Finance Act 2011 (c. 11)

SCHEDULES

SCHEDULE 16 U.K. Benefits under pension schemes

Part 2 U.K. Consequential amendments

Inheritance Tax Act 1984 U.K.

49 U.K. IHTA 1984 is amended as follows.

50 (1) Section 12(dispositions allowable for income tax or conferring benefits under pension scheme) is amended as follows. U.K.

(2) In subsection (2F), omit paragraph (b)(and the “and” before it).

(3) In subsection (2G)—

(a) omit the definitions of “lump sum death benefit”, “pension death benefit” and “relevant dependant”;

(b) in the definition of “pension”, for “that Part” substitute “ Part 4 ”.

51 U.K. In section 151 (treatment of pension rights, etc), in subsection (2), for “Subject to sections 151A and 151C below, an interest” substitute “ An interest ”.

52 U.K. In section 200 (transfer on death)—

(a) in subsection (1), omit “(subject to subsection (1A) below)”;

(b) omit subsection (1A).

53 U.K. In section 210 (pension rights, etc), omit subsections (2) and (3).

54 (1) Section 216 (delivery of accounts) is amended as follows. U.K.

(2) In subsection (1), omit paragraph (bca).

(3) In subsection (3)(a), omit “(or would do apart from section 151A(3)(b) or 151C(3)(b) above)”.

(4) In subsection (4), omit “(or would be apart from section 151A(3)(b), 151C(3)(b) or 151B(4) above)”.

(5) In subsection (6), omit paragraph (ac).

(6) In subsection (7), for “, 126 or 151D” substitute “ or 126 ”.

55 U.K. In section 226 (payment: general rules), in subsection (4)—

(a) for “, 126, 151B or 151D” substitute “ or 126 ”;

(b) omit from “, or under section 151A” to “that section,”.

56 U.K. In section 233 (interest on unpaid tax), in subsection (1)(c)—

(a) for “, 126, 151B or 151D” substitute “ or 126 ”;

(b) omit from “, or under section 151A” to “that section,”.

57 U.K. In section 272(general interpretation), omit the definition of “scheme administrator”.