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Part 2Amendments of primary legislation

TMA 1970

2.  In the second column of the Table in section 98 of TMA 1970 (penalty for failure to give certificates etc)(1), at the appropriate place insert—

Paragraph 127B of Schedule 9 to the Finance Act 2024

Chapter 15A of Part 9 of ITEPA 2003

3.—(1) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes)(2) is amended as follows.

(2) In the following provisions, for “immediately before the member becomes” substitute “on the member becoming”

(3) In the definitions of “the permitted maximum” in the following provisions, for “immediately before the lump sum is” substitute “on the lump sum being”

(4) In section 637L (drawdown pension fund lump sum death benefits), in the following provisions, after “drawdown pension” insert “fund”

(5) In section 637Q(6) (availability of individual’s lump sum allowance), for “is exempt from the charge to income tax by virtue of any provision of this Chapter” substitute “is not, by virtue of any provision of this Chapter, taxable pension income”.

(6) In section 637S (availability of individual’s lump sum and death benefit allowance)—

(a)in subsection (6), for “is exempt from the charge to income tax by virtue of any provision of this Chapter” substitute “is not, by virtue of any provision of this Chapter, taxable pension income”;

(b)omit subsection (8).

(7) After section 637S insert—

637T.    Section 637S: multiple lump sum death benefits paid

(1) This section applies where two or more relevant benefit crystallisation events within section 637S(2)(a)(ii) occur in relation to an individual.

(2) The relevant benefit crystallisation events are to be treated for the purposes of section 637S as occurring simultaneously—

(a)immediately before the individual’s death, and

(b)immediately after any pension commencement lump sum to which the individual becomes entitled immediately before death by virtue of section 166(2) of FA 2004 (lump sum rule).

(3) In the application of section 637S for the purpose of determining how much of the individual’s lump sum and death benefit allowance is available on the occurrence of any of the relevant benefit crystallisation events mentioned in subsection (1)

(a)the reference in subsection (3) of that section to the whole of the individual’s lump sum and death benefit allowance is to the relevant proportion of that allowance, and

(b)the reference in subsection (4) of that section to so much of the individual’s lump sum and death benefit allowance as is left after deducting the previously-used amount is to the relevant proportion of so much of that allowance as is left after deducting that amount.

(4) In subsection (3), “the relevant proportion” means—

Formula

where—

  • A is the amount of the lump sum death benefit the payment of which constitutes the relevant benefit crystallisation event in question;

  • B is the aggregate of the amounts of each lump sum death benefit the payment of which constitutes a relevant benefit crystallisation event mentioned in subsection (1)..

Chapter 1 of Part 11 of ITEPA 2003

4.—(1) In Chapter 1 of Part 11 of ITEPA 2003 (pay as you earn: introduction), section 683 (PAYE income)(3) is amended as follows.

(2) In subsection (3)—

(a)in the words before the list, for “(3C)” substitute “(3D)”;

(b)in the list, for the entries for sections 636B and 636C substitute—

(3) In subsection (3C)—

(a)for “section 636A(1A) to (1C) or (4ZA)” substitute “Chapter 15A of Part 9 (pension income: lump sums under registered pension schemes)”;

(b)for “paragraph 1(3)(da) or (db)” substitute “paragraph 1(3)(e)”.

(4) After subsection (3C) insert—

(3D) “PAYE pension income” for a tax year does not include any amount to which section 579A applies by virtue of any of the following provisions—

Sections 239 and 255 of FA 2004

5.—(1) Part 4 of FA 2004 (pension schemes etc)(5) is amended as follows.

(2) In section 239 (scheme sanction charge)—

(a)in subsection (3), omit paragraph (b) and the “and” before it;

(b)omit subsection (3A).

(3) In section 255 (assessments under Part 4 of FA 2004), in subsection (1)—

(a)omit the “and” at the end of paragraph (f);

(b)at the end of paragraph (g) insert , and

(h)the charge to tax under Part 9 of ITEPA 2003 (pension income) on pension income to which section 579A of that Act (pension income under registered pension schemes) applies by virtue of any of any of the following provisions—

(i)section 637H(2) (certain defined benefits lump sum death benefits);

(ii)section 637H(2) (certain defined benefits lump sum death benefits);

(iii)section 637I(2) (certain pension protection lump sum death benefits);

(iv)section 637J(2) (certain uncrystallised funds lump sum death benefits);

(v)section 637K(2) (certain annuity protection lump sum death benefits);

(vi)section 637L(2) (certain drawdown pension fund lump sum death benefits)..

Schedule 29 to FA 2004

6.—(1) Schedule 29 to FA 2004 (authorised lump sums - supplementary)(6) is amended as follows.

(2) In paragraph 2 (pension commencement lump sum: definition of “the permitted maximum”), in sub-paragraphs (b) and (c), for “individual” substitute “member”.

(3) In paragraph 4A (uncrystallised funds pension lump sum), in sub-paragraph (8)(b), for “paragraph 12(3H)” substitute “paragraph 12A(2)(b).

(4) In paragraph 14 (pension protection lump sum death benefit), in sub-paragraph (3)—

(a)in the formula, for “AC” substitute “(B x C)”;

(b)for the definition of AC substitute—

B and C have the same meaning as they have for the purposes of paragraph 2C(2);.

(5) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), for the definition of AC substitute—

AC is—

(a)where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) and (4);

(b)where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4);.

