Finance Act 2014, Paragraph 10 is up to date with all changes known to be in force on or before 06 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.
10(1)In paragraph 34(2) of Schedule 36 to FA 2004 (modifications required by paragraph 31 in cases involving protected entitlements to lump sums) the sub-paragraphs treated as substituted in paragraph 2 of Schedule 29 to FA 2004 are amended as follows.U.K.
(2)In the substituted sub-paragraph (7A), in the definition of AC, for “(7AA) and (7B))” substitute “ (7AA) to (7B)) ”.
(3)After the substituted sub-paragraph (7AA) insert—
“(7AB)Where paragraph 1A applies to the lump sum, AC is the total of—
(a)the sums held, at the time the lump sum is paid, for the purpose of providing the pension at that time expected to be the pension in connection with which the lump sum is paid, and
(b)the market value at that time of the assets held at that time for that purpose.
(7AC)Where paragraph 1B applies to the lump sum, AC is the total of—
(a)the sums held, at the time the lump sum is paid, for the purpose of providing the expected pension (see paragraph 1B(2)(b)), and
(b)the market value at that time of the assets held at that time for that purpose.”
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