tax in relation to the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 1(b), 12(1) (with Sch. 5 paras. 15, 18(4), 19) S. 189(2)(ba) omitted (for the purposes of income tax in relation to the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 1(a)(i), 12(1) (with Sch. 5 paras. 15, 18(4), 19) S. 189(2)(bb) omitted (for the purposes of income tax in relation to the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 1(a)(ii), 12(1) (with Sch. 5 paras. 15, 18(4), 19) Words in s. 205(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(a) Words in s. 206(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(b) Words in s. 207(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(c) Words in s. 208(4) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(d) Words in s. 209(5) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(e) Words in s. 237A(2) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(f) Words in s. 237B(8) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(g) Words in s. 239(4) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(h) Words in s. 242(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(i) S. 244C omitted (with effect in accordance with s. 32(6) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 32(1)(6) (with s. 32(7)(8)) Words in s. 244J(4) omitted (with effect in accordance with s. 32(6) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 32(3)(a)(6) (with s. 32(7)(8)) Words in s. 244J(6) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 15(3)(j) Words in s. 244K(6) omitted (with effect in accordance with s. 32(6) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 32(3)(b)(6) (with s. 32(7)(8)) Words in Sch. 15 para. 12 cross-heading substituted (6.4.2025) by Finance Act 2025 (c. 8), Sch. 13 paras. 34, 45(1) Sch. 15 para. 11(5)(ba) inserted (6.4.2025) by Finance Act 2025 (c. 8), Sch. 13 paras. 33, 45(1) Words in Sch. 15 para. 12(2) substituted (6.4.2025) by Finance Act 2025 (c. 8), Sch. 13 paras. 35(2), 45(1) Sch. 15 para. 12(3) omitted (6.4.2025) by virtue of Finance Act 2025 (c. 8), Sch. 13 paras. 35(3), 45(1) Sch. 15 para. 12(4) substituted (6.4.2025) by Finance Act 2025 (c. 8), Sch. 13 paras. 35(4), 45(1) S. 241 modified (24.4.2025 for the tax year 2023-24 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(3), 5(3) S. 208 modified (24.4.2025 for the tax year 2023-24 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(3), 5(1) S. 240 modified (24.4.2025 for the tax year 2023-24 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(3), 5(2) Sch. 29 para. 18(1A)(a) omitted (with effect in accordance with Sch. 5 para. 5(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 5(1) Words in s. 72 heading inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(4), 222(1) Ss. 62A-62C and cross-heading inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(2), 222(1) Ss. 72A-72C inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(5), 222(1) Ss. 206A, 206B inserted (with application in accordance with s. 71 of the amending Act) by Finance Act 2026 (c. 11), ss. 70(9), 71 Ss. 274ZZA-274ZZC inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(5) Ss. 315-315E substituted for s. 315 (18.3.2026) by Finance Act 2026 (c. 11), s. 216(2)(b) (with s. 219) S. 55A(5) inserted (with effect in accordance with s. 41(4) of the amending Act) by Finance Act 2026 (c. 11), s. 41(2)(4) S. 75(4) inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(6), 222(1) S. 153(5)(j) and word inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(2)(b) Word in s. 153(5)(g) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(2)(a) Word in s. 153(5)(h) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(2)(a) Word in s. 153(5)(f) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(2)(a) S. 158(1)(i) and word inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(3)(c) Word in s. 158(1)(ea) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(3)(a) Word in s. 158(1)(g) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(3)(a) Word in s. 158(1)(f) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(3)(a) Word in s. 158(1)(h) inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(3)(b) S. 164(1)(ea) inserted (with application in accordance with s. 71 of the amending Act) by Finance Act 2026 (c. 11), ss. 70(8), 71 S. 274A(5) inserted (with application in accordance with s. 71 of the amending Act) by Finance Act 2026 (c. 11), ss. 70(10), 71 S. 279(1B)-(1D) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(7) S. 274ZA cross-heading substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(4) S. 274ZA heading substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(6)(a) S. 274ZA(3) inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(6)(b) Words in s. 280(2) table substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(8)(a) Words in s. 280(2) table omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 60(8)(b) Words in s. 280(2) table inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(8)(c) S. 282(1B) inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 60(9) S. 316C(4A) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), ss. 214(1)(a), 215(1) (with s. 215(2)) S. 