Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 117: Taxation
Section 117(1) allows the Treasury to make regulations to modify the way in which any relevant tax would have effect in relation to a new scheme; the members of the new scheme; survivors of those members; or a company established by the Treasury for the purpose of holding assets and liabilities that have been transferred to it from the BBS Pension Scheme or the NRAM Pension Scheme pending their disposal or discharge.
	Section 117(2) allows for such regulations to treat a new scheme as a registered pension scheme.
	Section 117(3) allows for the Treasury, by regulations, to vary the way in which any relevant tax would be applied as a consequence of regulations made under this Part of the Act, or in connection with anything done under the regulations, with regard to:
the BBS Pension Scheme;
the NRAM Pension Scheme;
members of the BBS or NRAM pension scheme;
persons who have survived a member of either of those schemes, who have an entitlement or right to benefits or future benefits in respect of that member;
UK Asset Resolution Limited;
persons in respect of whom there is a qualifying liability.
	Section 117(4) provides that regulations made under section 99(1) or 99(3) may include provision for:
a tax provision to be disapplied or applied with modifications;
anything done to have or not to have a specified consequence for the purposes of a tax provision;
the withdrawal of tax relief and the charging of a relevant tax.
	Section 117(5) provides that regulations made under section 117(1) or 117(3) can have retrospective effect, provided that the regulations do not charge a relevant tax or withdraw tax relief.
	Section 117(6) provides definitions for terms used in this section.