There are currently no known outstanding effects for the Finance Act 2013, Paragraph 6.
6(1)Section 218 (standard lifetime allowance etc) is amended as follows.U.K.
(2)After subsection (5B) insert—
“(5BA)Where the operation of a lifetime allowance enhancement factor is provided for by any of sections 220, 222, 223 and 224 and the time mentioned in the definition of SLA in the section concerned fell within the period consisting of the tax year 2012-13 and the tax year 2013-14, subsection (4) has effect as if the amount to be multiplied by LAEF were £1,500,000 if that is greater than SLA.
(5BB)Where more than one lifetime allowance enhancement factor operates, subsection (5BA) does not apply if subsection (5A) or (5B) applies.”
(3)After subsection (5C) insert—
“(5D)Where benefit crystallisation event 7 occurs on or after 6 April 2014 by reason of the payment of a relevant lump sum death benefit in respect of the death of the individual during the period consisting of the tax year 2012-13 and the tax year 2013-14, the standard lifetime allowance at the time of the benefit crystallisation event is £1,500,000.”
(4)The amendments made by this paragraph have effect for the tax year 2014-15 and subsequent tax years.
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