# Finance Act 2004, Section 265: Winding-up to facilitate payment of lump sums


(1) 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).
(2) That purpose is facilitating the payment of winding-up lump sums ... under the pension scheme.
(3) The scheme administrator is liable to a penalty not exceeding the relevant amount.
(4) The relevant amount is £3,000 in respect of—
(a) each member to whom a winding-up lump sum is paid under the pension scheme, ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2004/12/section/265 (the official version)
Page: https://openlegislation.uk/finance-act-2004/section-265
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.