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45 Personal Pension Schemes (Limits On Contributions)

Volume 403: debated on Monday 14 April 2003

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Resolved,

That—

(1) In section 640A(1) of the Income and Corporation Taxes Act 1988 for "for the purposes of section 640 above" there shall be substituted "for the purposes of section 638 or 640 above".

(2) In determining "the permitted maximum" for the purposes of any provision of an existing approved scheme designed to meet the requirements of section 638(3) of that Act, a member's net relevant earnings for the year shall be taken to be the amount of his net relevant earnings after applying section 640A of that Act.

An "existing approved scheme" means a personal pension scheme approved under Chapter 4 of Part 14 of that Act before 9th April 2003.

(3) In section 641A(1) of that Act, for "A person who pays a contribution under approved personal pension arrangements" there shall be substituted "An individual who under approved personal pension arrangements made by him pays a contribution".

(4) This Resolution shall have effect in relation to contributions paid on or after 9th April 2003.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.