Version Superseded: 06/04/2024
Point in time view as at 17/12/2014.
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Benefit crystallisation event 8: prevention of overlap with other events.
17(1)This paragraph applies for the purposes of benefit crystallisation event 8.U.K.
(2)Where any of the sums or assets transferred represent the whole or part of the individual’s [F1drawdown pension fund] [F2or flexi-access drawdown fund], the amount crystallised by the event is to be reduced by the amount (or the appropriate proportion of the amount) previously crystallised on the designation of the sums or assets as available for the payment of [F3drawdown pension].
(3)Where after the transfer a scheme pension to which the individual has become entitled before the transfer is to be payable out of sums or assets transferred, the amount crystallised by the event is to be reduced by the amount (or the appropriate proportion of the amount) previously crystallised in relation to the scheme pension.
Textual Amendments
F1Words in Sch. 32 para. 17(2) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(5)(a)
F2Words in Sch. 32 para. 17(2) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 27
F3Words in Sch. 32 para. 17(2) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(5)(b)
Modifications etc. (not altering text)
C1Sch. 32 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 16
C2Sch. 32 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 23(5)
C3Sch. 32 para. 17(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 104(3)(c)
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
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