Introduction Details of the Section
2.Subsection (1) provides that HM Treasury may make regulations about how the “relevant taxes” will apply in relation to the financial assistance scheme and to any person in connection with the financial assistance scheme.
3.Subsection (3) confirms that such regulations may impose, exempt or relieve from tax.
4.Subsection (4) sets out the types of tax for which the regulations may make provision (the “relevant taxes”).
5.Subsection (5) allows the regulations to provide for the taxation of assistance payments made by the financial assistance scheme.
6.Subsection (6) sets out some of the types of tax exemption and relief for which the regulations may in particular provide.
7.Subsection (7) provides that the regulations may have effect from any time before they are made if they do not increase any person’s tax liability.
8.Subsection (8) provides that the regulations may provide for individuals, who receive assistance payments made by the financial assistance scheme, to be subject to the same tax treatment as if the payments had been received from a registered pension scheme.
9.Subsection (9) allows the regulations to amend any existing legislation, and to make consequential, supplementary or transitional provisions.
10.Subsection (10) and (11) provide for the regulations to be made by statutory instrument subject to the negative resolution procedure in the House of Commons.