Finance Act 2024

Amendments of Part 4 of FA 2004

59 (1) Schedule 33 (overseas pension schemes: migrant member relief) is amended as follows.

(2) In paragraph 4 (meaning of “relevant migrant member”)—

(a) in sub-paragraph (1)(d), after “events that are” insert “relevant”;

(b) after sub-paragraph (3) insert—

“(4) In this paragraph “relevant benefit crystallisation event” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).”

(3) In paragraph 5 (meaning of “qualifying” overseas pension scheme)—

(a) in sub-paragraph (2), for “events that are benefit crystallisation” substitute “relevant”;

(b) for sub-paragraph (2A) substitute—

“(2A) In sub-paragraph (2) “relevant events” means—

(a) relevant benefit crystallisation events, or

(b) occasions that are, or could (depending on their timing) be, occasions on which an individual first flexibly accesses pension rights for the purposes of sections 227B to 227F.”;

(c) after sub-paragraph (5) insert—

“(6) In this paragraph “relevant benefit crystallisation event” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).”