The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024

Sections 239 and 255 of FA 2004

5.—(1) Part 4 of FA 2004 (pension schemes etc)(1) 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).”.

(1)

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.