Schedule 32 to FA 2004

7.  In Schedule 32 to FA 2004 (registered pension schemes: benefit crystallisation events) omit paragraph 2 (post-75 events not generally benefit crystallisation events) and the italic heading before it.

Schedule 36 to FA 2004

8.—(1) Schedule 36 to FA 2004 (pension schemes etc: transitional provision and savings)(7) is amended as follows.

(2) Omit paragraph 6A (enhancement of lump sum allowance and lump sum and death benefit allowance) and the italic heading before it.

(3) In paragraph 7 (primary protection)—

(a)for sub-paragraphs (2) and (3) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £375,000, and

(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(3) For the purposes of paragraph 20H

(a)the individual’s “protected lump sum and death benefit allowance” is £1,800,000;

(b)a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (7) of this paragraph, operates in relation to the individual.;

(b)in sub-paragraph (6), after “pre-commencement” insert “pension”;

(c)in sub-paragraph (8)(b) omit “immediately before the lump sum is paid,”.

(4) In paragraph 12 (enhanced protection)—

(a)for sub-paragraph (3A) substitute—

(3A) Where this paragraph applies in the case of an individual—

(a)this Part of this Act, and

(b)Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes),

have effect in relation to the individual with the modifications specified in paragraph 12A.;

(b)omit sub-paragraphs (3B) to (3H).

(5) After paragraph 12 insert—

12A.(1) The following provisions of this paragraph specify the modifications of this Part of this Act, and of Chapter 15A of Part 9 of ITEPA 2003, that apply in accordance with paragraph 12(3A) (modifications applying in relation to individual with enhanced protection).

(2) Schedule 29 (authorised lump sums) has effect as if—

(a)in paragraph 2 (pension commencement lump sums: definition of “permitted maximum”)—

(i)the existing text became sub-paragraph (1);

(ii)in that sub-paragraph, paragraph (c) were omitted;

(iii)after that sub-paragraph there were inserted—

(2) In the case of an individual who has previously become entitled to a serious ill-health lump sum under the arrangement under which the entitlement to the lump sum arises—

(a)sub-paragraph (1) does not apply, and

(b)in paragraph 1 “the permitted maximum”, in relation to a lump sum, is nil.”;

(b)in paragraph 4A (uncrystallised funds pension lump sum), after sub-paragraph (1) there were inserted—

(1A) But a lump sum is not an uncrystallised funds pension lump sum if the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of Schedule 36) is met in relation to the member.

(3) Chapter 15A of Part 9 of ITEPA 2003 has effect as if—

(a)in section 637C (serious ill-health lump sums), in subsection (3), for the words from “so much of” to the end there were substituted “the maximum amount of a serious ill-health lump sum that could have been paid to the member on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises”;

(b)in section 637D (uncrystallised funds pension lump sums)—

(i)in subsection (3), for paragraph (b) there were substituted—

(b)the maximum amount of an uncrystallised funds pension lump sum that could have been paid to the member with no liability to income tax on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises.;

(ii)after that subsection there were inserted—

(4) In the case of an individual who has previously become entitled to a serious ill-health lump sum under the arrangement under which the entitlement to the lump sum arises—

(a)subsection (3) does not apply, and

(b)in subsection (2) “the permitted maximum”, in relation to an uncrystallised funds pension lump sum paid to a member, is nil.”;

(c)in section 637H (defined benefits lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to a defined benefits lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of a defined benefits lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(d)in section 637I (pension protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to a pension protection lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of a pension protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(e)in section 637J (uncrystallised funds lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to an uncrystallised funds lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of an uncrystallised funds lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(f)in section 637K (annuity protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to an annuity protection lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of an annuity protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(g)in section 637L (drawdown pension fund lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to a drawdown pension fund lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of a drawdown pension fund lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(h)in section 637M (flexi-access drawdown lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted—

the permitted maximum”, in relation to a flexi-access drawdown lump sum death benefit paid in respect of a member, means—

(a)

the maximum amount of a flexi-access drawdown lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less

(b)

the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,

or, if that produces a negative result, nil.;

(i)in section 637P (individual’s lump sum allowance), for “£268,275” there were substituted “£375,000”;

(j)in section 637R (individual’s lump sum and death benefit allowance)—

(i)the existing text became subsection (1);

(ii)in that subsection, for “£1,073,100” there were substituted “an amount equal to the value of the individual’s uncrystallised rights on 5 April 2024”;

(iii)after that subsection there were inserted—

(2) In this section “uncrystallised rights” has the same meaning as in section 212 of FA 2004; and the value for the purposes of this section of any uncrystallised rights is to be calculated in accordance with that section.;

(k)after section 637T (section 637S: multiple lump sum death benefits paid) there were inserted—

637U.    Interpretation of Chapter

(1) A reference in this Chapter to the maximum amount of a lump sum that “could have been paid” on 5th April 2024, in the case of—

(a)a serious ill-health lump sum paid under a defined benefits arrangement, or

(b)a lump sum death benefit of any description paid under such an arrangement,

is a reference to an amount equal to the appropriate limit in relation to becoming entitled to a lump sum of that description on that date, determined under paragraph 15(4) of Schedule 36 to FA 2004.

(2) For the purposes of this Chapter, the maximum amount of a lump sum of any description that “could have been paid” on 5th April 2024 is to be determined on the assumption that any condition required to be met before such a payment could be made was met.

