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Regulation 2 Liability to pay a CEP incurred before an assessment period begins

Original text. Later amendments are not shown.

(1)

For the purposes of section 135(4)(b)(ii) of the 2004 Act (restrictions on winding up, discharge of liabilities etc), a prescribed liability is a liability of the trustees or managers of the scheme to pay a CEP which—

(a)

is incurred before the assessment date; and

(b)

has not been discharged before that date.

(2)

A scheme incurs a liability to pay a CEP before the assessment date if, before that date, the trustees or managers of the scheme were required, or elected, to pay a CEP and had not discharged that liability before the assessment date.

(3)

Where paragraph (1) applies, the trustees or managers of the scheme may discharge the prescribed liability to pay a CEP during the scheme’s assessment period.