The Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) Regulations 2006
| Jurisdiction | UK Non-devolved |
| Citation | SI 2006/135 |
2006 No. 135
INCOME TAX
The Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) Regulations 2006
Made 25th January 2006
Laid before the House of Commons 26th January 2006
Coming into force 6th April 2006
The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by paragraph 1(6) of Schedule 29 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 Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) Regulations 2006, and shall come into force on 6th April 2006.
Application of these Regulations: general
2. These Regulations apply for the purposes of paragraph 1(6) of Schedule 29 to the Finance Act 2004 (regulations relating to meaning of “pension commencement lump sum”).
Circumstances in which these Regulations apply
3. The circumstances in which incorrect income tax has been paid by the scheme administrator in relation to the member by way of the lifetime allowance charge are circumstances in which—
(a) the scheme administrator has made an overpayment by way of the lifetime allowance charge in relation to the member, and
(b) Her Majesty’s Revenue and Customs refund the overpayment to the scheme administrator.
4. The circumstances in which a lump sum subsequently paid to the member is to be treated as a pension commencement lump sum even though either or both of the conditions in paragraphs (c) and (e) of paragraph 1(1) of Schedule 29 to the Finance Act 2004 are not met are circumstances in which—
(a) Her Majesty’s Revenue and Customs refund an overpayment by way of the lifetime allowance charge in relation to the member to the scheme administrator, and
(b) the scheme administrator pays part or all of the overpayment to the member within the period of three months beginning with the day on which the scheme administrator receives the overpayment from Her Majesty’s Revenue and Customs.
Paul Gray
Mike Eland
Two of the Commissioners for Her Majesty’s Revenue and Customs
25th January 2006
(This note is not part of the Regulations)
In...
To continue reading
Request your trial