(3) In the definitions of “the permitted maximum” in sections 637H, 637I, 637J, 637K, 637L and 637M, and in this section—

(a)relevant lump sum death benefit” has the meaning given by section 637S(2)(c);

(b)non-taxable amount”, in relation to the payment of a relevant lump sum death benefit, has the meaning given by section 637S(6);

(c)the post-5th April 2024 period”, in relation to a lump sum, means the period beginning with 6 April 2024 and ending with the date on which the lump sum is paid.

(4) Subsections (5) and (6) apply where—

(a)it is necessary to determine for the purposes of any provision of this Chapter “the permitted maximum” in relation to a lump sum of any description paid after 5th April 2024 under an arrangement (“the paying arrangement”) under a registered pension scheme, and

(b)as a result of one or more recognised transfers made in the post-5th April 2024 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme.

(5) A reference to the maximum amount of a lump sum of any description that could have been paid on 5th April 2024 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a lump sum of that description that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum.

(6) A reference to a relevant benefit crystallisation event occurring under the paying arrangement before the date on which the lump sum is paid includes a reference to a relevant benefit crystallisation event occurring under a predecessor arrangement, so far as the relevant benefit crystallisation event is referable to sums and assets applied for the provision of the lump sum.

(7) In this section a reference to a lump sum includes a lump sum death benefit...

(6) In paragraph 18 (pre-commencement pension credits)—

(a)for sub-paragraphs (2) and (3) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—

(i)an amount equal to £268,275 increased by the pre-commencement pension credit factor determined under sub-paragraph (5), and

(ii)£375,000, and

(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(3) For the purposes of paragraph 20H a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual.;

(b)in sub-paragraph (7) omit “, immediately before the lump sum is paid,”.

(7) In paragraph 19 (individuals permitted to take pension before normal minimum pension age)—

(a)in sub-paragraph (1B), for “£268,275” substitute “the amount determined under sub-paragraph (1C)”;

(b)after that sub-paragraph insert—

(1C) That amount is the amount —

(a)£268,275, or

(b)in a case where, disregarding sub-paragraph (1B), section 637P of ITEPA 2003 (individual’s lump sum allowance) would apply in relation to the individual as if it specified another amount, that amount.”;

(c)in sub-paragraph (2), for “Where the event is a relevant benefit crystallisation event, section” substitute “Section”.

(8) In paragraph 20 (pre-commencement pensions)—

(a)in sub-paragraph (1)—

(i)in the words before paragraph (a), for “who, on 5th April 2006—” substitute “where—”;

(ii)in paragraph (a), at the beginning, insert “on 5th April 2006, the individual”;

(b)in sub-paragraph (1A), in paragraph (b), for “amount of the lump sum to which the relevant benefit crystallisation event relates” substitute “non-taxable amount in relation to the relevant crystallisation event”;

(c)in sub-paragraph (2), in paragraph (b), for “amount of the lump sum or lump sum death benefit to which the relevant benefit crystallisation event relates” substitute “non-taxable amount in relation to the relevant crystallisation event”.

(9) In paragraph 20A (pension credits from previously crystallised rights)—

(a)in sub-paragraph (1), in the words before paragraph (a) omit “in relation to a relevant benefit crystallisation event occurring”;

(b)for sub-paragraph (3) substitute—

(3) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(3A) For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual.;

(c)in sub-paragraph (8) omit “, immediately before the lump sum is paid,”.

(10) In paragraph 20B (non-residence: general)—

(a)in sub-paragraph (1), in the words before paragraph (a) omit “in relation to a relevant benefit crystallisation event occurring”;

(b)for sub-paragraph (2) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(2A) For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with paragraphs 20C and 20D, operates in relation to the individual.;

(c)omit sub-paragraphs (3) and (4);

(d)in sub-paragraph (8) omit “, immediately before the lump sum is paid,”.

(11) In paragraph 20C (non-residence: money purchase arrangements)—

(a)in the heading, for “money purchase arrangements” substitute “determination of lump sum and death benefit allowance enhancement factor (money purchase arrangements)”;

(b)for sub-paragraph (1) substitute—

(1) This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B(2A) in the case of an arrangement that is a money purchase arrangement..

(12) In paragraph 20D (non-residence: other arrangements)—

(a)in the heading, for “other arrangements” substitute “determination of lump sum and death benefit allowance enhancement factor (other arrangements)”;

(b)for sub-paragraph (1) substitute—

(1) This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B(2A) in the case of an arrangement that is not a money purchase arrangement..

(13) In paragraph 20E (transfers from recognised overseas pension scheme: general)—

(a)in sub-paragraph (1), in the words before paragraph (a) omit “in relation to a relevant benefit crystallisation event occurring”;

(b)for sub-paragraph (4) substitute—

(4) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(4A) For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (5) and (6) of this paragraph, operates in relation to the individual.;

(c)in sub-paragraph (9) omit “, immediately before the lump sum is paid,”;

(d)in sub-paragraph (10), in paragraph (a) of the definition of A omit “(see paragraph 6A(4))”.

(14) In paragraph 20F (overseas transfer schemes: money purchase arrangements)—

(a)in the heading, for “money purchase arrangements” substitute “determination of relevant relievable amount (money purchase arrangements)”;

(b)for sub-paragraph (1) substitute—

(1) This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was a money purchase arrangement..

(15) In paragraph 20G (overseas transfer schemes: other arrangements)—

(a)in the heading, for “other arrangements” substitute “determination of relevant relievable amount (other arrangements)”;

(b)for sub-paragraph (1) substitute—

(1) This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was not a money purchase arrangement..

