# The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment No. 2) Regulations 1998

S.I. 1998/1315 · made 27 May 1998

These Regulations amend the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991 (S.I. 1991/1614) (“the principal Regulations”) which impose restrictions on the Board of Inland Revenue’s discretion to approve under section 591 of the Income and Corporation Taxes Act 1988 retirement benefits schemes that are small self-administered schemes.

Made under: Income and Corporation Taxes Act 1988 (Section 591)

## Introductory text

INCOME TAX
Made 27th May 1998
Laid before the House of Commons 29th May 1998
Coming into force 19th June 1998
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 591(6) of the Income and Corporation Taxes Act 1988, hereby make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment No. 2) Regulations 1998 and shall come into force on 19th June 1998.

## 2 Interpretation

In these Regulations “the principal Regulations” means the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991 and “regulation” means a regulation of the principal Regulations.

## 3 Amendments to the principal Regulations

In regulation 4(1)(c) after the words “purchase those assets” in the definition of “B” there shall be inserted “which are outstanding at that time”.

## 4 Amendments to the principal Regulations

In regulation 7(2) after the words “purchase those assets” in the definition of “D” there shall be inserted “which are outstanding at that time”.

## 5 Amendments to the principal Regulations

In regulation 7(3) after the words “purchase those assets” in the definition of “F” there shall be inserted “which are outstanding at that time”.

## 6 Amendments to the principal Regulations

In regulation 9 after sub-paragraph (b)(ii) there shall be inserted—
“(iia) by virtue of section 3, 4 or 29 of the Pensions Act 1995 or Article 3, 4 or 29 of the Pensions (Northern Ireland) Order 1995 (prohibition, suspension or disqualification),”.

## Signature

S C T Matheson
C W Corlett
Two of the Commissioners of Inland Revenue
27th May 1998

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991 (S.I. 1991/1614) (“the principal Regulations”) which impose restrictions on the Board of Inland Revenue’s discretion to approve under section 591 of the Income and Corporation Taxes Act 1988 retirement benefits schemes that are small self-administered schemes.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulations 3 to 5 make amendments of a drafting nature to regulations 4(1)(c) and 7(2) and (3) of the principal Regulations (as amended by S.I. 1998/728).
Regulation 6 amends regulation 9 of the principal Regulations (as amended by S.I. 1998/728) so as to provide that a pensioneer trustee’s appointment may be terminated where he is the subject of a prohibition or suspension order, or is disqualified from being a trustee, under the Pensions Act 1995 or the Pensions (Northern Ireland) Order 1995.

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Source: https://www.legislation.gov.uk/uksi/1998/1315 (the official version)
Page: https://openlegislation.uk/retirement-benefits-schemes-restriction-on-discretion-to-approve-small-self-administered-schemes-amendment-no-2-regulations-1998
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.