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Finance Act 1970

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This is the original version (as it was originally enacted).

26Interpretation and supplemental

(1)In this Chapter, except where the context otherwise requires—

  • " administrator " in relation to a retirement benefits scheme means the person or persons resident in the United Kingdom having the management of the scheme;

  • " approved scheme " means a retirement benefits scheme for the time being approved by the Board for the purposes of this Chapter ;

  • " controlling director" means a director of a company, the directors whereof have a controlling interest therein, who is the beneficial owner of, or able either directly or through the medium of other companies or by any other indirect means to control, more than five per cent, of the ordinary share capital of the company;

  • " director " in relation to a company includes—

    (a)

    in the case of a company the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,

    (b)

    in the case of a company the affairs whereof are managed by a single director or similar person, that director or person,

    (c)

    in the case of a company the affairs whereof are managed by the members themselves, a member of that company, and includes a person who is to be or has been a director;

  • " employee "—

    (a)

    in relation to a company, includes any officer of the company, any director of the company and any other person taking part in the management of the affairs of the company, and

    (b)

    in relation to any employer, includes a person who is to be or has been an employee, and " employer " and other cognate expressions shall be construed accordingly;

  • " exempt approved scheme" has the meaning given by section 21(1) of this Act;

  • " pension " includes annuity ;

  • " relevant benefits " means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death, or in anticipation of retirement, or, in connection with past service, after retirement or death, or to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question, except that it does not include any benefit which is to be afforded solely by reason of the disablement by accident of a person occurring during his service or of his death by accident so occurring and for no other reason ;

  • " service " means service as an employee of the employer in question and other expressions, including " retirement ", shall be construed accordingly ;

  • " statutory scheme " means a retirement benefits scheme established by or under any enactment—

    (a)

    the particulars of which are set out in any enactment, or in regulations made under any enactment, or

    (b)

    which has been approved as an appropriate scheme by a Minister or government department (including a Northern Ireland Minister or government department).

(2)Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision thereof by means of a contract between the administrator or the employer and a third person.

(3)Schedule 5 to this Act shall have effect for supplementing this Chapter, which is there referred to as the principal Chapter, and that Schedule shall be construed as one with this Chapter.

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