Section 273A Insurance company liable as scheme administrator
United Kingdom
F1The Board of Inland Revenue may make regulations in relation to cases where an insurance company makes a payment of—
a pension protection lump sum death benefit,
an annuity protection lump sum death benefit, F2...
a flexi-access drawdown fund lump sum death benefit,
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.
Annotations
Textual amendments
- F1
S. 273A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 49(1), 64(1)
- F2
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)
- F3
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
- F4
S. 273A(1)(d) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 17(b)