(16) After paragraph 20G insert—

Individual’s enhanced lump sum and death benefit allowance

20H.(1) This paragraph applies for determining the amount of the “enhanced lump sum and death benefit allowance” of an individual in relation to whom one or more lump sum and death benefit allowance enhancement factors operate.

(2) The individual’s “enhanced lump sum and death benefit allowance” is—

Formula

where—

  • A is—

    (a)

    in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (as defined in that provision);

    (b)

    B is the aggregate of the lump sum and death benefit allowance enhancement factors that operate in relation to the individual.

(3) The following provisions are “relevant protection provisions”—

(a)paragraph 7 of this Schedule (primary protection)(8);

(b)paragraph 14 of Schedule 18 to FA 2011 (fixed protection)(9);

(c)paragraph 1 of Schedule 22 to FA 2013 (“fixed protection 2014”)(10);

(d)paragraph 1 of Schedule 6 to FA 2014 (“individual protection 2014”)(11);

(e)paragraph 1 of Schedule 4 to FA 2016 (“fixed protection 2016”)(12);

(f)paragraph 9 of that Schedule (“individual protection 2016”).

(4) The following paragraphs of this Schedule make provision for the operation of a lump sum and death benefit allowance enhancement factor in relation to an individual—

(a)paragraph 7 (primary protection),

(b)paragraph 18 (pre-commencement pension credits),

(c)paragraph 20A (pension credits from previously crystallised rights),

(d)paragraph 20B (non-residence: general), and

(e)paragraph 20E (transfers from recognised overseas pension scheme: general)..

(17) In paragraph 24 (lump sum rights exceeding £375,000: primary and enhanced protection), in sub-paragraph (1) omit paragraph (b) and the “and” before it.

(18) For paragraph 27 (pre-commencement benefit rights: enhanced protection: permitted maximum) substitute—

27.(1) If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if—

(a)in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted;

(b)for paragraph 2 (pension commencement lump sum: definition of “permitted maximum”) there were substituted—

2.(1) In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lower of—

(a)the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D), and

(b)the amount specified in sub-paragraph (2).

(2) That amount is—

(a)the maximum amount of a pension commencement lump sum that could have been paid to the member on 5th April 2023 under the arrangement under which the entitlement to the lump sum arises, less

(b)the aggregate of each pension commencement lump sum (if any) to which the member has previously become entitled after that date under that arrangement,

or, if that produces a negative amount, nil.

(3) For the purposes of this paragraph, the maximum amount of a pension commencement lump sum that “could have been paid” on 5th April 2023 is to be determined on the assumption that any condition required to be met before such a payment could be made was met.

(4) Sub-paragraphs (5) and (6) apply where—

(a)it is necessary to determine for the purposes of this paragraph “the permitted maximum” in relation to a pension commencement lump sum paid after 5th April 2023 under an arrangement (“the paying arrangement”) under a registered pension scheme, and

(b)as a result of one or more recognised transfers made in the post-5th April 2023 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme.

(5) The reference in sub-paragraph (2)(a) to the maximum amount of a pension commencement lump sum that could have been paid on 5th April 2023 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a pension commencement lump sum that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum.

(6) A reference in sub-paragraph (2)(b) to a pension commencement lump sum to which the member has become entitled under the paying arrangement before the date on which the lump sum is paid includes a reference to a pension commencement lump sum paid under a predecessor arrangement, so far as it is referable to sums and assets applied for the provision of the pension commencement lump sum paid under the paying arrangement.

(7) In this paragraph “the post-5th April 2023 period”, in relation to a lump sum, means the period beginning with 6 April 2023 and ending with the date on which the lump sum is paid..

(2) If (and for so long as) Schedule 29 applies in relation to the individual subject to the modifications in sub-paragraph (1), paragraph 12A of this Schedule has effect in relation to the individual as if sub-paragraph (2)(a) of that paragraph (which contains modifications of Schedule 29 inconsistent with those in sub-paragraph (1)) were omitted..

(19) In paragraph 28 (pre-commencement benefit rights: no enhanced protection: permitted maximum), before sub-paragraph (1) insert—

(A1) If paragraph 12 (enhanced protection) does not apply in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted..

Pensions Act 2004

9.  In Schedule 7 to the Pensions Act 2004 (pension compensation provisions), in paragraph 25B (terminal illness lump sum: eligibility)(13)—

(a)in sub-paragraph (1) omit paragraph (d);

(b)in sub-paragraph (4) omit the definition of “lifetime allowance”.

The Pensions (Northern Ireland) Order 2005

10.  In Schedule 6 to the Pensions (Northern Ireland) Order 2005 (pension compensation provisions)(14), in paragraph 25B (terminal illness lump sum: eligibility)—

(a)in sub-paragraph (1) omit paragraph (d);

(b)in sub-paragraph (4) omit the definition of “lifetime allowance”.

Pensions Act 2008

11.  In Schedule 5 to the Pensions Act 2008 (pension compensation payable on discharge of pension compensation credit), in paragraph 12 (terminal illness lump sum: eligibility)(15)—

(a)in sub-paragraph (1) omit paragraph (d);

(b)in sub-paragraph (4) omit the definition of “lifetime allowance”.

Pensions (No. 2) Act (Northern Ireland) 2008

12.  In Schedule 4 to the Pensions (No. 2) Act (Northern Ireland) 2008 (pension compensation payable on discharge of pension compensation credit), in paragraph 12 (terminal illness lump sum: eligibility)(16)—

(a)in sub-paragraph (1) omit paragraph (d);

(b)in sub-paragraph (4) omit the definition of “lifetime allowance”.

