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The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991

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Interpretation

2.—(1) In these Regulations unless the context otherwise requires—

Act” means the Income and Corporation Taxes Act 1988;

“actuary” means—

(a)

a Fellow of the Institute of Actuaries,

(b)

a Fellow of the Faculty of Actuaries, or

(c)

a person with other actuarial qualifications who has been approved as a proper person to act for the purposes of regulation 8 of the Occupational Pension Schemes (Disclosure of Information) Regulations 1986(1) in connection with the scheme;

“administrator” in relation to a scheme means the trustees of the scheme or any person appointed by them to have the management of the scheme;

the Board” means the Commissioners of Inland Revenue;

“business” includes a trade or profession and includes any activity carried on by a body of persons, whether corporate or unincorporate, except the activity of making or managing investments where those investments do not consist of shares in 51 per cent. subsidiaries of the body of persons which do not themselves carry on the activity of making or managing investments;

“close company” has the meaning given by sections 414(2) and 415 of the Act;

“company” means any body corporate or unincorporated association, but does not include a partnership;

“control”, in relation to a body corporate or partnership, shall, subject to paragraph (2), be construed in accordance with section 840 of the Act; and the like construction of “control” applies (with the necessary modifications) in relation to an unincorporated association as it applies in relation to a body corporate;

“controlling director” means a director to whom subsection (5)(b) of section 417 of the Act (read with subsections (3), (4) and (6) of that section) applies;

“director” means a director within the meaning of section 612(1) of the Act;

“employer” in relation to a scheme means an employer who, by virtue of the governing instrument, is entitled to pay contributions to the scheme;

“governing instrument” in relation to a scheme means a trust deed, or other document by which the scheme is established, and any other document which contains provisions by which the administration of the scheme is governed;

“pensioneer trustee” means a trustee of a scheme who—

(a)

is approved by the Board to act as such, and

(b)

is not connected with—

(i)

a scheme member,

(ii)

any other trustee of the scheme, or

(iii)

a person who is an employer in relation to the scheme.

“relative” means brother, sister, ancestor or lineal descendant;

“residential property” means property normally used, or adapted for use, as one or more dwellings;

“scheme” means a retirement benefits scheme as defined in section 611(1) of the Act;

“small self-administered scheme” means a scheme—

(a)

some or all of the income and other assets of which are invested otherwise than in insurance policies, and

(b)

which, if a scheme member is connected with—

(i)

another scheme member,

(ii)

a trustee of the scheme, or

(iii)

a person who is an employer in relation to the scheme,

has less than 12 members;

“scheme member” in relation to a scheme means a member of the scheme to whom benefit is currently accruing as a result of service as an employee;

“shares” includes stock;

“the trustees” in relation to a scheme includes any person having the management of the scheme;

“unlisted company” means a company which is not officially listed on a recognised stock exchange within the meaning of section 841 of the Act;

“51 per cent. subsidiary” has the meaning given by section 838 of the Act.

(2) The interpretation of “control” in paragraph (1) does not apply in relation to a body corporate which is a close company and in relation to such a body corporate “control” shall be construed in accordance with section 416(3) of the Act.

(3) For the purposes of these Regulations any question whether a person is connected with another shall be determined in accordance with paragraphs (4) to (8) (any provision that one person is connected with another being taken to mean that they are connected with one another).

(4) A person is connected with an individual if that person is the individual’s husband or wife, or is a relative, or the husband or wife of a relative, of the individual or of the individual’s husband or wife.

(5) Without prejudice to paragraph (4) a person, in his capacity as a scheme member, is connected with an employer in relation to a scheme if—

(a)where the employer is a partnership, he is connected with a partner in the partnership, or

(b)where the employer is a company, he or a person connected with him is, or at any time during the preceding 10 years has been, a controlling director of the company.

(6) A company is connected with another company—

(a)if the same person has control of both, or a person has control of one and persons connected with him, or he and persons connected with him, have control of the other, or

(b)if a group of two or more persons has control of each company, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person with whom he is connected.

(7) A company is connected with another person if that person has control of it or if that person and persons connected with him together have control of it.

(8) Any two or more persons acting together to secure or exercise control of a company shall be treated in relation to that company as connected one with another and with any person acting on the directions of any of them to secure or exercise control of the company.

(9) For the purposes of these Regulations a company is associated with an employer if (directly or indirectly) the employer controls that company or that company controls the employer or if both are controlled by a third person.

(1)

S.I. 1986/1046.

(2)

Subsections (2) to (2D) were substituted for subsection (2) by the Finance Act 1989 (c. 26), section 104(1) and (4); subsection (3) was repealed by the Finance Act 1989, sections 104(2) and (4) and 187 and Schedule 17, Part V; and subsection (5) was amended by the Finance Act 1989, section 104(3) and (4).

(3)

Words in subsection (2) were repealed by the Finance Act 1989 (c. 26), section 187 and Schedule 17, Part V.

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