Draft legislation accessible version
Published 20 July 2022
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1 Provision in connection with the dormant assets scheme etc
(1) In FA 2004, in Part 4 (pension schemes etc)바카라 사이트�
(a) in section 150 (meaning of 바카라 사이트減ension scheme바카라 사이트�), in subsection (5A), for 바카라 사이트�274B바카라 사이트� substitute 바카라 사이트�274ZA바카라 사이트�;
(b) in section 251 (information: general requirements), after subsection (5) insert바카라 사이트�
바카라 사이트�(5A) Regulations under this section may make different provision for different cases.바카라 사이트�;
(c) section 274B (National Employment Savings Trust and Master Trust schemes) (which appears under the italic heading 바카라 사이트淣ational Employment Savings Trust and Master Trust schemes바카라 사이트� at the beginning of Chapter 8 and before section 274A) is renumbered section 274ZA;
(d) after section 274ZA (as renumbered by paragraph (c)) insert바카라 사이트�
바카라 사이트淒ormant pension benefits바카라 사이트�
274ZB Treatment of pension benefits reclaimed from reclaim fund etc
(1) Subsection (2) applies where an amount is paid out of an authorised reclaim fund in respect of transferred dormant eligible pension benefits.
(2) For the purposes of income tax and this Part, the amount paid out is to be treated as having been paid as a consequence of a right that is the same as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights.
(3) The Commissioners for Her Majesty바카라 사이트檚 Revenue and Customs may make regulations in relation to cases where바카라 사이트�
(a) an amount is paid out of an authorised reclaim fund in respect of transferred dormant eligible pension benefits,
(b) the registered pension scheme from which the benefits were transferred was wound up before the payment of that amount, and
(c) the payment, or part of the payment, is treated (by virtue of subsection (2)) as being the payment by a registered pension scheme of바카라 사이트�
(i) a pension protection lump sum death benefit,
(ii) an annuity protection lump sum death benefit,
(iii) a drawdown pension fund lump sum death benefit, or
(iv) a flexi-access drawdown fund lump sum death benefit.
(4) Regulations under subsection (3) may provide that a person specified in the regulations바카라 사이트�
(a) is to be treated as the scheme administrator for the purposes of the operation of section 206;
(b) is responsible for the discharge of all obligations imposed on the scheme administrator by or under thisPart so far as related to the liability imposed by that section to pay tax in respect of it.
(5) Regulations under subsection (3) may바카라 사이트�
(a) make specific or general provision;
(b) make different provision for different cases.
(6) No liability to income tax arises in respect of income derived from investments or deposits바카라 사이트�
(a) that are held by an authorised reclaim fund, and
(b) that relate to an amount transferred to the authorised reclaim fund in respect of transferred dormant eligible pension benefits.
(7) For the purposes of subsection (6), it does not matter when liability to income tax on income within that subsection would otherwise arise.
(8) Subsection (2) of section 186 (income) applies for the purposes of subsection (6) of this section as it applies for the purposes of subsection (1) of that section.
(9) For the purposes of this section바카라 사이트�
바카라 사이트渁uthorised reclaim fund바카라 사이트� has the same meaning as in the Dormant Assets Acts 2008 to 2022;
바카라 사이트渢he original rights바카라 사이트� are P바카라 사이트檚 rights against the scheme administrator of a registered pension scheme, in respect of the benefits subsequently transferred by the scheme administrator to an authorised reclaim fund, immediately before the transfer;
바카라 사이트渢ransferred dormant eligible pension benefits바카라 사이트� means dormant eligible pensions benefits owing to a person that have been transferred by the scheme administrator of a registered pension scheme to an authorised reclaim fund with the result that section 5 of the Dormant Assets Act 2022 (transfer of eligible pension benefits to reclaim fund) applies (and references to benefits being transferred are to be construed accordingly).바카라 사이트�
(2) In the Inheritance Tax Act 1984, in Part 5 (miscellaneous), after section 159 insert바카라 사이트�
바카라 사이트淒ormant assets
159A Treatment of dormant assets
(1) This section applies where there is a transfer in respect of a dormant asset.
(2) There is a transfer in respect of a dormant asset where an amount is transferred by an institution in respect of an asset바카라 사이트�
(a) to an authorised reclaim fund, with the result that section 1 of the 2008 Act or section 2, 5, 8, 12 or 14 of the 2022 Act applies in relation to the asset, or
(b) to an authorised reclaim fund and one or more charities, with the result that section 2 of the 2008 Act applies in relation to the asset.
(3) For the purposes of this Act, rights which a person (바카라 사이트淧바카라 사이트�) acquires under Part 1 of the 2008 Act or Part 1 or sections 22 to 25 of the 2022 Act (as the case may be) after the transfer are to be treated as the same asset as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights.
(4) For the purposes of this section바카라 사이트�
바카라 사이트渢he 2008 Act바카라 사이트� means the Dormant Bank and Building Society Accounts Act 2008;
바카라 사이트渢he 2022 Act바카라 사이트� means the Dormant Assets Act 2022;
바카라 사이트渁sset바카라 사이트� means an asset within the scope of the dormant assets scheme (see section 1(6) of the 2022 Act);
바카라 사이트渁uthorised reclaim fund바카라 사이트� has the same meaning as in the Dormant Assets Acts 2008 to 2022;
바카라 사이트渢he original rights바카라 사이트� are바카라 사이트�
(a) in a case where바카라 사이트�
(i) section 8 of the 2022 Act (investment assets) applies in relation to the asset and there has been a conversion as mentioned in section 9(3)(a) of that Act in connection with the transfer, or
(ii) section 14 of the 2022 Act (securities assets) applies in relation to the asset and there has been a conversion as mentioned in section 15(1)(a) of that Act in connection with the transfer,
P바카라 사이트檚 rights against the institution immediately before that conversion;
(b) in any other case, P바카라 사이트檚 rights against the institution immediately before the transfer.바카라 사이트�
(3) This section comes into force on such day as the Treasury may by regulations appoint.