(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)
Conversion of the scheme does not carry a tax charge. Section 591C of ICTA 1988 (which applies a 40% tax charge on schemes or part schemes ceasing to be approved under Chapter I) has been amended and does not apply where the scheme loses its Chapter I approval as part of the process of conversion to Chapter IV.
