Page can be viewed in other languages:
English
Home Home Contact Us Contact Us Incorporation FAQ FAQ Incorporation News News

  • Office
  • Address
  • Contact
RELATED SERVICES
BANKING SERVICES
WE ACCEPT
 
 
Acceptance Mark
Secured by SSL

Member of the Federation of Small Businesses
E-mail us info@ukincorp.co.uk Request a call-back Call Us (UK): 44 (0) 207.935.5171 / 0330.808.0089

This is our most popular package with UK residents, and includes: -

The registration of your company from scratch using your own registered office address, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;

The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);

The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;

The government fee for incorporation is included in the price of this package;

The following documents, which need to be printed and signed, will be emailed to you upon formation of your company: -

A certificate of incorporation (requires PDF file reader);

The memorandum & articles of association (requires MS-Word file reader);

The first meeting of the board of directors (requires MS-Word file reader);

Share certificates and a company register (requires MS-Word file reader).

E-Quick Package
£ 32.00No Annual Charges
Click here to see all packages
(click here for other packages)
Organization Structures Business, Incorporate Your Business Online, Incorporation Services at Affordable Prices, Learn About Incorporating and How to IncorporateSetting up a Business in United Kingdom, Incorporatin Business, Forming an LLC, Incorporate online in Delaware, Nevada, London, Florida, New YorkCompany UK Formation, Online UK Company Formation Agents, Plus a Wide Range of Ready-Made Companies Available and Vintage CompaniesWhat are the Advantages of Incorporation? You Can Now Form Your UK Limited Company Online Using Our Company Registration AgentHow Do I Get Started With the Registration Process? Company Formation & Registration of Offshore Companies Incorporation ServiceUK Limited Company Formation and Offshore Companies Incorporation Service, We Provide Online New Company Formations and Offshore Readymade CorporationSetting up a Business in United Kingdom, Cheap IBC Incorporation Offshore Anonymous Banking Internet Offshore Bank AccountUK Company Formation, Online Company Registration Agent Offering Same-Day Company Formation, Business BankingServices Include Companies Formation and Administration, Trademark, Intellectual Property, Company Search ServicesAn On-Line Resource to Setting-Up a Private Limited Company Without Hiring a Solicitor or Formation AgenStarting a Business Information, Advice and Information for Starting a New Business in the UK Including UK Business Start-UpHelp in Starting Up a Business Up-to-Date Advice and Strategies, Start Your Own Business and Gain Your Independence!Incorporate a Business in Any State, London, Glasgow, Form an LLC, Conduct a Trademark Search OnlineSmall Business Resources for Starting a Small Business, Small Business Marketing

Finance Act 1989
1989 c. 26 - continued

back to previous page

 

SCHEDULE 7
Section 77. 
 Personal Pension Schemes
 
Part I
 
Amendments of Taxes Act
        1.    Chapter IV of Part XIV of the Taxes Act 1988 (personal pension schemes) shall be amended as mentioned in the following provisions of this Part of this Schedule.
        2.—(1) Section 635 (lump sum to member) shall be amended as follows.

    (2) The following subsection shall be substituted for subsection (3) (lump sum not to exceed one quarter of value of benefits for member)—
 "(3) The lump sum must not exceed one quarter of the difference between—
     (a) the total value, at the time when the lump sum is paid, of the benefits provided for by the arrangements made by the member in accordance with the scheme, and
     (b) the value, at that time, of such of the member's rights under the scheme as are protected rights for the purposes of the [1986 c. 50.] Social Security Act 1986 or the [S.I. 1986/1888 (N.I. 18).] Social Security (Northern Ireland) Order 1986.
"


    (3) Subsection (4) (lump sum not to exceed £150,000 or sum specified by Treasury by order) shall cease to have effect.

    (4) This paragraph shall have effect in relation to the approval of a scheme on or after the day on which this Act is passed; but if the scheme came into existence before that day sub-paragraph (2) above shall not have effect as regards arrangements made by a member in accordance with the scheme before that day.
        3.—(1) In section 640 (maximum amount of deductions) the following table shall be substituted for the table in subsection (2) (maximum amount by reference to age)—
36 to 4520 per cent.
46 to 5025 per cent.
51 to 5530 per cent.
56 to 6035 per cent.
61 or more40 per cent.


