C1C2C3C4C5C6C7C8C9C10C12C13C14C15C16Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C7

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C9

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C12

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C13

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C14

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C15

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C16

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C9C10Chapter 5Registered pension schemes: tax charges

Unauthorised payments charge

I1C11209Unauthorised payments surcharge

1

A charge to income tax, to be known as the unauthorised payments surcharge, arises where a surchargeable unauthorised payment is made by a registered pension scheme.

2

“Surchargeable unauthorised payments” means—

a

surchargeable unauthorised member payments (see section 210), and

b

surchargeable unauthorised employer payments (see section 213).

3

The person liable to the charge—

a

in the case of a surchargeable unauthorised member payment F1made to or in respect of a person before the person's death, is the person,

b

in the case of a surchargeable unauthorised member payment made F2in respect of a person after the person's death, is the recipient, and

c

in the case of a surchargeable unauthorised employer payment, is the F3person to or in respect of whom the payment was made.

4

If more than one person is liable to the unauthorised payments surcharge in respect of a surchargeable unauthorised payment, those persons are jointly and severally liable to the surcharge in respect of the payment.

5

A person is liable to the unauthorised payments surcharge whether or not—

a

that person,

b

any other person who is liable to the unauthorised payments surcharge, F5...

c

the scheme administrator, F6and

F4d

the sub-scheme administrator,

are residentF8... or domiciled in the United Kingdom.

6

The rate of the charge is 15% in respect of the surchargeable unauthorised payment.

F77

The Treasury may by order amend subsection (6) so as to vary the rate of the unauthorised payments surcharge.

8

An order under subsection (7) may make provision for there to be different rates in different circumstances.