Schedule 18 to FA 2011

13.  In Schedule 18 to FA 2011 (lifetime allowance charge), in paragraph 14 (fixed protection)(17), for sub-paragraph (3) substitute—

(3) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £450,000, and

(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were—

(i)if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(ii)otherwise, £1,800,000.

(3A) For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is £1,800,000..

Schedule 22 to FA 2013

14.  In Schedule 22 to FA 2013 (transitional provision relating to reduction in standard lifetime allowance etc), in paragraph 1 (“fixed protection 2014”)(18), for sub-paragraph (2) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £375,000, and

(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were—

(i)if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(ii)otherwise, £1,500,000.

(3) For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is £1,500,000..

Schedule 6 to FA 2014

15.—(1) In Schedule 6 to FA 2014 (transitional provision relating to new standard lifetime allowance etc), paragraph 1 (“individual protection 2014”)(19) is amended as follows.

(2) In sub-paragraph (1), for “Sub-paragraph (2) applies” substitute “Sub-paragraphs (2) to (2B) apply”.

(3) In for sub-paragraph (2) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—

(a)25% of the individual’s relevant amount(20), and

(b)£375,000.

(2A) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—

(a)if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(b)otherwise, the lower of—

(i)the individual’s relevant amount, and

(ii)£1,500,000.

(2B) For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is the lower of—

(a)the individual’s relevant amount, and

(b)£1,500,000..

(4) In sub-paragraph (3), for “sub-paragraph (2) does” substitute “sub-paragraphs (2) to (2B) do”.

Schedule 4 to FA 2016

16.—(1) Schedule 4 to FA 2016 (pensions: lump sum allowance and lump sum and death benefit allowance: transitional provision)(21) is amended as follows.

(2) In paragraph 1 (“fixed protection 2016”), for sub-paragraph (2) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £312,500, and

(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were—

(i)if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(ii)otherwise, £1,250,000.

(3) For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is £1,250,000..

(3) In paragraph 9 (“individual protection 2016”)—

(a)in sub-paragraph (1)—

(i)in the words before paragraph (a), for “Sub-paragraph (2) applies” substitute “Sub-paragraphs (2) to (2B) apply”;

(ii)in paragraph (b), for “£1,000,000” substitute “£1,073,100”.

(b)for sub-paragraph (2) substitute—

(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—

(a)25% of the individual’s relevant amount, and

(b)£312,500.

(2A) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—

(a)if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(b)otherwise, the lower of—

(i)the individual’s relevant amount(22), and

(ii)£1,250,000.

(2B) For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is the lower of—

(a)the individual’s relevant amount, and

(b)£1,250,000..

Schedule 9 to FA 2024

17.—(1) Part 6 of Schedule 9 to FA 2024 (pensions: transitional provision)(23) is amended as follows.

(2) In paragraph 126 (availability of individual’s lump sum and death benefit allowance)—

(a)in sub-paragraph (4)(a)(ii) for “before that date a person is paid a lump sum death benefit in respect of the individual” substitute “the conditions in sub-paragraph (4A) are met”;

(b)after sub-paragraph (4) insert—

(4A) The conditions mentioned in sub-paragraph (4)(a)(ii) are—

(a)that before 6 April 2024 a person is paid a defined benefits lump sum death benefit, or an uncrystallised funds lump sum death benefit, in respect of the individual,

(b)that the lump sum is paid before the end of the period of two years beginning with the day on which the scheme administrator of the scheme first knew of the individual’s death or (if earlier) the day on which the scheme administrator could first reasonably have been expected to have known of it, and

(c)that the person to whom the lump sum is paid is not a non-qualifying person.;

(c)in sub-paragraph (5)—

(i)for “(4)” substitute (4A);

(ii)for “on the occurrence of the relevant benefit crystallisation event” substitute “at the relevant time”;

(d)after sub-paragraph (6) insert—

(6A) In sub-paragraph (5) “the relevant time” means—

(a)if the relevant benefit crystallisation event is the individual becoming entitled to a relevant lump sum (within the meaning of section 637S of ITEPA 2003), the time at which the individual becomes so entitled;

(b)if the relevant benefit crystallisation event is a person being paid a relevant lump sum death benefit (within the meaning of section 637S of ITEPA 2003), the 31 October next following the end of the tax year in which the relevant lump sum death benefit is paid..

(3) In paragraph 127 (transitional tax-free amount certificates)—

(a)in sub-paragraph (1)—

(i)in paragraph (a), for “registered pension scheme” substitute “certification administrator,”;

(ii)in paragraph (b), for “scheme administrator of the scheme” substitute “certification administrator”;

(b)in sub-paragraph (2)—

(i)for paragraph (b) substitute—

(b)may be made to any person who is a certification administrator in relation to the individual;;

(ii)for paragraph (d) substitute—

(d)may not be made after the individual becomes entitled to a relevant lump sum (within the meaning of section 637S of ITEPA 2003), and

(e)may not be made after the 31 October next following the end of the tax year in which a relevant lump sum death benefit (within the meaning of section 637S of ITEPA 2003) is paid in respect of the individual.;

(c)in sub-paragraph (3)—

(i)for “scheme administrator of a registered pension scheme to which” substitute “certification administrator to whom”;

(ii)for “scheme receives the application” substitute “the application is received”;

(d)in sub-paragraph (4)—

(i)in paragraph (b), after “standard lifetime allowance” insert “for the tax year 2023/24”;

(ii)in paragraphs (c) and (d), for “scheme administrator” substitute “certification administrator”;

(e)in sub-paragraph (5)—

(i)for “scheme administrator” substitute “certification administrator”;

(ii)for “by the scheme” substitute “by the certification administrator”;

(f)in sub-paragraph (6), for “the scheme administrator of a registered pension scheme” substitute “a person who is a certification administrator in relation to the individual”.

(4) In paragraph 127A (availability of member’s overseas transfer allowance)—

(a)in sub-paragraph (2), after “Where the individual’s” insert “adjusted”;

(b)in sub-paragraph (3)(b), after “the individual’s” insert “adjusted”;

(c)after sub-paragraph (3) insert—

(4) In this paragraph “adjusted lifetime allowance previously-used amount” means—

Formula

where—

  • A is the lifetime allowance previously-used amount(24);

  • B is the aggregate of any amounts included in A that are attributable to the occurrence, before 6 April 2024, of benefit crystallisation event 1..

(5) After paragraph 127A insert—

Provision of information by individuals to certification administrators

127B.(1) Sub-paragraph (2) applies where—

(a)a certification administrator issues a transitional tax-free amount certificate, and

(b)there are one or more other certification administrators in relation to the individual to whom the certificate relates.

(2) The relevant person must send a copy of the certificate to each certification administrator within sub-paragraph (1)(b).

(3) Sub-paragraph (2) must be complied with—

(a)before the end of the period of 90 days beginning with the day on which the relevant person receives the certificate, and

(b)before the first day following that on which the relevant person receives the certificate on which a relevant benefit crystallisation event occurs in relation to the individual.

(4) In the case of an obligation under sub-paragraph (2) relating to a pension scheme of which the individual is a member as a result of a block transfer, references in sub-paragraph (3) to the day on which the relevant person receives the certificate are to the later of that day and the day on which the relevant person receives notice of the block transfer.

(5) Sub-paragraph (6) applies where—

(a)a certification administrator cancels a transitional tax-free amount certificate, and

(b)there are one or more other certification administrators in relation to the individual to whom the certificate relates.

(6) The relevant person must send a copy of the notice to each certification administrator within sub-paragraph (5)(b).

(7) Sub-paragraph (6) must be complied with—

(a)before the end of the period of 90 days beginning with the day on which the relevant person receives notice of the cancellation, and

(b)before the first day following that on which the relevant person receives notice of the cancellation on which a relevant benefit crystallisation event occurs in relation to the individual.

(8) In the case of an obligation under sub-paragraph (6) relating to a pension scheme of which the individual is a member as a result of a block transfer, references in sub-paragraph (7) to the day on which the relevant person receives notice of the cancellation are to the later of that day and the day on which the relevant person receives notice of the block transfer.

(9) In this paragraph—

block transfer”: a transfer is “a block transfer” in relation to a member of a pension scheme if it involves the transfer, in a single transaction, of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the scheme which relate to the member and at least one other member of the scheme;

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);

relevant person”, in relation to a transitional tax-free amount certificate, means—

(a)

the individual to whom the certificate relates, or

(b)

if the individual is deceased, the individual’s personal representatives..

(6) In paragraph 128 (provision of information by scheme administrators to members)—

(a)in subsection (2), after “it is necessary” insert “for a certification administrator”;

(b)in sub-paragraphs (3)(a) and (5)(a), for “a transitional tax-free amount certificate is in force in relation to the member” substitute “the certification conditions are met in relation to the determination”;

(c)in sub-paragraph (6)(a)(ii), for “before that date a person is paid a lump sum death benefit under the scheme in respect of the individual” substitute “the conditions in sub-paragraph (6A) are met,”;

(d)after sub-paragraph (6) insert—

(6A) The conditions mentioned in sub-paragraph (6)(a)(ii) are—

(a)that before 6 April 2024 a person is paid a defined benefits lump sum death benefit, or an uncrystallised funds lump sum death benefit, under the scheme in respect of the member,

(b)that the lump sum is paid before the end of the period of two years beginning with the day on which the scheme administrator of the scheme first knew of the individual’s death or (if earlier) the day on which the scheme administrator could first reasonably have been expected to have known of it, and

(c)that the person to whom the lump sum is paid is not a non-qualifying person.;

(e)after sub-paragraph (6A) insert—

(6B) In this paragraph “the certification conditions”, in relation to a determination mentioned in sub-paragraph (2)(b) or (4)(b), means the following conditions—

(a)that either—

(i)the certification administrator making the determination has issued a transitional tax-free amount certificate to the member, or

(ii)the member has provided that certification administrator with a copy of a transitional tax-free amount certificate issued to the member by another certification administrator, and

(b)that the certification administrator making the determination—

(i)has not cancelled the certificate, and

(ii)has not been notified that the certificate has been cancelled by another certification administrator..

(7) In paragraph 129 (paragraphs 125 to 128: interpretation)—

(a)in sub-paragraph (2)—

(i)before paragraph (a) insert—

(za)the individual’s lump sum transitional tax-free amount,;

(ii)in paragraph (a), after “(if any)” insert “not comprised in the individual’s lump sum transitional tax-free amount”;

(iii)at the end of paragraph (a) insert “and”;

(iv)omit paragraph (c) and the “and” before it;

(b)after sub-paragraph (4) insert—

(4A) Lifetime allowance previously-used amount”, in relation to an individual, means (subject to sub-paragraphs (4B) and (4C)) the amount that would have been the previously used amount for the purposes of section 219 of FA 2004 (availability of individual’s lifetime allowance) if a benefit crystallisation event (within the meaning of that section) had occurred in relation to the individual immediately before 6 April 2024.

