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Changes over time for: Paragraph 6


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 19/07/2006.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 6.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
6(1)A lump sum is a refund of excess contributions lump sum if—U.K.
(a)it is paid in respect of a tax year in which the excess contributions condition is met in respect of the member, and
(b)it is paid before the end of the period of six years beginning with the last day of the tax year in respect of which it is paid.
(2)But if a lump sum falling within sub-paragraph (1) exceeds the member’s available excess contributions allowance for the tax year in respect of which it is paid, the excess is not a refund of excess contributions lump sum.
(3)The excess contributions condition is met in respect of a member and a tax year if the amount of relievable pension contributions (see section 188(2) and (3)) paid in respect of the member in the tax year exceeds the maximum amount of relief to which the member is entitled for the tax year under section 190 (annual limit for relief).
(4)If no refund of excess contributions lump sum has been paid to the member in respect of a tax year (by any registered pension scheme), the available excess contributions allowance for that tax year is [(subject to sub-paragraph (7))]—
(5)If one or more refund of excess contributions lump sums have been paid to the member in respect of a tax year, the available excess contributions allowance for that tax year is [(subject to sub-paragraph (7))]—
or, if the amount resulting from that calculation is negative, is nil.
(6)In this paragraph—
RPC is the amount of the relievable pension contributions paid in respect of the member in the tax year,
MAR is the maximum amount of relief to which the member is entitled for the tax year under section 190, and
ALS is the aggregate of the refund of excess contributions lump sums previously paid to the member in respect of the tax year.
[(7)If any relief given in accordance with section 192(1) in relation to any contribution included in RPC is in excess of the maximum amount of relief to which the member is entitled under section 190, RPC is to be taken to be reduced by the amount of that excess.]
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