Section 151B Relevant dependant with pension fund inherited from member over 75
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Amendments
Section 151B inserted by Finance Act 2006 section 160 and Schedule 22 para 4 from 6 April 2006.
[(1) This section applies where—
(a) a relevant dependant of a person who, immediately before his death, was a member of a registered pension scheme has a dependant’s unsecured pension fund, or a dependant’s alternatively secured pension fund, in respect of an arrangement under the pension scheme immediately before his death or immediately before ceasing to be a relevant dependant of the member,
(b) the member had reached the age of 75 at the time of his death and had an alternatively secured pension fund in respect of an arrangement under the pension scheme immediately before his death [(or would have but for paragraph 11(6) and (7) of Schedule 2B to the Finance Act 2004)]1, and
(c) sums or assets forming part of that fund were designated as available for the payment of dependants' unsecured pension, or dependants' alternatively secured pension, to the relevant dependant within the period of six months beginning with the end of the month in which the member’s death occurs.
Amendments
1 Inserted by Finance Act 2007 section 69 and Schedule 19 para 21(2) with effect in relation to deaths, cases where scheme administrators become aware of deaths and cessations of dependency occurring on or after 6 April 2007.
(2) Where this section applies tax shall be charged under this section.
(3) The amount on which tax is charged under this section shall be the aggregate of the amount of the sums and the value of the assets forming part of the dependant’s unsecured pension fund, or the dependant’s alternatively secured pension fund, in respect of the arrangement immediately before the relevant dependant died or ceased to be a relevant dependant of the member.
(4) But where tax is chargeable under this section by reason of the death of the relevant dependant, that amount is reduced by so much of sums forming part of the dependant’s unsecured pension fund, or the dependant’s alternatively secured pension fund, (or sums directly or indirectly deriving from sums or assets forming part of that fund) as are paid to a charity within the period of six months beginning with the end of the month in which his death occurs.
(5) ...
Amendments
Subs (5) omitted by Finance Act 2007 section 69 and Schedule 19 para 21(3) with effect in relation to deaths, cases where scheme administrators become aware of deaths and cessations of dependency occurring on or after 6 April 2007.
(6) In this section—
“alternatively secured pension fund” has the same meaning as in Part 4 of the Finance Act 2004 (see paragraph 11 of Schedule 28 to that Act);
“dependants' alternatively secured pension” has the meaning given by paragraph 19 of that Schedule;
“dependant’s alternatively secured pension fund” has the same meaning as in that Part of that Act (see paragraph 25 of that Schedule);
“dependants' unsecured pension” has the meaning given by paragraph 18 of that Schedule;
“dependant’s unsecured pension fund” has the same meaning as in that Part of that Act (see paragraph 22 of that Schedule); and
“relevant dependant”, in relation to a member of a registered pension scheme who dies, means a dependant (within the meaning of paragraph 15 of that Schedule) who—
(a) is the person’s spouse or civil partner immediately before his death; or
(b) is financially dependent on the person at that time.
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