    (2) This paragraph shall have effect for the year 1989-90 and subsequent years of assessment.
        4.—(1) The following section shall be inserted after section 640—

"Earnings cap.

        640A.    —  (1) In arriving at an individual's net relevant earnings for a year of assessment for the purposes of section 640 above, any excess of what would be his net relevant earnings for the year (apart from this subsection) over the allowable maximum for the year shall be disregarded.

    (2) In subsection (1) above "the allowable maximum" means, as regards a particular year of assessment, the figure found for that year by virtue of subsections (3) and (4) below.

    (3) For the year of assessment 1989-90 the figure is £60,000.

    (4) For the year of assessment 1990-91 and any subsequent year of assessment the figure is the figure found for that year, for the purposes of section 590C, by virtue of section 590C(4) and (5).
"


    (2) This paragraph shall have effect for the year 1989-90 and subsequent years of assessment.
        5.—(1) Section 644 (meaning of relevant earnings) shall be amended as follows.

    (2) In subsection (2) for "(5)" there shall be substituted "(6F)".

    (3) The following subsections shall be inserted after subsection (6)—
 "(6A) Emoluments of an individual as an employee of a company are not income within subsection (2) above if—
     (a) he is a controlling director of the company at any time in the year of assessment in question or has been a controlling director of the company at any time in the ten years immediately preceding that year of assessment, and
     (b) any of subsections (6B) to (6E) below applies in his case.
 (6B) This subsection applies in the case of the individual if—
     (a) at any time in the year of assessment in question he is in receipt of benefits under a relevant superannuation scheme, and
     (b) the benefits are payable in respect of past service with the company.
 (6C) This subsection applies in the case of the individual if—
     (a) at any time in the year of assessment in question he is in receipt of benefits under a personal pension scheme,
     (b) the scheme has received a transfer payment relating to him from a relevant superannuation scheme, and
     (c) the transfer payment is in respect of past service with the company.
 (6D) This subsection applies in the case of the individual if—
     (a) at any time in the year of assessment in question he is in receipt of benefits under a relevant superannuation scheme,
     (b) the benefits are payable in respect of past service with another company,
     (c) the emoluments are for a period during which the company mentioned in subsection (6A) above has carried on a trade or business previously carried on by the other company, and
     (d) the other company carried on the trade or business at any time during the period of service in respect of which the benefits are payable.
 (6E) This subsection applies in the case of the individual if—
     (a) at any time in the year of assessment in question he is in receipt of benefits under a personal pension scheme,
     (b) the scheme has received a transfer payment relating to him from a relevant superannuation scheme,
     (c) the transfer payment is in respect of past service with another company,
     (d) the emoluments are for a period during which the company mentioned in subsection (6A) above has carried on a trade or business previously carried on by the other company, and
     (e) the other company carried on the trade or business at any time during the period of service in respect of which the transfer payment was made.
 (6F) For the purposes of subsections (6A) to (6E) above—
     (a) a person is a controlling director of a company if he is a director (as defined by section 612(1)), and he is within paragraph (b) of section 417(5), in relation to the company;
     (b) "relevant superannuation scheme" has the same meaning as in section 645(1);
     (c) references to benefits payable in respect of past service with a company include references to benefits payable partly in respect of past service with the company; and
     (d) references to a transfer payment in respect of past service with a company include references to a transfer payment partly in respect of past service with the company.
"


    (4) This paragraph shall be deemed to have come into force on 6th April 1989.
        6.—(1) Section 645 (earnings from pensionable employment) shall be amended as follows.

    (2) In subsection (1)(c) for the words "neither subsection (4) nor subsection (5) below applies" there shall be substituted the words "subsection (4) below does not apply".

    (3) In subsection (3) the word "and" following paragraph (a) shall be omitted and after paragraph (b) there shall be inserted
 "and
  (c) which is of a description mentioned in section 596(1)(a), (b) or (c)."


