{
  "url": "https://openlegislation.uk/income-tax-pension-funds-pooling-schemes-regulations-1996/note",
  "json_url": "https://openlegislation.uk/income-tax-pension-funds-pooling-schemes-regulations-1996/note.json",
  "legislation": "uksi/1996/1585",
  "legislation_title": "The Income Tax (Pension Funds Pooling Schemes) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/income-tax-pension-funds-pooling-schemes-regulations-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations provide for certain unauthorised unit trust schemes (“pension funds pooling schemes”), participation in which is restricted to specified pension schemes or funds and which satisfy the criteria set out in the Regulations, to be excepted from the treatment of such unit trust schemes given by section 469 of the Income and Corporation Taxes Act 1988 (“section 469”). The effect is that income and expenditure of the trustee of the scheme will be treated, so far as income tax and capital allowances are concerned, as being income and expenditure of the participants, the proportion of that income and expenditure attributable to any participant being determined by the size of that participant’s share of the scheme property.\nCorresponding Regulations in connection with pension funds pooling schemes have also been made for the purposes of capital gains tax (S.I. 1996/1583) and stamp duty and stamp duty reserve tax (S.I. 1996/1584).\nRegulation 1 provides for citation and commencement.\nRegulation 2 contains definitions.\nRegulation 3 excepts from section 469 a unit trust scheme which is a pension funds pooling scheme and regulation 4 describes the characteristics of a pension funds pooling scheme.\nRegulation 5 sets out conditions to be satisfied in relation to expenditure incurred by the scheme that qualifies for capital allowances, and regulation 6 contains provisions that supplement regulation 5.\nRegulation 7 provides for approval by the Board of Inland Revenue (“the Board”) of participants in a pension funds pooling scheme.\nRegulation 8 provides that participants shall notify the trustee of a pension funds pooling scheme if they consider that they are not, or may not be, eligible to participate in the scheme.\nRegulation 9 specifies the duties of the trustee in connection with participants who cease to be eligible to participate in the scheme.\nRegulation 10 specifies various responsibilities of the trustee, and regulation 11 specifies the information which the trustee is required to provide to an officer of the Board each year in connection with the scheme.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1585/note",
    "retrieved_at": "2026-10-29T12:41:34.402786+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}