316C(6A) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 217(1) S. 316C(6B) omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 217(1) Words in s. 316C(6)(b) renumbered as s. 316C(6)(b)(i) (18.3.2026) by Finance Act 2026 (c. 11), ss. 214(1)(b)(i), 215(1) (with s. 215(2)) S. 316C(6)(b)(ii) and word inserted (18.3.2026) by Finance Act 2026 (c. 11), ss. 214(1)(b)(ii), 215(1) (with s. 215(2)) Word in s. 313(4) substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 216(2)(a) (with s. 219) Words in s. 318 inserted (18.3.2026) by Finance Act 2026 (c. 11), s. 216(2)(c) (with s. 219) S. 66(3A) inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(a), 222(1) Words in s. 66(4) substituted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(b)(i), 222(1) Words in s. 66(4) inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(b)(ii), 222(1) Words in s. 66(6) renumbered as s. 66(6)(a) (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(c)(i), 222(1) S. 66(6)(b) and word inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(c)(ii), 222(1) Words in s. 66(7) inserted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(d)(i), 222(1) Words in s. 66(7) substituted (with effect from 6.4.2026) by Finance Act 2026 (c. 11), ss. 220(3)(d)(ii), 222(1) (with s. 222(2)) S. 66(8) omitted (with effect from 6.4.2026) by virtue of Finance Act 2026 (c. 11), ss. 220(3)(e), 222(1) (with s. 222(2)) Words in s. 270(2) substituted (6.4.2026) by Finance Act 2025 (c. 8), s. 34(2)(a)(i)(5) Words in s. 270(2) substituted (6.4.2026) by Finance Act 2025 (c. 8), s. 34(2)(a)(ii)(5) Words in s. 270(2)(a) omitted (6.4.2026) by virtue of Finance Act 2025 (c. 8), s. 34(2)(b)(5) Words in s. 270(3)(b) omitted (6.4.2026) by virtue of Finance Act 2025 (c. 8), s. 34(3)(5) S. 270(4) omitted (6.4.2026) by virtue of Finance Act 2025 (c. 8), s. 34(4)(5) Sch. 29 para. 2 modified (for the tax year 2024-25 and subsequent tax years) by S.I. 2010/1187, reg. 19(1) (as substituted by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 15(5)) Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3; and as amended (for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(15) and by S.I. 2026/698, regs. 1(2)(6), 14(3)) Words in Sch. 36 Pt. 2 heading substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(2) S. 255(1)(h)(vii) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 3 Sch. 29 para. 8(3)(4) inserted (25.6.2026 with effect in accordance with reg. 1(4) of the amending S.I.) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(4)(6), 4(2)(c) Sch. 29 para. 8(1)(d) and word inserted (25.6.2026 with effect in accordance with reg. 1(4) of the amending S.I.) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(4)(6), 4(2)(b) Words in Sch. 29 para. 8(1)(c) substituted (25.6.2026 with effect in accordance with reg. 1(4) of the amending S.I.) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(4)(6), 4(2)(a) Sch. 29 para. 12A(5) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 4(3) Words in Sch. 29 para. 16(3) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 4(4)(a) Words in Sch. 29 para. 16(3) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 4(4)(b) Sch. 36 para. 18(2)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(3)(a) Words in Sch. 36 para. 18(8) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(3)(b) Sch. 36 para. 18(9) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(3)(c) Words in Sch. 36 para. 20A(9) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(4)(a) Sch. 36 para. 20A(11) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(4)(b) Words in Sch. 36 para. 20B(9) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(5)(a) Sch. 36 para. 20B(10) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(5)(b) Words in Sch. 36 para. 20E(10) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(6)(a) Sch. 36 para. 20E(12) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(6)(b) Words in Sch. 36 para. 29(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(a) Sch. 36 para. 29(3) formula: word "-E" omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(b) Words in Sch. 36 para. 29(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(c) Sch. 36 para. 29(4) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(9) Sch. 36 para. 29(6) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(10) Word in Sch. 36 para. 34(3) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(11)(a) Words in Sch. 36 para. 34(3) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(11)(b) Words in Sch. 36 para. 34(3) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(11)(c) Words in Sch. 36 para. 34(3) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(11)(d) Sch. 36 para. 34 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 21, 23 (as amended: (1.1.2009) by S.I. 2008/2990, arts. 1(1), 4; (with effect in accordance with art. 1(2) of the amending S.I.) by S.I. 2011/1782, arts. 1(1), 2(2); (for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(4) (with reg. 6); and (for the tax year 2024-25 and subsequent tax years) by S.I. 2026/698, regs. 1(2)(6), 14(2)) Words in Sch. 36 para. 34A(1)(b) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(12)