Finance Act 2016, Paragraph 8 is up to date with all changes known to be in force on or before 09 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.
8(1)Section 636B of ITEPA 2003 (taxation of trivial commutation, and winding-up, lump sums) is amended as follows.U.K.
(2)In subsection (3) (taxation of lump sum where member has uncrystallised rights under the pension scheme)—
(a)in the words before paragraph (a) omit “(within the meaning of section 212 of FA 2004)”, and
(b)in paragraph (b), for “the uncrystallised rights calculated in accordance with that section” substitute “ any uncrystallised rights extinguished by the lump sum ”.
(3)After subsection (4) insert—
“(5)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.”
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