    (4) After subsection (4) there shall be inserted—
 "(4A) Where the emoluments from an office or employment held by an individual are foreign emoluments within the meaning of section 192, this section shall have effect with the substitution of the following for paragraph (c) of subsection (3) above—
 " (c) which corresponds to a scheme of a description mentioned in section 596(1)(a), (b) or (c)."
"


    (5) Subsection (5) shall cease to have effect.

    (6) This paragraph shall be deemed to have come into force on 6th April 1989.
        7.—(1) In section 646 ("net relevant earnings") in subsection (1) after the words "(7) below" there shall be inserted the words "and section 646A".

    (2) This paragraph shall have effect for the year 1989-90 and subsequent years of assessment.
        8.—(1) The following section shall be inserted after section 646—

"Earnings from associated employments.

        646A.    —  (1) This section applies where in the year of assessment in question—
     (a) an individual holds two or more offices or employments which are associated in that year,
     (b) one or more of them is an office or employment to which section 645 applies ("pensionable job"), and
     (c) one or more of them is an office or employment to which that section does not apply ("non-pensionable job").


    (2) Where the emoluments for that year from the pensionable job (or jobs) are equal to or exceed the allowable maximum for that year, section 646(1) shall have effect in the case of the individual as if the references to relevant earnings were references to relevant earnings not attributable to the non-pensionable job (or jobs).

    (3) Where the allowable maximum for that year exceeds the emoluments for that year from the pensionable job (or jobs), the individual's net relevant earnings, so far as attributable to the non-pensionable job (or jobs), shall not be greater than the amount of the excess.

    (4) For the purposes of this section two or more offices or employments held by an individual in a year of assessment are associated in that year if the employers in question are associated at any time during it.

    (5) For the purposes of subsection (4) above, employers are associated if (directly or indirectly) one is controlled by the other or if both are controlled by a third person.

    (6) In subsection (5) above the reference to control, in relation to a body corporate, shall be construed—
     (a) where the body corporate is a close company, in accordance with section 416, and
     (b) where it is not, in accordance with section 840.


    (7) In this section "the allowable maximum" has the same meaning as in section 640A(1).
"


    (2) This paragraph shall have effect for the year 1989-90 and subsequent years of assessment.
        9.    In section 655(5) (provisional approval in the case of applications made before 1st February 1990) the words "in cases where the applications are made before 1st February 1990" shall be omitted.
 
Part II
 
Schemes Approved Before Passing of This Act
 
Interpretation
        10.    In this Part of this Schedule—
     (a) "personal pension scheme" has the same meaning as in Chapter IV of Part XIV of the Taxes Act 1988, and
     (b) references to approval of such a scheme do not include references to provisional approval under regulations made under section 655(5) of that Act.
 
Lump sum to member
        11.—(1) This paragraph applies as regards arrangements made by a member of a personal pension scheme approved by the Board before the day on which this Act is passed, if the arrangements are made by the member in accordance with the scheme on or after that day.

    (2) The rules of the scheme shall have effect (notwithstanding anything in them to the contrary) as if any limitation imposed on the maximum amount payable to the member by way of lump sum, and imposed by reference to a fraction of the total value of the benefits for him provided for by the arrangements, were imposed by reference to the same fraction of the difference between—
     (a) the total value, at the time when the lump sum is paid, of the benefits provided for by the arrangements, and
     (b) the value, at that time, of such of his rights under the scheme as are protected rights for the purposes of the [1986 c. 50.] Social Security Act 1986 or the [S.I. 1986/1888 (N.I. 18).] Social Security (Northern Ireland) Order 1986.
        12.—(1) This paragraph applies where on or after the day on which this Act is passed a lump sum becomes payable under a personal pension scheme approved by the Board before that day.

    (2) The rules of the scheme shall have effect (notwithstanding anything in them to the contrary) as if any limitation imposed on the maximum amount payable to a member by way of lump sum, and imposed by reference to a figure, did not apply.

