Finance Act 2011 (c. 11)

SCHEDULES

SCHEDULE 18 U.K. Lifetime allowance charge

Part 1 U.K. Amendments

10 (1) Paragraph 28(3) is amended as follows. U.K.

(2) In the sub-paragraphs (6A) and (7) treated as substituted—

(a) in the formula, for “CSLA” substitute “ ULA ”, and

(b) for the definition of CSLA substitute— “ ULA is the underpinned lifetime allowance, and ”.

(3) After the sub-paragraph (7) treated as substituted insert—

“(7A) The underpinned lifetime allowance” is the greater of the current standard lifetime allowance and £1,800,000 (the standard lifetime allowance for the tax year 2011-12).”