Regulation 10 Amendments to the principal Regulations

After regulation 11 insert—

“Reporting transfer payments from approved retirement benefits schemes, relevant statutory schemes or specified annuity contracts

11A

(1)

The prescribed person within regulation 3(a), (b) or (c) in relation to—

(a)

an approved retirement benefits scheme,

(b)

a relevant statutory scheme, or

(c)

an annuity contract referred to in section 605(1B)(c) of the Taxes Act other than a contract which provides for the immediate payment of benefits,

shall furnish to the Board, at the time prescribed by paragraph (2) below, such information (including copies of any relevant books, documents or other records) relating to an event specified in paragraph (3) below, as is specified by the Board.

(2)

The time prescribed is any time not later than 28 days after the event in question.

(3)

The event specified in this paragraph is one satisfying all the following conditions.

• First condition

  A transfer payment (“the payment”) is made from—

  1. (a)

     an approved retirement benefits scheme,

  2. (b)

     a relevant statutory scheme, or

  3. (c)

     a fund held subject to an annuity contract falling within paragraph (1)(c),

  (“the paying scheme”).

• Second condition

  The market value of the payment—

  1. (a)

     equals or exceeds £250,000; or

  2. (b)

     when aggregated with the market value of any other payments relating to the same person, made from the paying scheme within any period of 365 days, beginning with the first of those payments and including the date of the payment in question, equals or exceeds £250,000.

• Third condition

  The payment is not made to a relevant statutory scheme, an approved statutory scheme or an annuity contract which provides for the immediate payment of benefits.

Reporting transfer payments to retirement benefits schemes or specified annuity contracts

11B

(1)

The prescribed person within regulation 3(a), (b) or (c) in relation to—

(a)

a retirement benefits scheme for the time being approved by the Board, other than a statutory scheme, or

(b)

an annuity contract referred to in section 605(1B)(c) of the Taxes Act, other than a contract which provides for the immediate payment of benefits,

shall furnish to the Board, at the time prescribed by paragraph (2) below, such information (including copies of any relevant books, documents or other records) relating to an event specified in paragraph (3) below, as is specified by the Board.

• This is subject to the qualification in paragraph (5).

(2)

The time prescribed is any time not later than 28 days after the event in question.

(3)

The event is one satisfying both of the following conditions.

• First condition

  A transfer payment (“the payment”) is received by—

  1. (a)

     a retirement benefits scheme which is for the time being approved by the Board, or

  2. (b)

     a fund held subject to an annuity contract falling within paragraph (1)(b)

  (“the receiving scheme”).

• Second condition

  The market value of the payment, when aggregated with the market value of any other transfer payments relating to the same person, made to the receiving scheme within a period of 365 days, beginning with the first such payment and including the date of the payment in question, equals or exceeds £250,000.

(4)

If a payment has fallen within the second condition in paragraph (3), all subsequent transfer payments made to the receiving scheme within the period referred to in that condition, so far as they relate to the same person, shall be notified individually to the Board by the prescribed person in relation to the receiving scheme.

• This is subject to the following qualification.

(5)

The prescribed person in relation to the receiving scheme shall not be under an obligation to furnish information under this regulation if the prescribed person in respect of the paying scheme is under an obligation to furnish information in respect of the same transaction under regulation 11A.

Interpretation for the purposes of regulations 11A and 11B

11C

(1)

In regulations 11A and 11B—

• “market value” has the meaning given in section 272 of the Taxation of Chargeable Gains Act 1992 (valuation: general provisions for the purposes of that Act)^f1; and

• “transfer payment” includes a payment under paragraph 1(3) of Schedule 5 to the Welfare Reform and Pensions Act 1999^f2 or paragraph 1(3) of Schedule 5 to the Welfare Reform and Pensions (Northern Ireland) Order 1999^f3.

(2)

In relation to an annuity contract mentioned in section 605(1B)(c) of the Taxes Act, references to a prescribed person within regulation 3 include a reference to the insurance company with which the contract is made.”.