There are currently no known outstanding effects for the Finance Act 2024, Paragraph 91.
91(1)In Schedule 22 to FA 2013 (transitional provision relating to reduction in standard lifetime allowance etc), in Part 1 (“fixed protection 2014”), paragraph 1 is amended as follows.
(2)In sub-paragraph (1)(b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.
(3)For sub-paragraph (2) substitute—
“(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 £375,000, and
(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were £1,500,000.”
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