Regulation 5 Amendments to the Principal Regulations

(1)

For regulation 5(1) of the Principal Regulations there shall be substituted—

“(1)

The prescribed conditions are that the scheme member has—

(a)

at or before the time at which he first pays a contribution from which he deducts an amount equal to income tax at the basic rate on the contribution, and

(b)

at any time after that time, within 30 days of having been required to do so by notice in writing given by the scheme administrator,

furnished to the scheme administrator in writing the particulars, declarations and undertaking specified in paragraphs (2), (3) and (4) respectively; and references in those paragraphs to his remuneration, or his permitted maximum remuneration, are to that for the year of assessment in which he first pays such a contribution, or for the year of assessment specified in the notice, as the case may require.”

(2)

In regulation 5(2) of the Principal Regulations—

(a)

after sub-paragraph (a) there shall be inserted—

“(aa)

his date of birth;”;

(b)

in sub-paragraph (c) the words “for the year of assessment” shall be omitted;

(c)

in sub-paragraph (d) for the words “who makes contributions” to the end there shall be substituted—

“who makes contributions to—

(i)

a retirement benefits scheme approved under section 591 of the Income and Corporation Taxes Act 1988^f1,

(ii)

a retirement benefits scheme which is before the Board in order for them to decide whether to give approval under the said section 591, or

(iii)

a relevant statutory scheme within the meaning of section 611A of the said Act^f2”; and

(d)

after sub-paragraph (e) there shall be inserted—

“(f)

the amount, expressed as a monetary sum or as a percentage of—

(i)

his remuneration, or,

(ii)

if section 592(8B) of the said Act has effect as regards his remuneration, his permitted maximum remuneration,

which he is paying for the relevant year of assessment to the retirement benefits scheme or relevant statutory scheme referred to in sub-paragraph (d).”.

(3)

After regulation 5(2) there shall be added—

“(3)

The declarations specified in this paragraph are declarations signed by the scheme member that to the best of his knowledge and belief—

(a)

benefits are currently accruing to him under the retirement benefits scheme or relevant statutory scheme referred to in paragraph (2)(d);

(b)

the aggregate of all contributions—

(i)

made to the scheme in relation to which the declaration is made, and

(ii)

made by him to the retirement benefits scheme or relevant statutory scheme referred to in paragraph (2)(d),

will not exceed and, unless the declaration is made in the circumstances described in paragraph (1)(a), has not exceeded his permitted maximum contributions;

(c)

he is neither—

(i)

paying contributions to any other scheme which provides benefits additional to those provided by the retirement benefits scheme or relevant statutory scheme referred to in paragraph (2)(d), nor

(ii)

where his employer is a company, a controlling director of the company;

(d)

the particulars specified in paragraph (2) and furnished by him to the scheme administrator are correct and complete.

(4)

The undertaking specified in this paragraph is an undertaking by the scheme member that he will within 30 days give notice in writing to the scheme administrator if—

(a)

he ceases to be employed by the employer referred to in paragraph (2)(d), or

(b)

benefits cease to accrue to him under the retirement benefits scheme or relevant statutory scheme referred to in paragraph (2)(d), or

(c)

where his employer is a company, he becomes a controlling director of the company.”.

Annotations

Footnotes

f1: Subsections (5) and (6) were amended by the Finance Act 1988 (c. 39), section 146 and Schedule 13, paragraph 6.
f2: Section 611A was inserted by the Finance Act 1989 (c. 26), Schedule 6, paragraph 15.