Search Legislation

Finance Act 2007

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: SCHEDULE 19

 Help about opening options

Changes to legislation:

Finance Act 2007, SCHEDULE 19 is up to date with all changes known to be in force on or before 18 September 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Section 69

SCHEDULE 19U.K.Alternatively secured pensions and transfer lump sum death benefit etc

IntroductionU.K.

1Part 4 of FA 2004 (pension schemes etc) is amended as follows.

Alternatively secured pension: guaranteed pension and maximumU.K.

2(1)In section 165(1) (pension rules) is amended as follows.U.K.

(2)In pension rule 2 (guaranteed pensions)—

(a)for “, an annuity or alternatively secured pension” substitute “ or an annuity ”, and

(b)for “, annuity or alternatively secured pension” substitute “ or annuity ”.

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 19 para. 2(3) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

3In paragraph 12 of Schedule 28 (pension rules: alternatively secured pension year), omit sub-paragraphs (3) and (4) (guaranteed pensions).

Maximum dependants' alternatively secured pensionU.K.

F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Sch. 19 para. 4 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Abolition of transfer lump sum death benefitU.K.

5In section 168(1) (lump sum death benefit rule), omit paragraph (g) (transfer lump sum death benefit).

6Omit section 172B(5)(a) (reduction for transfer lump sum death benefit).

7In section 188(5) (amounts not to be treated as contributions), omit paragraph (b) and the word “and” before it.

8In section 280(2) (index), omit the entry relating to transfer lump sum death benefit.

9In Schedule 29, omit paragraph 19 (transfer lump sum death benefit).

10In paragraph 17A of Schedule 36 (“enhanced protection”)—

(a)in sub-paragraph (1), insert “ or ” after paragraph (a) and omit paragraph (c) and the word “or” before it, and

(b)in sub-paragraph (2), omit “, or to a transfer lump sum death benefit being paid,”.

Untraceable membersU.K.

F311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Sch. 19 para. 11 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Increase in rights on deathU.K.

12(1)Section 172B (increase in rights of connected person on death) is amended as follows.U.K.

F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In subsection (4), for “(6)” substitute “ (5) ”.

(4)In subsection (7)(a), after “there” insert “ are ”.

F5(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 19 para. 12(2) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F5Sch. 19 para. 12(5) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F613. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 19 paras. 13-15 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Minimum alternatively secured pension and dependants' alternatively secured pensionU.K.

F614. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 19 paras. 13-15 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F615. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 19 paras. 13-15 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Charity lump sum death benefitU.K.

16(1)Paragraph 18 of Schedule 29 (charity lump sum death benefit) is amended as follows.U.K.

F7(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In sub-paragraph (2)(e), for “(or, if the member made no nomination, by the dependant).” substitute “ or, if the member made no nomination, by the dependant (or, if neither the member nor the dependant made a nomination, selected by the scheme administrator). ”

F8(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7Sch. 19 para. 16(2)-(4) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F8Sch. 19 para. 16(6) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Discharge of liability to scheme chargeable paymentU.K.

17In section 268(6) (unauthorised payments surcharge and scheme chargeable payments), for “(assignment)” substitute “ , 172A, 172B, 172BA, 172C or 172D or arises under section 181A ”.

Non-UK schemesU.K.

18(1)Schedule 34 (non-UK schemes application of certain charges) is amended as follows.U.K.

(2)In paragraph 1(6), omit the words from “but also” to the end.

(3)In paragraph 4(3), omit the words from “but also” to the end.

F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9Sch. 19 para. 18(4) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Inheritance taxU.K.

19IHTA 1984 is amended as follows.

F1020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F1026. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 19 paras. 20-26 omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

27In Schedule 2 (provisions applying on reduction of tax), omit paragraph 6A.

Consequential amendmentU.K.

28(1)Section 636A of ITEPA 2003 (exemption for certain lump sums under registered pension schemes) is amended as follows.U.K.

(2)In subsection (1)—

F11(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)omit paragraph (f) and the word “or” before it.

(3)In subsection (7), omit “ “transfer lump sum death benefit”,”.

Textual Amendments

F11Sch. 19 para. 28(2)(a) omitted (with application in accordance with Sch. 2 para. 20 of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 19(4)(b)

CommencementU.K.

29(1)The amendments made by paragraphs 2(2) and 3 have effect in relation to deaths of members of registered pension schemes occurring on or after 6th April 2007.U.K.

F12(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)The amendments made by paragraphs 5 to 10, 18(2) and (3) and 28 have effect in relation to lump sum death benefits paid in respect of members of schemes whose deaths occur on or after 6th April 2007.

F13(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)The amendments made by paragraph 16(3) and (5) have effect in relation to charity lump sum death benefits paid on or after 6th April 2007.

(7)The amendment made by paragraph 17 is deemed to have come into force on 6th April 2007.

(8)The amendments made by paragraphs 19 to 27 have effect in relation to deaths, cases where scheme administrators become aware of deaths and cessations of dependency occurring on or after 6th April 2007.

Textual Amendments

F12Sch. 19 para. 29(2) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

F13Sch. 19 para. 29(4)(5) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(i)

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources