Finance Act 2008, Paragraph 1 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
1(1)Part 4 of FA 2004 (pension schemes etc) is amended as follows.U.K.
(2)In section 164 (authorised member payments)—
(a)the existing provision becomes subsection (1), and
(b)after that subsection insert—
“(2)Regulations under subsection (1)(f) may—
(a)provide that for the purposes of Part 9 of ITEPA 2003 all or part of a prescribed payment is to be treated as pension under a registered pension scheme, or as a lump sum of a prescribed description,
(b)provide that all or part of a prescribed payment is subject to the short service refund lump sum charge or the special lump sum death benefits charge,
(c)provide that a prescribed event in relation to a prescribed payment is to be treated for the purposes of the lifetime allowance charge as a benefit crystallisation event, and make provision as to the amount crystallised by that event,
(d)include provision having effect in relation to times before the regulations are made if that provision does not increase any person's liability to tax,
and “prescribed” means prescribed in regulations under subsection (1)(f).”
(3)In the table in section 216 (benefit crystallisation events and amounts crystallised), insert at the end—
| “9. If regulations under section 164(1)(f) so provide, the happening of an event prescribed in the regulations in relation to a payment prescribed in the regulations | An amount determined in accordance with the regulations”. |
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
