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Finance Act 2014

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This is the original version (as it was originally enacted).

De-registration of pension schemes

This section has no associated Explanatory Notes

6(1)Section 158 (grounds for de-registration) is amended as follows.

(2)In subsection (1)—

(a)before paragraph (a) insert—

(za)that the pension scheme has not been established, or is not being maintained, wholly or mainly for the purpose of making payments falling within section 164(1)(a) or (b) (authorised payments of pensions and lump sums),,

(b)in paragraph (d) for “incorrect” substitute “inaccurate”,

(c)after paragraph (d) insert—

(da)that the scheme administrator fails to produce any document required to be produced to an officer of Revenue and Customs by virtue of this Part or Part 1 of Schedule 36 to the Finance Act 2008,

(db)that any document produced to an officer of Revenue and Customs by the scheme administrator contains a material inaccuracy in relation to which at least one of conditions A to C in subsections (7) to (10) is met,”, and

(d)for paragraph (e) substitute—

(e)that any declaration accompanying the application to register the pension scheme, or otherwise made to an officer of Revenue and Customs in connection with the pension scheme, is false in a material particular,

(ea)that the scheme administrator has deliberately obstructed an officer of Revenue and Customs in the course of an inspection under Part 2 of Schedule 36 to the Finance Act 2008 that has been approved by the tribunal, or.

(3)In subsection (1) (as amended by sub-paragraph (2) above)—

(a)after paragraph (za) insert—

(zb)that the person who is, or any of the persons who are, the scheme administrator is not a fit and proper person to be, as the case may be—

(i)the scheme administrator, or

(ii)one of the persons who are the scheme administrator,, and

(b)in paragraph (ea) after “under” insert “section 159B or”.

(4)After subsection (5) insert—

(6)Subsections (7) to (10) apply for the purposes of subsection (1)(db).

(7)Condition A is that the inaccuracy is careless or deliberate.

(8)An inaccuracy is careless if it is due to a failure by the scheme administrator to take reasonable care.

(9)Condition B is that the scheme administrator knows of the inaccuracy at the time the document is produced to an officer of Revenue and Customs but does not inform such an officer at that time.

(10)Condition C is that the scheme administrator—

(a)discovers the inaccuracy some time later, and

(b)fails to take reasonable steps to inform an officer of Revenue and Customs.

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