Section 70 | Power to make further provision about section 67 pension scheme

(1)The Treasury may by regulations make provision for and in connection with—

(a)the application of the relevant taxes in relation to a pension scheme established under section 67 of the Pensions Act 2008, and

(b)the application of the relevant taxes in relation to any person in connection with such a pension scheme.

(2)The provision that may be made by regulations under this section includes provision imposing any of the relevant taxes (as well as provisions for exemptions or reliefs).

(3)The relevant taxes are—

(a)income tax,

(b)capital gains tax,

(c)corporation tax, and

(d)inheritance tax.

(4)Regulations under this section may include provision having effect in relation to any time before they are made if the provision does not increase any person's liability to tax.

(5)Regulations under this section may include—

(a)provision amending any enactment or instrument, and

(b)consequential, supplementary and transitional provision.

(6)Regulations under this section are to be made by statutory instrument.

(7)A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.