- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
1(1)Sub-paragraph (2) applies on and after 6 April 2014 in the case of an individual—
(a)who, on 5 April 2014, has one or more relevant arrangements (see sub-paragraph (4)),
(b)whose relevant amount is greater than £1,250,000 (see sub-paragraph (5)), and
(c)in relation to whom paragraph 7 of Schedule 36 to FA 2004 (primary protection) does not make provision for a lifetime allowance enhancement factor,
if notice of intention to rely on it is given to an officer of Revenue and Customs before 6 April 2017.
(2)Part 4 of FA 2004 has effect in relation to the individual as if the standard lifetime allowance were—
(a)if the individual’s relevant amount is greater than £1,500,000, the greater of the standard lifetime allowance and £1,500,000, or
(b)otherwise, the greater of the standard lifetime allowance and the individual’s relevant amount.
(3)But sub-paragraph (2) does not apply at any time when any of the following provisions applies in the case of the individual—
(a)paragraph 12 of Schedule 36 to FA 2004 (enhanced protection);
(b)paragraph 14 of Schedule 18 to FA 2011 (fixed protection 2012);
(c)paragraph 1 of Schedule 22 to FA 2013 (fixed protection 2014).
(4)“Relevant arrangement”, in relation to an individual, means an arrangement relating to the individual under—
(a)a registered pension scheme of which the individual is a member, or
(b)a relieved non-UK pension scheme of which the individual is a relieved member.
(5)An individual’s “relevant amount” is the sum of amounts A, B, C and D (see paragraphs 2 to 5).
(6)Sub-paragraphs (7) and (8) apply if rights of an individual under a relevant arrangement become subject to a pension debit where the transfer day falls on or after 6 April 2014.
(7)For the purpose of applying sub-paragraph (2) in the case of the individual on and after the transfer day, the individual’s relevant amount is reduced (or further reduced) by the following amount—
X – (Y × Z)
where—
X is the appropriate amount,
Y is 5% of X, and
Z is the number of tax years beginning after 5 April 2014 but ending on or before the transfer day.
(If the formula gives a negative amount, it is to be taken to be nil.)
(8)But if the individual’s relevant amount would be reduced (or further reduced) to £1,250,000 or less, sub-paragraph (2) is not to apply at all in the case of the individual on and after the transfer day.
(9)In sub-paragraphs (6) to (8) “appropriate amount” and “transfer day”, in relation to a pension debit, have the same meaning as in section 29 of WRPA 1999 or Article 26 of WRP(NI)O 1999 (as the case may be).
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