47.—(1) Where—
(a)the requirements set out in paragraphs (2) and (3) are satisfied, and
(b)the requirement set out in one of paragraphs (4), (5), (6) or (7) is satisfied,
section 16(1)(b) of the Act does not apply in relation to a money purchase scheme or a personal pension scheme to which section 25 or 27 of the Act applies.
(2) The requirements to be satisfied are that—
(a)the scheme is an occupational pension scheme and there is, in the country or territory in which it has its main administration, a body—
(i)which regulates occupational pension schemes; and
(ii)which regulates that scheme; or
(b)the scheme is a personal pension scheme and there is, in the country or territory in which the personal pension scheme provider is established, a body—
(i)which regulates personal pension schemes; and
(ii)which regulates the personal pension scheme provider in relation to that scheme.
(3) The requirement to be satisfied is that the regulatory requirements applicable to the money purchase scheme or the personal pension scheme provide that some of the benefits applicable to the jobholder may be designated for the purpose of providing that jobholder with an income for life.
(4) The requirement to be satisfied is that the scheme is a qualifying overseas pension scheme.
(5) The requirement to be satisfied is that relief from tax is given in respect of contributions made by an individual under a double taxation agreement for which a deduction of tax is given under the Income and Corporation Taxes Act 1988(1).
(6) The requirement to be satisfied is that relief from tax is given in respect of contributions made by an individual under an arrangement entered into by the individual for which a deduction of tax is given under Chapter 2 of Part 5 (Employment Income: Deductions allowed from earnings) of the Income Tax (Earnings and Pensions) Act 2003(2) for that tax year in accordance with paragraph 51 of Schedule 36 (Pension Schemes etc.) to the Finance Act 2004.
(7) This paragraph applies in relation to money purchase schemes and the requirement to be satisfied is that the employer’s contribution, however calculated, includes an additional amount, the value of which represents the value of any relief from tax which would have been applicable in relation to the jobholder’s contributions if the scheme had been registered under Chapter 2 of Part 4 (Pension Schemes etc.) of the Finance Act 2004.
(8) For the purposes of this regulation—
“double taxation agreement” means an agreement having effect by virtue of section 788 (relief by agreement with other territories) of the Income and Corporation Taxes Act 1988;
“qualifying overseas pension scheme” has the meaning given in Schedule 33 (overseas pension schemes: migrant member relief) to the Finance Act 2004.