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The Income Tax (Pension Funds Pooling Schemes) (Amendment) Regulations 2006

S.I. 2006/1162 · Made 24 April 2006

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 24th April 2006

Laid before the House of Commons 25th April 2006

Coming into force 16th May 2006

The Treasury, in exercise of the powers conferred upon them by section 469(7) and (8) of the Income and Corporation Taxes Act 1988f1 make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1. Subsection (7) was amended by section 432(1) of, and paragraph 4 of Schedule 20 to, the Financial Services and Markets Act 2000 (c. 8).

Contents

  1. 1Citation and commencement
  2. 2Amendment to the Income Tax (Pension Funds Pooling Schemes) Regulations 1996
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Income Tax (Pension Funds Pooling Schemes) (Amendment) Regulations 2006 and shall come into force on 16th May 2006.

2Amendment to the Income Tax (Pension Funds Pooling Schemes) Regulations 1996

(1)

Amend the Income Tax (Pension Funds Pooling Schemes) Regulations 1996f1 as follows.

(2)

In regulation 4(2) (description of a pension funds pooling scheme) at the beginning insert “Subject to paragraph (2A),”.

(3)

After regulation 4(2) insert—

“(2A)

Paragraph (2) does not apply if the unit trust scheme ceases to have the characteristics specified in paragraph (3) solely because it is wound up.”.

Signature

Vernon Coaker

Dave Watts

Two of the Lords Commissioners of Her Majesty’s Treasury

24th April 2006

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Income Tax (Pension Funds Pooling Schemes) Regulations 1996 (S.I. 1996/1585) to provide that a unit trust scheme does not cease to qualify as a pension funds pooling scheme solely because it ceases to satisfy the specified characteristics for such a scheme by reason of it being wound up.

Regulation 1 provides for the citation and commencement.

Regulation 2 introduces the amendments.

These Regulations impose no new costs on business.