Legislation – Finance Act 2024
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There are currently no known outstanding effects for the Finance Act 2024, Paragraph 4.
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Schedule 9Pensions
Part 1Abolition of lifetime allowance charge
4
(1)
Section 232 (annual allowance charge: cash balance arrangements: adjustments of closing value) is amended as follows.
(2)
In subsection (8A)(c)—
(a)
omit “or, but for paragraph 15A of Schedule 32, would occur”;
(b)
for “lifetime allowance excess lump sum” substitute “pension commencement excess lump sum”
.
(3)
In subsection (8D)—
(a)
in paragraph (a) omit “or benefit crystallisation event 5, 5A or 5B occurs in relation to the individual and the pension scheme”;
(b)
in paragraph (b) omit “or the benefit crystallisation event occurs”.
(4)
“(8E)
Schedule 32 contains provision about the meaning of references in this section to benefit crystallisation events.”