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Finance (No. 2) Bill

With this it will be convenient to discuss the following: New clause 7—Dependant’s Retirement Income Fund— ‘(1) The Finance Act 2004 is amended as follows: (2) In Schedule 28 after paragraph 22 insert— ““22A Dependant’s retirement income fund (1) Subject to subsections (2) and (3) of this section, a department’s retirement income fund is a vehicle for the reinvestment of savings in reitrement, which— (a) has been established by a person designated by subsection (1) of section 154; and (i) investments of a kind described in the Insurance Companies Regulations 1994, Schedule X, Part 1; or (ii) approved by HM Revenue and Customs. (2) Funds held in the retirement income fund as referred to in subsection (1) may be withdrawn from the retirement income fund by the members as and when he elects. (3) A dependant may not invest in a dependant’s retirement income fund unless the requirements of Rule 8 of section 165 have been met. (4) A retirement income fund, and any income derived from it, must not be capable of assignment or surrender by the member. (5) Any withdrawal from the fund by the member under subsection (2) shall be assessable to tax under Schedule E (and section 203 shall apply accordingly) and shall be treated as earned income of the member.””.’. Amendment No. 62, in clause 159, page 135, line 7 , leave out ‘and (4)’ and insert ‘, (4) and (7)’. Amendment No. 14, page 135, line 34, at end insert— ‘(7) The Treasury may make regulations about the application of subparagraph (2) of this section which will be deemed to take effect from 6th April 2006.’. Amendment No. 107, schedule 22, in page 451, line 26, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 108, page 451, line 28, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 109, page 451, line 38, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 110, page 452, line 6, after ‘pension’, insert ‘and retirement income fund’. Amendment No. 111, page 452, line 29, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 112, page 452, line 35, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 113, page 452, line 40, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 114, page 453, line 4, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 115, page 453, line 10, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 116, page 453, line 29, at end insert— ““dependent’s retirement income fund”” has the meaning given by paragraph 22A of that Schedule’. Amendment No. 117, page 453, line 40, at end insert— ““‘retirement income fund”” has the same meaning as in paragraph 16D of that Schedule.’. Amendment No. 118, page 453, line 44, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 119, page 454, line 6, after ‘fund’, insert ‘and retirement income fund’. Amendment No. 120, page 454, line 20, at end insert— ““‘dependant’s retirement income fund”” has the meaning given by paragraph 22A of that Schedule’. Government amendments Nos. 31 and 97