The Pension Schemes (Relevant Migrant Members) Regulations 2006
Jurisdiction | UK Non-devolved |
Citation | SI 2006/212 |
Year | 2006 |
2006 No. 212
INCOME TAX
The Pension Schemes (Relevant Migrant Members) Regulations 2006
Made 1st February 2006
Laid before the House of Commons 2nd February 2006
Coming into force 6th April 2006
The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by paragraph 4(c) of Schedule 33 to the Finance Act 20041, and now exercisable by them2, make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Pension Schemes (Relevant Migrant Members) Regulations 2006 and shall come into force on 6th April 2006.
Alternative condition for relevant migrant member relief
2.—(1) For the purposes of paragraph 4(c) of Schedule 33 to the Finance Act 2004 (meaning of “relevant migrant member”), the prescribed condition, in relation to the individual is set out in paragraph (2).
(2) The individual was at any time in the 10 years before the beginning of that period of residence, whether before or after the coming into force of these Regulations, 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.
David Varney
Steve Lamey
Two of the Commissioners for Her Majesty’s Revenue and Customs
1st February 2006
(This note is not part of the Regulations)
Schedule 33 to the Finance Act 2004 (c. 12)contains provisions about migrant member relief in respect of contributions to overseas pension schemes. Paragraph 4 of that Schedule sets out the conditions an individual member of an overseas pension scheme would need to satisfy in order to be considered a relevant migrant member of that scheme. Paragraph 4(c) provides a power for alternative conditions to be prescribed. These regulations prescribe an alternative condition to that already contained in paragraph 4(c) of Schedule 33.
Regulation 1 provides for the citation and commencement.
Regulation 2 prescribes the condition. An individual is a relevant migrant member of an overseas pension scheme on condition that he was entitled to tax relief on contributions paid under the pension scheme in the country of residence at any time in the 10 years prior to coming to the United Kingdom.
The Board of Inland Revenue published a regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004 and subordinate...
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