The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024

The Registered Pension Schemes (Accounting and Assessment) Regulations 2005

7.—(1) The Registered Pension Schemes (Accounting and Assessment) Regulations 2005(1) are amended as follows.

(2) In regulation 3 (the particulars required to be included in returns under section 254), in paragraph (1), in Table 1—

(a) omit the entry relating to the charge under section 214 of FA 2004 (lifetime allowance charge);

(b) in the entry relating to the charge under section 244A (overseas transfer charge), in the first column, for “section 244A (overseas transfer charge)” substitute “section 244AC (overseas transfer charge: transfers where no exclusion applies) or section 244IA (overseas transfer charge: transfers exceeding available allowance)”.

(3) In regulation 4 (the making of assessments), in paragraph (1), in Table 2 omit the entry for case 3 (lifetime allowance charge on receipt of a lump sum death benefit).

(4) In regulation 5 (interest on tax due under section 254 or assessed under regulation 4), in paragraph (3), in Table 3 omit the entry for tax assessed under case 3.

(5) In regulation 8 (modifications and application of TMA)—

(a) in paragraph (1) omit “3, ”;

(b) in paragraph (3), in the inserted text omit paragraph (c).

(1)

S.I. 2005/3454. The entry in Table 1 relating to the charge under section 244A was added by paragraph 21 of Schedule 4 to FA 2017 (c. 10). Regulation 8(1) was amended by S.I. 2014/1928. There are other amending instruments to regulation 8(3) but none is relevant.