Moved by
Viscount Younger of Leckie
80: Clause 55, page 41, line 13, leave out paragraph (g) and insert—
“(g) provision about cases in which the scheme administrator of a judicial scheme pays a liability under section 217 or 237B of FA 2004 (joint liability of scheme administrator to lifetime allowance charge or annual allowance charge);”
Member’s explanatory statement
This amendment generalises the power in subsection (2)(g) of this clause so that it confers power to make provision about any case in which a member’s liability to a lifetime allowance charge, or an annual allowance charge, is paid under the “scheme pays” facility (under which the liability is paid by the scheme administrator and the member’s benefits from the scheme are reduced in consequence).
81: Clause 55, page 41, line 16, at end insert—
“(2A) The provision that may be made by virtue of subsection (2)(a) includes, in particular, provision under which—
(a) the rights that would otherwise have been secured by the payment of any voluntary contributions are extinguished, and
(b) the scheme manager is required to pay the member or, if the member is deceased, the member’s personal representatives an amount by way of compensation equal to—
(i) the aggregate of the voluntary contributions paid, less
(ii) an amount in respect of the tax relief under section 188 of FA 2004 (member contributions) to which the member was entitled in respect of those payments.”
Member’s explanatory statement
This amendment clarifies the nature of the provision that it is envisaged will be made under subsection (2)(a) for the refund of voluntary contributions.
82: Clause 55, page 41, leave out lines 19 to 22 and insert—
“(a) provision modifying any provision of this Chapter in its application to persons of a description specified in the regulations;
(b) provision corresponding to, or applying, any provision of this Chapter, with or without modifications.”
Member’s explanatory statement
This amendment clarifies the way in which special cases may be dealt with in regulations.
83: Clause 55, page 41, line 23, leave out subsection (4)
Member’s explanatory statement
This amendment is in consequence of the government amendment of Clause 92 which applies the definition of “voluntary contributions” to the whole of Part 1.
84: Clause 55, page 41, line 34, at end insert—
“(6) In this section—
“modifying” includes disapplying or supplementing (and cognate expressions are to be construed accordingly);
“scheme administrator” has the same meaning as in Part 4 of FA 2004 (see section 270 of that Act).”
Member’s explanatory statement
This amendment inserts definitions required for other government amendments of this Clause.