    (3) The reference in sub-paragraph (2) above to a limitation imposed on the maximum amount payable to a member by way of lump sum does not include a reference to a limitation imposed on the maximum amount so payable out of a transfer payment.
 
 continueprevious sectioncontents
 Other UK Acts | Home | Scotland Legislation | Wales Legislation | Company Formation Online | Company Formations in Republic of Ireland | Company Registration in Northern Ireland | Incorporate in California, Nevada, Florida and New York | Incorporate Offshore

© Crown copyright 1989
Prepared 20th September 2000

Finance Act 1989 is reproduced under the terms of Crown Copyright Policy Guidance issued by HMSO.
Publishing Rights: Coddan CPM Core Licence (HMSO) number is C02W0007897 issued on 25 November 2005 by HMSO Licensing Division (Core Licence.pdf Licence to reproduce public sector information).
Copyright © 1993-2012. All rights reserved. The logo and the Coddan company brand are registered trademarks of Coddan CPM Ltd. Coddan CPM Ltd is a private limited company registered in England, whose registered number is 05370296, and whose registered office address is 124 Baker street, London W1U 6TY, VAT registered number is 864 142 527. Coddan CPM Ltd is committed to respecting the data which we hold on you. Your details are processed and kept securely in accordance with the Data Protection Act 1998, DTA registration number is PZ9265799. The content of this site is protected under applicable copyright and trademark laws. Personal use of material is permitted for research and/or information purposes only.

Limited company formation and small business start-up advice - we are offering companies registrations in England, Wales, Scotland, Northern Ireland, Republic of Ireland, USA and offshore jurisdictions. Our simple and cost-effective business starting-up service has various packages available to suit all needs. Expert advice and cost efficient business registration services to assist companies with their statutory obligations, including business administration, bookkeeping, accounting and annual accounting and annual return preparation. We can also help you to introduce and arrange a business bank account in the United Kingdom, Republic of Ireland, Cyprus, Gibraltar and in many other offshore countries.

All content within this site, including, but not limited to text, software, graphics, logos, icons and images are the property of the Coddan CPM Ltd. Except as provided herein, no portion of the materials on these pages may be reprinted or republished in any form without the express written permission of Coddan CPM Ltd. Permission is granted to print copies of informational articles for your own use and review, provided that source attributions and copyright notices are maintained. All of the information contained on this web site is not meant to be advice, nor should it be followed. The information on this site pertains to UK law only and is offered as a public service. It is not intended to give legal advice about a specific legal problem, nor does it create an attorney-client relationship. Due to the importance of the individual facts of every case, the generalizations we make may not necessarily be applicable to any particular case. Changes in the law could at any time make parts of this web site obsolete. Coddan does not represent nor warrant the accuracy of any of the information contained herein, nor should it be relied upon.

Due to the introduction of the Anti Money Laundering Regulations 2007 it is now a legal requirement that all trusts and company service providers are MLR registered. Coddan CPM Limited has been granted an MLR Registration Number 12298927. This means that we have passed the fit and proper test and successfully applied for and received confirmation from HM Customs and Excise. Please be aware that any formation agent operating without being MLR registered is not complying with the Law. We would strongly advise you to ask for an MLR number prior to processing a formation through any agent.

In the event of Companies House rejecting an application or submission you will have three days to re-submit the application with appropriate corrections at no extra charge. We reserve the right to cancel the contract between us if one or more of the goods or services that you ordered were listed at an incorrect price due to a typographical error or an error in the pricing information received by us from our supplier. If we do cancel your order for this reason, we will notify you by email and will credit your account with any sum deducted by us from your credit card as soon as possible but in any event within 30 days of your order. We will not be obliged to offer any additional compensation for disappointment suffered. Products are delivered using Royal Mail recorded delivery post, or e-mail (as appropriate), unless otherwise stated. Where you request an alternative method of delivery, you must meet those costs. Services are provided using reasonable skill and care. Products and services will be provided in accordance with the timescales set out in the Consumer Protection (Distance Selling) Regulations 2000 unless otherwise agreed with you. Website Last Updated: 5/21/2012