Clause 162 - Benefits

Part of Finance Bill (except clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289, and schedules 1, 3, 11, 12, 21 and 37 to 39) – in a Public Bill Committee at 10:30 am on 15 June 2004.

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Amendments made: No. 319, in

clause 162, page 143, line 38, leave out 'the' and insert 'a'.

No. 320, in

clause 162, page 143, line 38, at end insert­

'(3A) A registered pension scheme is to be treated as having made an unauthorised payment in respect of a member of the pension scheme if after the member's death an asset held for the purposes of the pension scheme is used to provide a benefit (other than a payment) to a person who, at the date of the member's death, was a member of the member's family or household.

(3B) The person who receives the benefit is to be treated as having received the unauthorised payment.

(3C) If the benefit is received by reason of an employment which is not an excluded employment, subsections (3A) and (3B) do not apply.

(3D) If the benefit is received by reason of an excluded employment, subsections (3A) and (3B) only apply if­

(a) paragraphs (a) and (b) of subsection (3) apply, and

(b) at the date of the member's death the member, or a member of the member's family or household, was a director of, and had a material interest in, a sponsoring employer.'.

No. 321, in

clause 162, page 143, line 39, leave out 'the unauthorised payment' and insert

'an unauthorised payment treated as having been made by this section'.­[Ruth Kelly.]

Question proposed, That the clause, as amended, stand part of the Bill.