Clause 163 - Value shifting

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 10:45 am on 15th June 2004.

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Amendment made: No. 322, in

clause 163, page 144, line 22, at end insert­

'(1A) But if the event or the change in the value of the currency occurs after the member's death­

(a) the pension scheme is to be treated as having made an unauthorised payment in respect of the member (rather than to the member), and

(b) the person who holds the asset or is subject to the liability in relation to which subsection (1)(b) is satisfied is to be treated as having received the unauthorised payment.'.­[Ruth Kelly.]

Clause 163, as amended, ordered to stand part of the Bill.

Clauses 164 and 165 ordered to stand part of the Bill.