REGULATIONS, Dated NOVEMBER 10, 1921, Made by the COMMISSIONERS OF INLAND REVENUE UNDER SECTION 32 OF THE FINANCE ACT, 1921 (11 & 12 GEO. 5. C. 32).
| Jurisdiction | UK Non-devolved |
| Citation | SI 1921/1699 |
| Year | 1921 |
1921 No. 1699
INCOME TAX
(3) Superannuation Funds
REGULATIONS, DATED NOVEMBER 10, 1921, MADE BY THE COMMISSIONERS OF INLAND REVENUE UNDER SECTION 32 OF THE FINANCE ACT, 1921 (11 & 12 GEO. 5. C. 32).[These Regulations (S.R. & O. 1921, p. 327) are printed as amended by Regulations, dated July 29, 1931 (S.R. & O. 1931 (No. 638) p. 483).]
1. Application for the approval of any fund or any part of a fund for any year of assessment shall be made in writing before the end of that year by the trustees of the fund to H.M. Inspector of Taxes for the district in which the office of the fund is situated or the fund is administered and shall be supported by a copy of the instrument under which the fund is established and two copies of the rules and of the accounts of the fund for the last year for which such accounts have been made up and such other information as the Commissioners may reasonably require.
2. Any alteration in the rules, constitution, objects, or conditions of the fund made at any time after the date of the application for approval shall be notified forthwith to the Inspector. In default of such notification, any approval given shall, unless the Commissioners otherwise determine, be deemed to have been withdrawn at the date from which the alteration had effect.
3. If the facts in regard to any fund or part of a fund shall, in the opinion of the Commissioners, cease to warrant the continuance of their approval under the above-mentioned section then and in such case the Commissioners may withdraw their approval and shall give notice to the trustees of the fund of such withdrawal, and of the date from which such withdrawal is to take effect.
4. If a fund or a part of a fund is approved by the Commissioners the fact shall be communicated to the trustees of the fund in writing and where a fund or part of a fund is approved subject to conditions these conditions shall also be communicated to the trustees of the fund in writing.
5. The expression "ordinary annual contribution" shall mean an annual contribution of a fixed amount or an annual contribution calculated on some definite basis by reference to the earnings, contributions or numbers of the members of the fund.
6. The amount of the employer's contribution which may be deducted as an expense in the case of a local authority which is assessable to income tax in respect of the profits of a trade shall be such part of the authority's total contribution as is made in respect of the...
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