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Regulation 2 Interpretation

Original text. Later amendments are not shown.

In these Regulations unless the context otherwise requires—

  • “administrator”means the person or persons having the management of an exempt approved scheme;

  • “the Board”means the Commissioners of Inland Revenue;

  • “excluded payment”has the meaning given to it by regulation 4;

  • “Schedule 12”means Schedule 12 to the Finance Act 1986;

  • a“surplus payment”means a payment out of funds of an exempt approved scheme which is a payment (not being an excluded payment) to which paragraph 1(1) of Schedule 12 refers;

  • a“tax payment”means the amount equal to 40 per cent. of a surplus payment to which paragraph 1(2) of Schedule 12 refers.