8(1)The value of the member’s relevant crystallised pension rights on the nominated date is F1...—U.K.
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(b)the amount given by the formula—
where—
“A” is the member’s lump sum allowance;
“B” is the amount of the member’s lump sum allowance that is available (see paragraph 12A) on the payment of the lump sum in question;
“C” is the amount of any serious ill health lump sum already paid to the member so far as it was not chargeable to income tax.]
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Sch. 29 para. 8(1) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(12)(a)
F2Sch. 29 para. 8(1)(a) and word omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(12)(b)
F3Sch. 29 para. 8(1)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 30(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
F4Sch. 29 para. 8(2)(3) omitted (with effect in accordance with s. 42(8) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 42(2)(c)