http://www.legislation.gov.uk/id/uksi/1991/1614

http://www.legislation.gov.uk/uksi/1991/1614/regulation/8/made

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

Occupational pensions

Pensions

Insurance

King's Printer of Acts of Parliament

2016-08-01

INCOME TAX

Section 591(6) of the Income and Corporation Taxes Act 1988 provides that regulations made by the Board for the purposes of that section may restrict the Board’s discretion to approve a retirement benefits scheme “a scheme” by reference to the benefits provided by the scheme, the investments held for the purposes of the scheme, the manner in which the scheme is administered or any other circumstances whatever; and these Regulations, which come into force on 5th August 1991, impose restrictions in relation to small self-administered schemes.

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

reg.2(1) rep.in pt. and

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998

reg.3

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

reg.5(1)(ii)

(c)

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998

reg.6

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

reg.5(4)

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998

reg.7

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

reg.9(1)(b)

(iia)

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment No. 2) Regulations 1998

reg.6

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

regs.2

4-9

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Provisions) Regulations 2000

regs.3-5

Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self administered Schemes) Regs

Provisions as to transactions with scheme members and others8

1

The description of provision specified in this regulation is a provision to the effect that the trustees of the scheme in their capacity as such shall not directly or indirectly purchase, sell or lease any asset—

a

from or to a member of the scheme or a person connected with him, other than an employer in relation to the scheme or any company associated with that employer, or

b

from or to an employer, or any company associated with that employer, except in accordance with paragraph (2).

2

A purchase, sale or lease is in accordance with this paragraph only when it is made—

a

after the trustees have obtained independent professional advice in writing, and

b

in accordance with that advice.

3

For the purpose of this regulation—

a

a purchase by the trustees shall not be regarded as a purchase indirectly from a member of the scheme, or a person connected with him, if the purchase by the trustees took place three years or more after the sale by the member or person connected with him; and

b

a sale by the trustees shall not be regarded as a sale indirectly to a member of the scheme, or a person connected with him, if the purchase by the member or person connected with him took place three years or more after the sale by the trustees.