Commentary on Sections Example 3 Ne = £5,000; Da = 183; De = 183; Smg = 0 Section 586: Meaning of “retirement benefits scheme” etc.
2350.This section invokes various definitions in ICTA.
2351.It derives from the interpretations in Chapter 1 of Part 14 of ICTA.
2352.Subsection (1) defines “retirement benefits scheme” and “approved”.
2353.“Retirement benefits scheme” is defined in section 611 of ICTA as follows:
In this Chapter “retirement benefits scheme” means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include -
2354.The definition of “approved” includes a reference to Chapter 2 of Part 2 of FA 1970. This is the legislation that introduced the new code for approved retirement benefits schemes. That code is now in Chapter 1 of Part 14 of ICTA.
2355.Subsection (2) deals with third party arrangements. It derives from section 612(2) of ICTA. It makes it clear that a pension or annuity paid through a third party is covered by section 580.
2356.Subsection (3) clarifies the meaning of “employer”. It derives from section 612(2A) of ICTA.