(4B) Sub-paragraph (4C) applies where—

(a)the individual reached the age of 75 before 6 April 2024,

(b)on the individual reaching that age, an amount was, or amounts were, crystallised by one or more of benefit crystallisation events 5, 5A and 5B, and

(c)the individual did not become entitled to a lump sum under a registered pension scheme in the period beginning with the date on which the individual reached the age of 75 and ending with 5th April 2024.

(4C) The amount determined under sub-paragraph (4A) is to be reduced by the amount or (if more than one) the sum of the amounts mentioned in sub-paragraph (4B)(b).;

(c)in sub-paragraph (5)—

(i)for the definition of “lifetime allowance previously-used amount” substitute—

lifetime allowance previously-used amount” has the meaning given by sub-paragraphs (4A) to (4C);;

(ii)at the appropriate places insert—

benefit crystallisation event”, followed by a number, has the same meaning as in Part 4 of FA 2004 (see section 216 of that Act);

certification administrator”, in relation to an individual, means—

(a)

the scheme administrator of a registered pension scheme of which the individual is a member or, if the individual is deceased, of which the individual was a member immediately before death, or

(b)

an insurance company to which a registered pension scheme has transferred sums or assets to secure the payment to the individual of a scheme pension or a lifetime annuity;

defined benefits lump sum death benefit” has the same meaning as in Part 4 of FA 2004;

drawdown pension fund”, in relation to an individual, has the same meaning as in Part 4 of FA 2004 (see Part 1 of Schedule 28 to that Act);

entitled” (in relation to a lump sum) has the same meaning as in Part 4 of FA 2004;

insurance company” has the same meaning as in Part 4 of FA 2004;

member” has the same meaning as in Part 4 of FA 2004;

non-qualifying person” has the same meaning as in section 206 of FA 2004;

uncrystallised funds pension lump sum death benefit” has the same meaning as in Part 4 of FA 2004;.

(8) In paragraph 130 (statements for certain members who would not otherwise receive one in the tax year 2024-25), in sub-paragraph (4), after the definition of “benefit crystallisation event” insert—

member” has the same meaning as in Part 4 of FA 2004;.

(9) For paragraph 130A (lump sums paid on or after 6 April 2024 where entitlement arose before that date) substitute—

130A.(1) The amendments made by or under this Schedule, and the amendments made by section 14, are to be disregarded for the purposes of determining—

(a)the extent (if any) to which a transitional lump sum is a lump sum of a description permitted to be paid by the lump sum rule in section 166(1) of FA 2004, and

(b)the tax treatment under Part 9 of ITEPA 2003 of a transitional lump sum.

(2) In this paragraph “transitional lump sum” means a lump sum to which a member of a registered pension scheme becomes entitled before 6 April 2024 and which is paid on or after that date.

(3) In sub-paragraph (2)member” has the same meaning as in Part 4 of FA 2004.

(10) For paragraph 131 (lump sum death benefits paid on or after 6 April 2024 that crystallised before that date) substitute—

131.(1) The amendments made by or under this Schedule, and the amendments made by section 14, are to be disregarded for the purposes of determining the tax treatment under Part 9 of ITEPA 2003 of a transitional lump sum death benefit.

(2) In section 637S (availability of individual’s lump sum and death benefit allowance), “relevant lump sum death benefit” does not include a transitional lump sum death benefit.

(3) In this paragraph “transitional lump sum death benefit” means a lump sum death benefit paid on or after 6 April 2024 so far as relating to rights that, before that date, crystallised under section 216 of FA 2004.

(11) In paragraph 132 (modifications of scheme rules)—

(a)in sub-paragraph (2)—

(i)omit “of Part 4 of FA 2004”;

(ii)after “by or under this Schedule” insert “, and the amendments made by section 14,”;

(b)in sub-paragraph (4), after “In this paragraph” insert ““member”,”.

(1)

1970 c. 9. There are other amending instruments of the second column of the Table in section 98, but none is relevant. “TMA 1970” is defined in section 38 of FA 2024.

(2)

2003 c. 1. Chapter 15A was inserted by paragraph 11 of Schedule 31 to FA 2004 (c. 12) and was substituted for a new Chapter 15A consisting of sections 367 to 367S by paragraph 41 of Schedule 9 to FA 2024. “ITEPA 2003” is defined in section 38 of FA 2024.

(3)

Section 683 was amended by paragraph 14 of Schedule 31 to FA 2004, paragraph 60 of Schedule 10 to FA 2005 (c. 7), section 10 of FA (No. 2) 2005 (c. 22), paragraph 60 of Schedule 16 to FA 2011 (c. 11), paragraph 130 of Schedule 45 to FA 2013 (c. 29) and section 22 of FA (No. 2) 2015 (c. 33).

(4)

Sections 637, 637G and 637N were inserted by paragraph 41 of Schedule 9 to FA 2024.

(5)

2004 c. 12. Subsection (3) of section 239 was amended by paragraph 12 of Schedule 5 to FA 2014 (c. 26). Subsection (1) of section 255 was amended by paragraph 19 of Schedule 17 to FA 2011, paragraph 17 of Schedule 7 to FA 2014 (c. 26), paragraph 16 of Schedule 4 to FA 2017 (c. 10) and paragraph 7 of Schedule 9 to FA 2024. Section 38 of FA 2024 provides that a reference to “FA” followed by a year is to a Finance Act of that year; and that a reference to “F(No. 2)A” followed by a year is to Finance (No. 2) Act of that year.

