Part 4Pension schemes etc

F1CHAPTER 5ARegistered pension schemes established outside the United Kingdom

F2242CApplication of this Part to non-UK registered schemes

(1)

This Part (so far as would not otherwise be the case) is to be read—

(a)

as applying in relation to UK-relieved funds of a non-UK registered scheme as it applies in relation to sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme established in the United Kingdom,

(b)

as applying in relation to a non-UK registered scheme, so far as the scheme relates to the scheme's UK-relieved funds, as it applies in relation to a registered pension scheme established in the United Kingdom,

(c)

as applying in relation to members of a non-UK registered scheme, so far as their rights under the scheme are represented by UK-relieved funds of the scheme, as it applies in relation to members of a registered pension scheme established in the United Kingdom, and

(d)

as applying to relevant contributions to a non-UK registered scheme as it applies in relation to contributions to a registered pension scheme established in the United Kingdom.

(2)

Subsection (1) has effect subject to, and in accordance with, the following provisions of this Chapter.

(3)

The Commissioners for Her Majesty's Revenue and Customs may by regulations make—

(a)

provision elucidating the application of, or supplementing, subsection (1) or other provisions of this Chapter, or

(b)

where relief from tax is involved, other provision for or in connection with the application of this Part where the interpretative presumption against extra-territorial application means that it would otherwise not apply.

(4)

Regulations under subsection (3) may (in particular)—

(a)

amend provisions of or made under—

(i)

this Part, or

(ii)

any other enactment related to taxation in connection with pensions, and

(b)

make consequential amendments of provisions of, or made under, any enactment.

(5)

See section 242B for the meaning of “UK-relieved funds” and “relevant contribution”.