PSI20.8.1 - Funding and Surpluses: Section 603 & Schedule 22 ICTA 1988. (Formerly Part II Schedule 12 FA 86) - General

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

[PN13.3-4]

Section 603 and Schedule 22 of the Income and Corporation Taxes Act 1988 and the Pension Scheme Surpluses (Valuation) Regulations 1987 [SI 1987 No 412] (referred to as the Valuation Regulations) as amended by the Pension Scheme Surpluses (Valuation)(Amendment) Regulations 1989 [SI 1989 No 2290] form the basis for the regular review of certain types of insured and self-administered schemes which have already been granted exempt approval. The legislation and Regulations set out the rules for reporting, valuing and dealing with any surpluses revealed.

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