Legislation – Finance Act 2024
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2024, Paragraph 92.
Changes to Legislation
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Schedule 9Pensions
Part 4Transitional protections
Amendments of Schedule 6 to FA 2014
92
(1)
In Schedule 6 to FA 2014 (transitional provision relating to new standard lifetime allowance for the tax year 2014-15 etc), in Part 1 (“individual protection 2014”), paragraph 1 (the protection) is amended as follows.
(2)
In sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”
.
(3)
“(2)
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
(a)
the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—
(i)
25% of the individual’s relevant amount;
(ii)
£375,000, and
(b)
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—
(i)
the individual’s relevant amount;
(ii)
£1,500,000.”