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Changes over time for: Cross Heading: Winding-up lump sum


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 19/07/2011
Status:
Point in time view as at 01/01/2011.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Winding-up lump sum.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Winding-up lump sumU.K.
10(1)For the purposes of this Part a lump sum is a winding-up lump sum if—U.K.
(a)the pension scheme is an occupational pension scheme,
(b)the pension scheme is being wound-up,
(c)[any person by whom the member is employed at the time when the lump sum is paid, and who has made contributions under the pension scheme in respect of the member within the period of five years ending with the day on which it is paid,] meets the conditions in sub-paragraph (3),
(d)it is paid when all or part of the member’s lifetime allowance is available,
(e)it extinguishes the member’s entitlement to benefits under the pension scheme, and
(f)it is paid when the member has not reached the age of 75.
(2)But if a lump sum falling within sub-paragraph (1) exceeds 1% of the standard lifetime allowance when the lump sum is paid, the excess is not a winding-up lump sum.
(3)The conditions [referred to in paragraph (c) of sub-paragraph (1) are that the person mentioned in that paragraph] —
(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)is not making contributions under any other registered pension scheme in respect of the member, and
(c)undertakes to the Inland Revenue not to make such contributions during the period of one year beginning with the day on which the lump sum is paid.
Yn ôl i’r brig