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Regulation 7 Reliance on section 221 (lifetime allowance enhancement: relevant overseas individuals)

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

(1)

This regulation applies if, at any time on or after 6th April 2006, an individual is a relevant overseas individual during any part of a period that is the active membership period in relation to an arrangement relating to the individual.

(2)

The individual may give notice of intention to rely on section 221.

(3)

If the individual intends to rely on section 221, the individual must give a notification to the Revenue and Customs on or before the closing date.

(4)

For the purposes of this regulation use the rules in this paragraph to find the closing date.

  • First rule: Find the 31st January following the tax year in which the accrual period ends (see paragraph (10)).

  • Second rule: Find the 31st January five years after that.

  • The date so found is the closing date.

(5)

Paragraph (6) applies if—

(a)

the individual gives the notification to the Revenue and Customs, and

(b)

the Revenue and Customs issue a certificate to the individual in response to the giving of the notification.

(6)

The individual may rely on section 221 during the period beginning on the accrual day (see paragraph (10)) and ending on the day on which the Revenue and Customs—

(a)

revoke the certificate, or

(b)

issue an amended certificate to the individual.

(7)

Paragraph (8) applies if the Revenue and Customs—

(a)

issue a certificate to which paragraph (6) applies to the individual, and

(b)

later issue an amended certificate (“the subsequent certificate”) to the individual.

(8)

The individual may rely on section 221 during the period beginning on the day specified on the subsequent certificate and ending on the day on which the Revenue and Customs—

(a)

revoke the subsequent certificate, or

(b)

issue an amended certificate to the individual.

(9)

The day so specified must not be earlier than the accrual day.

(10)

For the purposes of this regulation—

(a)

the accrual period ends—

(i)

when the individual ceases to be a relevant overseas individual,

(ii)

immediately before a benefit crystallisation event occurring in relation to the arrangement relating to the individual, or

(iii)

when benefits cease to accrue to or in respect of the individual under the arrangement,

whichever is the earliest; and

(b)

“the accrual day” is the day on which the accrual period ends.