Legislation – The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024

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Introduction

Part 1
Introductory

1 Citation and commencement

Part 2
Amendments of primary legislation

2 Chapter 15A of Part 9 of ITEPA 2003

3 Part 4 of FA 2004

4 Schedule 9 to FA 2024

Part 3
Amendments of subordinate legislation

5 The Tax Credits (Definition and Calculation of Income) Regulations 2002

6 The Income Tax (Pay As You Earn) Regulations 2003

7 The Registered Pension Schemes (Accounting and Assessment) Regulations 2005

8 The Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006

9 The Registered Pension Schemes (Provision of Information) Regulations 2006

10 The Registered Pension Schemes (Splitting of Schemes) Regulations 2006

11 The Taxation of Pension Schemes (Transitional Provisions) Order 2006

12 The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997

Signature

Explanatory note

Part 3Amendments of subordinate legislation

The Income Tax (Pay As You Earn) Regulations 20036.

(1)

The Income Tax (Pay As You Earn) Regulations 200319 are amended as follows.

(2)

In regulation 58 (procedure if no Form P45 and code not known: UK pensioners), in paragraph (7)—

(a)

in the opening words, at the end insert “a payment which”;

(b)

for sub-paragraph (a) substitute—

“(a)

is treated as taxable pension income under—

(i)

section 637G of ITEPA (trivial commutation lump sums and winding-up lump sums), or

(ii)

section 637N of that Act (trivial commutation lump sum death benefits), and”.

(c)

in sub-paragraph (b) omit “which”.