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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Retirement benefits schemes: exempt approved schemes

ICTA88/Chapter 1/Part XIV

TCGA92/S271 (1) (g)Where a retirement benefits scheme is approved as an `exempt approved scheme’ for the purposes of Chapter I Part XIV ICTA1988, a gain is exempt under TCGA92/S271 (1)(g) if the investments were held for the purposes of the scheme. See IM8015+ for the circumstances in which the Pension Schemes Office will issue instructions to Districts. Where a retirement benefits scheme is partly exempt approved under Chapter 1 Part XIV ICTA1988, exemption is to be restricted to that proportion of the gain which corresponds to the proportion of the investments referable to the approved part of the scheme.

The rules of a scheme or fund normally require a fresh actuarial valuation to be carried out every 31/2 years and, if asked to do so, the actuary will at the same time certify the percentage of the assets applicable to the approveable part of the scheme or fund. Such a certificate may normally be accepted without question and followed until the next revaluation, cases of difficulty being referred to the Pension Schemes Office.