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Income Tax (Pension Amendments) (Guernsey) Ordinance, 2018

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The Income Tax (Pension Amendments)
(Guernsey) Ordinance, 2018
 
THE STATES, in pursuance of their Resolution of the 6th November, 2018[a], and in exercise of the powers conferred on them by sections 203A and 208C of the Income Tax (Guernsey) Law, 1975[b] and all other powers enabling them in that behalf, hereby order:-
 
Amendment of 1975 Law.
1.      In section 153A of the Income Tax (Guernsey) Law, 1975 -
 
(a)      in subsection (1)(a) for "£30,000" substitute "£50,000",
 
(b)      after subsection (1)(c) insert the following paragraph -
 
"or,
 
(d)      a pension is already being paid out of or under the provisions of that scheme, and the aggregate value of the funds attributable to the individual in question and accumulated under that scheme does not exceed -
 
(A)      £50,000, the valuation being made immediately before the time of the making of the payment, or
 
(B)      £100,000, the valuation being made immediately before the time of the making of the payment, provided that the individual in question has a guaranteed minimum aggregate retirement income (from whatever source) for the remainder of his life of £20,000 per annum (or such other threshold as the Committee may specify by regulation); provided that the Committee may by regulation specify an amount or amounts of funds or other capital which, if attributable to the individual in question, would on an actuarial basis yield for him an equivalent amount of such income or any proportion thereof and which accordingly may be taken into account in determining whether the threshold of £20,000 (as amended from time to time) is reached in his case.",
 
(c)      in subsection (2)(a) for "paragraph (a) or (b)" substitute "paragraph (b)",
 
(d)      in subsection (2)(b) for "paragraph (c)" substitute "paragraph (a), (c) or (d)".
 
2.      In section 157CA of the Income Tax (Guernsey) Law, 1975 -
 
(a)      in subsection (1)(a) for "£30,000" substitute "£50,000",
 
(b)      after subsection (1)(c) insert the following paragraph -
 
"or,
 
(d)      a pension is already being paid out of or under the provisions of that scheme, and the aggregate value of the funds attributable to the individual in question and accumulated under that scheme does not exceed -
 
(A)      £50,000, the valuation being made immediately before the time of the making of the payment, or
 
(B)      £100,000, the valuation being made immediately before the time of the making of the payment, provided that the individual in question has a guaranteed minimum aggregate retirement income (from whatever source) for the remainder of his life of £20,000 per annum (or such other threshold as the Committee may specify by regulation); provided that the Committee may by regulation specify an amount or amounts of funds or other capital which, if attributable to the individual in question, would on an actuarial basis yield for him an equivalent amount of such income or any proportion thereof and which accordingly may be taken into account in determining whether the threshold of £20,000 (as amended from time to time) is reached in his case.",
 
(c)      in subsection (2)(a) for "paragraph (a) or (b)" substitute "paragraph (b)",
 
(d)      in subsection (2)(b) for "paragraph (c)" substitute "paragraph (a), (c) or (d)".
 
Citation.
3.      This Ordinance may be cited as the Income Tax (Pension Amendments) (Guernsey) Ordinance, 2018.
 
Commencement.
4.      This Ordinance shall come into force on the 1st January, 2019.

[a]

Billet d'État No. XXIV of 2018 (proposition 21).

[b]

Ordres en Conseil Vol. XXV, p. 124; section 203A was inserted by Order in Council No. XVII of 2005 and section 208C was inserted by Order in Council No. V of 2011.