(6)

Paragraph 2 of Schedule 29 was substituted by paragraph 26 of Schedule 9 to FA 2024. Paragraph 4A was inserted by paragraph 57 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30). It was amended by paragraph 21 of Schedule 5 to FA 2021 (c. 26), paragraphs 28 and 63 of Schedule 9 to FA 2024 and by S.I. 2024/356. Paragraph 14 of Schedule 29 was amended by paragraph 34 of Schedule 16 to FA 2011 (c. 11). Paragraph 16 of Schedule 29 was amended by paragraph 36 of Schedule 16 to FA 2011.

(7)

Paragraph 6A was inserted by paragraph 67 of Schedule 9 to FA 2024. Paragraph 7 was substituted by paragraph 68 of Schedule 9 to FA 2024. Paragraph 12 was amended by paragraph 53 of Schedule 10 to FA 2005 (c. 7), paragraph 17 of Schedule 20 to FA 2007 (c. 11), paragraph 432 of Schedule 1 to the Corporation Tax Act 2010 (c. 4), paragraph 59 of Schedule 26 to the Equality Act 2010 (c. 15) and section 23(2) of FA (No. 2) Act 2023 (c. 30). Sub-paragraphs (3A) to (3H) of paragraph 12 were substituted by paragraph 71 of Schedule 9 to FA 2024. Paragraph 18 was substituted by paragraph 75 of Schedule 9 to FA 2024. Paragraph 19 was amended by paragraph 76 of Schedule 9 to FA 2024. Paragraphs 20A to 20G were inserted by paragraph 78 of Schedule 9 to FA 2024. Paragraph 24 was amended by paragraph 81 of Schedule 9 to FA 2024. Paragraph 27 was substituted by paragraph 82 of Schedule 9 to FA 2024. Paragraph 28 was amended by paragraph 83 of Schedule 9 to FA 2024.

(8)

Paragraph 7 of Schedule 36 was substituted by paragraph 68 of Schedule 9 to FA 2024.

(9)

2011 c. 11. Paragraph 14 of Schedule 18 was amended by section 47(2) of FA 2013 (c. 29), section 23(5) of FA (No. 2) 2023 (c. 30), paragraph 90 of Schedule 9 to FA 2024 and by S.I. 2013/1740.

(10)

2013 c. 29. Paragraph 1 of Schedule 22 was amended by section 23(6) of FA (No. 2) Act 2023 (c. 30). The existing paragraph 1 was substituted by paragraph 91 of Schedule 9 to FA 2024.

(11)

2014 c. 26. Paragraph 1 of Schedule 6 was substituted by paragraph 92 of Schedule 9 to FA 2024.

(12)

2016 c. 24. Paragraph 1 of Schedule 4 was substituted by paragraph 93 of Schedule 9 to FA 2024. Paragraph 9 of that Schedule was amended by paragraph 93 of Schedule 9 to FA 2024

(13)

2004 c. 35. Paragraph 25B of Schedule 7 was inserted by paragraph 14 of Schedule 8 to the Pensions Act 2008 (c. 30) and was amended by paragraph 26 of Schedule 4 to the Pensions Act 2011 (c. 19).

(14)

S.I. 2005/255 (N.I. 1). Paragraph 25B was inserted by paragraph 14 of Schedule 6 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13) (N.I.) and was amended by paragraphs 19 and 26 of Schedule 4 to the Pensions Act (Northern Ireland) 2012 (c. 3) (N.I.).

(15)

2008 c. 30. Paragraph 12 of Schedule 5 was amended by paragraph 34 of Schedule 4 to the Pensions Act 2011 (c. 19).

(16)

2008 c. 13 (N.I.). Paragraph 12 of Schedule 4 was amended by paragraph 34 of Schedule 4 to the Pensions Act (Northern Ireland) 2012 (c. 3) (N.I.).

(17)

2011 c. 11. Paragraph 14 of Schedule 18 was amended by section 47(2) of FA 2013 (c. 29), section 23(5) of FA (No. 2) 2023 (c. 30), paragraph 90 of Schedule 9 to FA 2024 and by S.I. 2013/1740.

(18)

2013 c. 29. Paragraph 1 of Schedule 22 was amended by section 23(6) of FA (No. 2) 2023 and paragraph 91 of Schedule 9 to FA 2024.

(19)

2014 c. 26. Paragraph 1 of Schedule 6 was amended by paragraph 92 of Schedule 9 to FA 2024.

(20)

“Relevant amount” is defined for the purposes of Part 1 of Schedule 6 by paragraph 1(5) of Schedule 6 to FA 2014.

(21)

2016 c. 24. Sub-paragraph (2) of paragraph 1 and sub-paragraph (2) of paragraph 9 of Schedule 4 were substituted by paragraph 93 of Schedule 9 to FA 2024. Sub-paragraph (1) of paragraph 9 of Schedule 4 was amended by paragraph 93 of Schedule 9 to FA 2024.

(22)

The “individual’s relevant amount” is defined for these purposes in paragraph 9(4) of Schedule 4.

(23)

2024 c. 3. Paragraphs 126, 128, 129, 130 and 132 of Schedule 9 were amended by S.I. 2024/356 and paragraphs 127A and 130A were inserted by that instrument.

(24)

Paragraph 129(5) of Schedule 9 defines “lifetime allowance previously-used amount” for these purposes.