3673.Section 627 excludes benefits from relevant pension schemes from being treated as the settlor’s income under section 624. The exclusion for “relevant pension scheme” in subsection (3) of that section apply for the tax year 2006-07 onwards. This paragraph gives the rules that apply for the tax year 2005-06 and represents a rewrite of section 660A(11) of ICTA as it stands before the amendments made by FA 2004.
3674.Subsection (3)(g) of section 627 refers to regulations made under the Welfare Reform and Pensions Act 1999 and its Northern Ireland equivalent although section 660A(11)(g) of ICTA simply refers to regulations made by the Secretary of State. See Change 105 in Annex 1.
3675.Subparagraph (4) attracts the consequential and transitional powers for pensions in FA 2004 to the rewrite of those provisions in this Act.