The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2009

Amendment to the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006

2.—(1) The Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006(1) are amended as follows.

(2) In Part 2 (general), regulation 5(2) (prescribed descriptions of arrangements) is amended as follows—

(a) in sub-paragraph (f) omit “and”;

(b) in sub-paragraph (g) for the full stop at the end substitute “; and”; and

(c) after sub-paragraph (g) insert—

“(h) regulation 17A (description 8: pensions).”.

(3) In Part 3 (prescribed arrangements), after regulation 17 insert—

“Description 8: Pensions

17A.    Arrangements are prescribed if—

(a) they involve the accrual or expected accrual of benefits in a pension scheme (within the meaning of section 150 of the Finance Act 2004(2)) to or in respect of a person; and

(b) the main benefit of those arrangements is that—

(i) the person would not be subject to the special annual allowance charge provided under Schedule 35 to the Finance Act 2009(3); or

(ii) the person incurs the special annual allowance charge but at a lesser amount than would have been incurred if the arrangements had not been entered into.”.

(1)

S.I. 2006/1543, amended by S.I. 2007/2484.

(2)

Section 150 was amended by S.I. 2007/1388.

(3)

2009 c.10.