Statutory Instrument 1996 No. 1582

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Schemes) Regulations 1996

---

© Crown Copyright 1996

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Schemes) Regulations 1996, ISBN 0110359402. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1996 No. 1582

INCOME TAX

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Schemes) Regulations 1996

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 591A(2) of the Income and Corporation Taxes Act 1988^[1], hereby make the following Regulations:

    1.    These Regulations may be cited as the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Schemes) Regulations 1996 and shall come into force on 10th July 1996.

    2.    In regulation 3 "the Board" means the Commissioners of Inland Revenue.

    3.    The description of provision specified for the purposes of section 591A(2) of the Income and Corporation Taxes Act 1988 is any provision specified in the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993^[2] that must be contained in a retirement benefits scheme before the Board may approve the scheme by virtue of section 591 of that Act^[3].

S C T Matheson

C W Corlett

Two of the Commissioners of Inland Revenue

18th June 1996

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993 ("the 1993 Regulations") restrict the discretionary powers of the Commissioners of Inland Revenue ("the Board") to approve for tax purposes a retirement benefits scheme under section 591 of the Income and Corporation Taxes Act 1988 ("the 1988 Act"). The Regulations achieve this effect by requiring the scheme, as a condition of tax approval, to contain provisions in its trust deed and rules that comply with the Regulations.
By virtue of section 591A of the 1988 Act (inserted by section 35 of the Finance Act 1991), the 1993 Regulations also apply to schemes approved before the Regulations came into force ("existing approved schemes"), except to the extent that any provisions contained in the 1993 Regulations are disapplied by separate Regulations made under section 591A.
These Regulations disapply in relation to existing approved schemes the provisions in the 1993 Regulations that restrict the Board's discretionary powers of approval.

[1] 1988 c. 1; section 591A was inserted by section 35 of the Finance Act 1991 (c. 31). back

[2] S.I. 1993/3016. back

[3] Section 591 was amended by paragraph 6 of Schedule 13 of the Finance Act 1988 (c. 39), section 107 of, and Part V (26) of Schedule 26 to, the Finance Act 1994 (c. 9), and section 59(2) of the Finance Act 1995 (c. 4). back