348 Pension benefits and inheritance tax
Finance (No 2) Act 2023 (2023 c 30) | Legislation

The Dormant Assets Scheme

348  Pension benefits and inheritance tax

(1)     In FA 2004, in Part 4 (pension schemes etc)—

(a)     in section 150 (meaning of “pension scheme”), in subsection (5A), for “274B” substitute “274ZA”;

(b)     in section 251 (information: general requirements), after subsection (5) insert—

“(5A)     Regulations under this section may make different provision for different cases.”;

(c)     section 274B (National Employment Savings Trust and Master Trust schemes) (which appears under the italic heading “National Employment Savings Trust and Master Trust schemes” at the beginning of Chapter 8 and before section 274A) is renumbered section 274ZA;

(d)     after section 274ZA (as renumbered by paragraph (c)) insert—

“Dormant pension benefits
274ZB Treatment of pension benefits reclaimed from reclaim fund etc

(1)     Subsection (2) applies where an amount is paid out of an authorised reclaim fund in respect of transferred dormant eligible pension benefits.

(2)     For the purposes of income tax and this Part, the amount paid out is to be treated as having been paid as a consequence of a right that is the same as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights.

(3)     The Commissioners

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