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The Registered Pension Schemes (Authorised Member Payments) Regulations 2022 in Wales

S.I. 2022/723 · Made 29 June 2022

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Made 29th June 2022

Laid before the House of Commons 30th June 2022

Coming into force 1st August 2022

The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 164(1)(f) of the Finance Act 2004f1, and now exercisable by themf2.

Annotations to the whole text

Footnotes

f1

2004 c. 12.

f2

The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(1) of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50(1) of that Act provides that, in so far as it is appropriate in consequence of section 5, a reference, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty’s Revenue and Customs.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Prescription of authorised member payments
  4. Signature
  5. Explanatory note

1Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Authorised Member Payments) Regulations 2022 and come into force on 1st August 2022.

2Interpretation

In these Regulations—

  • “2022 Act” means the Dormant Assets Act 2022f1;

  • “dormant” has the meaning given in section 7 of the 2022 Act;

  • “eligible pension benefits” has the meaning given in section 6 of the 2022 Act;

  • “transfer” means a transfer of the description given in section 5(1) of the 2022 Act.

3Prescription of authorised member payments

A transfer of dormant eligible pension benefits is a payment of a description that is prescribed for the purposes of section 164(1)(f) of the Finance Act 2004 (authorised member payments).

Signature

Angela MacDonald

Jim Harra

Two of the Commissioners for Her Majesty’s Revenue and Customs

29th June 2022

Explanatory note

(This note is not part of the Regulations)

These Regulations enable assets held within registered pension schemes which are “dormant” (as defined by regulation 2) to be transferred out of the pension scheme into an “authorised reclaim fund”, of the description given in section 26 of the Dormant Assets Act 2022, without incurring charges to income tax further to sections 208, 209 and 239 of the Finance Act 2004, otherwise known as unauthorised payment income tax charges. The payments which these Regulations prescribe must include a “transfer” of “eligible pension benefits” (both terms are defined by regulation 2). Transfers which do not meet these specified requirements and which are not otherwise authorised in accordance with section 164(1) of the Finance Act 2004 will remain subject to unauthorised payment income tax charges.

A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.