Finance Act 2013 (c. 29)

PART 1 U.K. Income Tax, Corporation Tax and Capital Gains Tax

CHAPTER 4 U.K. Pensions

48 Lifetime allowance charge: new standard lifetime allowance for the tax year 2014-15 and subsequent tax years U.K.

(1) Section 218 of FA 2004 (standard lifetime allowance etc) is amended as follows.

(2) For subsection (2) substitute—

“(2) The standard lifetime allowance for the tax year 2014-15 and, subject to subsection (3), subsequent tax years is £1,250,000.”

(3) In subsection (3) for “the tax year 2012-13” substitute “ the tax year 2014-15 ”.

(4) The amendments made by subsections (2) and (3) have effect for the tax year 2014-15 and subsequent tax years.

(5) Schedule 22 contains transitional provision etc.