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