- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
6. After regulation 3A(1) (computation of a member’s taxable asset transfer fund) insert—
3B. The amount of a member’s ring-fenced transfer fund (“RFTF”) under a RNUKS(2) is the aggregate of the sums and market value of the assets transferred as a result of the original relevant transfer(3) or subsequent relevant transfer(4) as has been transferred to the RNUKS without being subject to the unauthorised payments charge(5).
3C. The amount of the member’s ring-fenced taxable asset transfer fund (“RFTATF”) under a RFTF in a RNUKS is the sum of—
(a)the aggregate of the sums and market value of the assets transferred as a result of an original relevant transfer from a registered pension scheme to that RNUKS, and
(b)so much of the member’s RFTATF under any other RNUKS as has been transferred to that RNUKS without being subject to the unauthorised payments charge.”.
Regulation 3A was inserted by S. I. 2006/1960.
“RNUKS” has the meaning given in paragraph 1(5) of Schedule 34 to the Finance Act 2004 (c. 12).
“Original relevant transfer” has the meaning given in paragraph 1(6B) of Schedule 34 to the Finance Act 2004. Paragraph 1(6B) was inserted by paragraph 2(2) of part 1 of Schedule 4 to the Finance Act 2017 (c. 10).
“Subsequent relevant transfer” has the meaning given in paragraph 1(6D) of Schedule 34 to the Finance Act 2004. Paragraph 1(6D) was inserted by paragraph 2(2) of part 1 of Schedule 4 to the Finance Act 2017 (c. 10).
“Unauthorised payments charge” has the meaning given in section 208 of the Finance Act 2004, as amended by Schedule 46(4) to the Finance Act 2013 (c. 29), Schedule 2(2) to the Finance Act 2009 (c. 10) and Schedule 23 to the Finance Act 2006 (c. 25).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: