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Finance Act 2004

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Changes and effects yet to be applied to Schedule 29 Paragraph 10:

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10(1)For the purposes of this Part a lump sum is a winding-up lump sum if—U.K.

(a)the pension scheme is an occupational pension scheme,

(b)the pension scheme is being wound-up,

(c)[F1any person by whom the member is employed at the time when the lump sum is paid, and who has made contributions under the pension scheme in respect of the member within the period of five years ending with the day on which it is paid,] meets the conditions in sub-paragraph (3),

(d)it is paid when all or part of the member’s [F2lump sum allowance is available (see paragraph 12A)], [F3and]

(e)it extinguishes the member’s entitlement to benefits under the pension scheme, F4...

F4(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)But if a lump sum falling within sub-paragraph (1) exceeds [F5£18,000,] the excess is not a winding-up lump sum.

[F6(2A)The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (2) such larger amount as is specified in the order.]

(3)The conditions [F7referred to in paragraph (c) of sub-paragraph (1) are that the person mentioned in that paragraph]—

F8(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)is not making contributions under any other registered pension scheme in respect of the member, and

(c)undertakes to the Inland Revenue not to make such contributions during the period of one year beginning with the day on which the lump sum is paid.

Textual Amendments

F1Words in Sch. 29 para. 10(1)(c) substituted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(2)

F2Words in Sch. 29 para. 10(1)(d) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 31, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F3Word in Sch. 29 para. 10(1)(d) inserted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 30(a)

F4Sch. 29 para. 10(1)(f) and word omitted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 30(b)

F5Word in Sch. 29 para. 10(2) substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 5(2)

F6Sch. 29 para. 10(2A) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 5(3)

F7Words in Sch. 29 para. 10(3) substituted (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(3)(a)

F8Sch. 29 para. 10(3)(a) repealed (19.7.2007) (with effect in accordance with Sch. 20 para. 24(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 20 para. 12(3)(b), Sch. 27 Pt. 3(2)

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