Explanatory note

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991 (“the 1991 Regulations ”) and the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993 (“the 1993 Regulations ”) restrict the Board of Inland Revenue’s discretion to approve retirement benefits schemes under section 591 of the Income and Corporation Taxes Act 1988 (“the Taxes Act”).

The 1991 Regulations are amended by the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 2000 (“the 2000 Regulations”) (S.I. 2000/1086) and the 1993 Regulations are amended by the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) (Amendment) Regulations 2000 (“the second 2000 Regulations”) (S.I. 2000/1088).

By virtue of section 591A of the Taxes Act (“section 591A”) the 1991 Regulations and the 1993 Regulations also apply to retirement benefits schemes approved by the Board before the coming into force of those Regulations or any amendments to those Regulations (“existing approved schemes”) except to the extent that any provisions in the 1991 Regulations or the 1993 Regulations are disapplied by separate Regulations made under section 591A.

These Regulations disapply in relation to existing approved schemes the provisions in regulations 4 to 9 of the 1991 Regulations, read together with regulation 2(1) of the 1991 Regulations as amended by the 2000 Regulations. They also disapply in relation to existing approved schemes the provisions in regulation 5 of the 1993 Regulations as amended by regulation 3 of the second 2000 Regulations, and the provisions in regulations 4 and 5 of the 1993 Regulations, read together with regulation 6 of the 1993 Regulations as amended by regulation 4 of the second 2000 Regulations.