OpenLegislation

Regulation 2 Interpretation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In these Regulations, unless the context otherwise requires —

  • “the Act” means the Income and Corporation Taxes Act 1988;

  • “appropriate personal pension scheme” shall be construed in accordance with sections 1(8) and 84(1) of the Social Security Act 1986f1;

  • “Board” means the Commissioners of Inland Revenue;

  • “cash equivalent” in relation to benefits means the actuarial value of benefits which have accrued to, or in respect of, an individual at the relevant date;

  • “controlling director” means a director within the meaning of section 612(1) of the Act to whom subsection (5)(b) of section 417 of the Act (read with subsections (3), (4) and (6) of that section) applies;

  • “guaranteed minimum pension” shall be construed in accordance with section 26(2) of the Social Security Pensions Act 1975f2;

  • “personal pension scheme” means a personal pension scheme approved, or provisionally approved, by the Board under Chapter IV of Part XIV of the Act;

  • “personal pension protected rights premium” means a premium payable under section 5(4) of the Social Security Act 1986;

  • “protected rights” shall be construed in accordance with Schedule 1 to the Social Security Act 1986f3;

  • “the relevant date” shall be construed in accordance with paragraph 12 of Schedule 1A to the Social Security Pensions Act 1975f4;

  • “remuneration” shall be construed in accordance with section 612(1) of the Act;

  • “retirement annuity contract or trust scheme” means a retirement annuity contract or trust scheme approved by the Board under Chapter III of Part XIV of the Act;

  • “retirement benefits scheme” means a retirement benefits scheme approved by the Board under Chapter I of Part XIV of the Act;

  • “statutory scheme” has the meaning given to it by section 612(1) of the Act.

Annotations

Footnotes

f1

1986 c. 50

f2

1975 c. 60; section 26(2) was amended by the Social Security Act 1986 (c. 50), section 86(1) and Schedule 10, paragraph 12.

f3

1986 c. 50; Schedule 1 was modified by the Social Security Pensions Act 1975 (c. 60), section 32(2B) inserted by 1986 c. 50, section 6 and Schedule 2, paragraph 5.

f4

1975 c. 60; Schedule 1A was inserted by the Social Security Act 1985 (c. 53), section 2 and Schedule 1, paragraph 3; paragraph 12 of the Schedule was amended by the Social Security Act 1986 (c. 50), section 86(1) and Schedule 10, paragraph 30, was modified by the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987 (S.I. 1987/1116), regulation 3(10) and Schedule 4, paragraph 8, and was amended by the Social Security Act 1988 (c. 7), section 9 and Schedule 2, Part II and by the Occupational Pension Schemes (Transfer Values) Amendment Regulations 1988 (S.I. 1988/523), regulation 2(3).