SCHEDULE 22 Pension Schemes: Inheritance Tax
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 22 Pension Schemes: Inheritance Tax

Section 160

Introductory

1

IHTA 1984 is amended as follows.

Dispositions

2

In section 12 (dispositions conferring retirement benefits), after subsection (2) insert—

“(2A)     Subsection (2B) below applies where a person who is a member of a registered pension scheme, and who has not reached the age of 75, has omitted to exercise pension rights under the pension scheme and, if the words “(or latest time)†were omitted from subsection (3) of section 3 above,—

(a)     that subsection would have treated the person as having made a disposition by reason of omitting to exercise the pension rights, but

(b)     section 10 above would have prevented the disposition being a transfer of value.

(2B)     Section 3(3) above does not actually treat the person as making a disposition by reason of omitting to exercise the pension rights (at the latest time when the person could

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