# The Income Tax (Pension Funds Pooling Schemes) Regulations 1996, Regulation 2: Interpretation


(1) In these Regulations unless the context otherwise requires—
“address” in relation to any person means—
(a) where that person is an individual, the address of his principal place of business or, if he has none, his principal residential address;
(b) where that person is a company, the address of its registered or principal office;
“the Board” means the Commissioners of Inland Revenue;
“cancellation event” means an occasion when the rights and interests of a participant in the scheme property of a unit trust scheme are wholly redeemed, or otherwise wholly purchased or wholly cancelled, by the trustee of that scheme, other than an occasion when the rights and interests of the participant in the scheme property become the rights and interests of its successor in the scheme property;
“descendant” in relation to a former participant in a unit trust scheme (“the relevant participant”) means the participant for the time being in the scheme which is either the successor of the relevant participant or the successor of another former participant in the scheme which, at the time it so participated, was part of the line of succession of participants that commenced with the relevant participant;
“employee” has the meaning given by section 612(1) of the Taxes Act, and “employer” and other cognate expressions shall be construed accordingly;
“notice” means notice in writing;
“overseas scheme” means a pension funds scheme which—
(a) is established outside the United Kingdom, and
(b) is not an exempt approved scheme but is for the time being accepted by the Board as equivalent to a retirement benefits scheme approved by the Board for the purposes of Chapter I of Part XIV of the Taxes Act;
“pension funds pooling scheme” means a unit trust scheme of the description specified in regulation 4;
“relevant period” in relation to a unit trust scheme means a period which—
(a) commences when the trustee of the scheme first incurs expenditure in respect of which an allowance under the 1990 Act is to be, or may be, made, or next incurs such expenditure after the end of a relevant period, and
(b) ends when it is first the case that the trustee of the scheme has disposed of all interests in respect of which such expenditure is incurred, unless immediately after that time the scheme incurs further expenditure in respect of which an allowance under the 1990 Act is to be, or may be, made;
“retirement benefits scheme” has the meaning given by subsection (1) of section 611 of the Taxes Act (read with subsections (2) to (5) of that section);
“scheme” in relation to a pension funds scheme shall be construed in accordance with section 611(2) of the Taxes Act;
“scheme property” in relation to a unit trust scheme means property of any description, including money, which is held on trust for the participants in the scheme;
“section 469” means section 469 of the Taxes Act;
“sponsor” in relation to a pension funds scheme means any person who established the scheme or who for the time being has authority to vary the terms of, or to terminate, the scheme, or to appoint or replace a manager of the scheme;
“successor” in relation to a former participant in a unit trust scheme means the participant which—
(a) was not a participant in the scheme immediately before the time when that former participant ceased to participate in the scheme, and
(b) immediately after that time became entitled to all the rights and interests in the scheme property to which that former participant was entitled immediately before ceasing so to participate;
“tax year” means a year beginning on 6th April and ending on 5th April in the following calendar year;
“Taxes Act” means the Income and Corporation Taxes Act 1988;
“trustee” in relation to a unit trust scheme means the person or persons for the time being holding the scheme property on trust for the participants in that scheme;
“units” and “unit trust scheme” have the meanings given by section 75(8) of the Financial Services Act 1986;
“1990 Act” means the Capital Allowances Act 1990;
“1992 Act” means the Taxation of Chargeable Gains Act 1992.
(2) References in these Regulations to an exempt approved scheme are references to a retirement benefits scheme which is either—
(a) an exempt approved scheme within the meaning given by subsection (1) of section 592 of the Taxes Act, or
(b) before the Board in order for them to decide whether the scheme qualifies as an exempt approved scheme within the meaning of that subsection.
(3) References in these Regulations to a superannuation fund are references to a superannuation fund which either—
(a) falls within subsection (6) of section 615 of the Taxes Act, or
(b) is before the Board in order for them to decide whether the superannuation fund falls within that subsection.
(4) References in these Regulations to an exempt approved scheme, a superannuation fund or an overseas scheme as a participant in a unit trust scheme, are references to the appropriate person or persons specified in paragraph (5) who is or are for the time being a participant or participants in the unit trust scheme within the meaning given by section 75(1) and (2) of the Financial Services Act 1986.
(5) The persons specified are—
(a) in the case of an exempt approved scheme set up under trust or a superannuation fund, the trustees of that scheme or fund;
(b) in the case of an exempt approved scheme not set up under trust, the sponsor of that scheme;
(c) in the case of an overseas scheme, the persons who are for the time being parties to the arrangements constituting that scheme, other than an employee in his capacity as a beneficiary of the scheme.
(6) The like provisions as are contained in section 159(2) to (8) of the 1990 Act shall have effect to determine when capital expenditure is to be taken to be incurred for the purposes of these Regulations.

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Source: https://www.legislation.gov.uk/uksi/1996/1585/regulation/2 (the official version)
Page: https://openlegislation.uk/income-tax-pension-funds-pooling-schemes-regulations-1996/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.