Part 3Pensions
74FSCS intervention in relation to insurance in connection with pensions
1
The Treasury may by regulations make provision for and in connection with the application of the relevant taxes in relation to circumstances in which there is relevant intervention under the FSCS.
2
“Relevant intervention” means—
a
anything done under, or while seeking to make, arrangements for securing continuity of insurance in connection with registered pension schemes,
b
anything done as part of measures for safeguarding policyholders in connection with registered pension schemes, or
c
the payment of compensation in connection with registered pension schemes.
3
“The FSCS” means the Financial Services Compensation Scheme (established under Part 15 of FISMA 2000).
4
The provision that may be made by regulations under this section includes provision imposing any of the relevant taxes (as well as provisions for exemptions or reliefs).
5
The relevant taxes are—
a
income tax,
b
capital gains tax,
c
corporation tax,
d
inheritance tax,
e
stamp duty land tax,
f
stamp duty, and
g
stamp duty reserve tax.
6
Regulations under this section may include provision having effect in relation to any time before they are made if the provision does not increase any person’s liability to tax.
7
The provision made by regulations under this section may be framed as provision modifying, or applying with appropriate modifications, provisions having effect in relation to registered pension schemes.
8
Regulations under this section may include—
a
provision amending any enactment or instrument, and
b
consequential, supplementary and transitional provision.
9
Regulations under this section are to be made by statutory instrument.
10
A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.
11
In this section “registered pension scheme” means a pension scheme within the meaning of Part 4 of FA 2004 which is registered under Chapter 2 of that Part of that Act.