Finance Act 2004

Part 1 U.K. Lump sum rule

Modifications etc. (not altering text)

C3 Sch. 29 Pt. 1 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 25(1)(2)(4)

C4 Sch. 29 Pt. 1 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 11

Pension commencement lump sum U.K.

1 (1) For the purposes of this Part a lump sum is a pension commencement lump sum if— U.K.

F1 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2 (aa) the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it)],

(b) it is paid when all or part of the member’s [F3 lump sum allowance is available, and all or part or the member’s lump sum and death benefit allowance is available (see paragraph 12A),]

(c) it is paid within the period [F4 beginning six months before, and ending one year after,] the day on which the member becomes entitled to it [F5 , and]

(d) it is paid when the member has reached normal minimum pension age (or the ill-health condition is satisfied),

F6 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7 ...

F7 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) But if a lump sum falling within sub-paragraph (1) exceeds the permitted maximum, the excess is not a pension commencement lump sum.

(3) A pension is a relevant pension if—

(a) it is income withdrawal, a lifetime annuity or a scheme pension, and

(b) the member becomes entitled to it F8 ... [F9 under the pension scheme] under which the member becomes entitled to the lump sum.

F10 (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12 (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Paragraph 2 defines the permitted maximum.

F13 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 29 para. 1(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 101 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 24(2)(a)

F2 Sch. 29 para. 1(1)(a)(aa) substituted (retrospective to 6.4.2006) for Sch. 29 para. 1(1)(a) by Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(a), 24(3)

F3 Words in Sch. 29 para. 1(1)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(a)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F4 Words in Sch. 29 para. 1(1)(c) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(b), 24(3)

F5 Word in Sch. 29 para. 1(1)(c) inserted (24.5.2024) by Finance (No. 2) Act 2024 (c. 12), s. 24(6)(a)

F6 Words in Sch. 29 para. 1(1)(e) omitted (retrospective to 6.4.2006) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 11(2)(c), 24(3)

F7 Sch. 29 para. 1(1)(f) and preceding word omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(6)(b)

F8 Words in Sch. 29 para. 1(3)(b) omitted (with effect in accordance with Sch. 16 paras. 85, 101 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 79(2)

F9 Words in Sch. 29 para. 1(3)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 34(2), 64(1)

F10 Sch. 29 para. 1(3A) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F11 Sch. 29 para. 1(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F12 Sch. 29 para. 1(4A) omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(6)(c)

F13 Sch. 29 para. 1(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

Modifications etc. (not altering text)

C5 Sch. 29 para. 1 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 28

C6 Sch. 29 para. 1 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 7

C7 Sch. 29 para. 1(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 18

F14 1A U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14 Sch. 29 para. 1A omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F15 1B U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15 Sch. 29 para. 1B omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 26(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F16 2 U.K. In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lowest of the following amounts—

(a) the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D);

(b) so much of the member’s lump sum allowance as is available on the individual becoming entitled to the lump sum (see paragraph 12A);

(c) so much of the member’s lump sum and death benefit allowance as is available on the individual becoming entitled to the lump sum (see paragraph 12A).]

Textual Amendments

F16 Sch. 29 para. 2 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F17 2A (1) This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is income withdrawal. U.K.

(2) The applicable amount is one third of the scheme pension capital value.

(3) The scheme pension capital value is (subject to sub-paragraph (4)) the aggregate of—

(a) the sums designated as available for the payment of drawdown pension on that occasion, and

(b) the market value of the assets so designated.

(4) There is to be deducted from the amount determined under sub-paragraph (3) so much (if any) of the sums and assets designated as mentioned in sub-paragraph (3)(a) or (b) as represent rights attributable to a disqualifying pension credit.

Textual Amendments

F17 Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

2B (1) This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a lifetime annuity. U.K.

(2) The applicable amount is one third of the annuity purchase price.

(3) The annuity purchase price is (subject to sub-paragraph (4)) the aggregate of—

(a) such of the sums held for the purposes of the pension scheme, and

(b) the market value of such of the assets held for the purposes of the pension scheme,

as are applied in (or in connection with) the purchase of the lifetime annuity and any related dependants’ annuity and any related nominees’ annuity.

(4) There is to be deducted from the amount determined under sub-paragraph (3)—

(a) if the sums or assets applied in (or in connection with) the purchase of the annuity or any related dependants’ annuity or any related nominees’ annuity consist of, or include, sums or assets representing the whole or part of the member’s drawdown pension fund or of the member's flexi-access drawdown fund, the aggregate of those sums and the market value of those assets, and

(b) in any case, so much (if any) of the sums or assets applied in (or in connection with) the purchase of the annuity or any related dependants’ annuity or any related nominees’ annuity as represents rights which are attributable to a disqualifying pension credit.

Textual Amendments

F17 Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

2C (1) This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is— U.K.

(a) a scheme pension under a defined benefits arrangement, or

(b) a collective money purchase arrangement.

(2) The applicable amount is (subject to sub-paragraph (3))—

where—

• A is the amount of the lump sum;

• B is the relevant revaluation factor (see section 276);

• C is the amount of the pension which will be payable to the member in the period of 12 months beginning with the day on which the member becomes entitled to the pension (assuming that it remains payable throughout that period at the rate at which it is payable on that day);

• D is so much (if any) of A or C as represents rights which are attributable to a disqualifying pension credit.

(3) In determining C for the purposes of subsection (2) in a case in which the pension is under a public service pension scheme, any abatement of the pension is to be left out of account.

Textual Amendments

F17 Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

2D (1) This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement. U.K.

(2) The applicable amount is one third of the scheme pension purchase price.

(3) The scheme pension purchase price is (subject to sub-paragraph (4)) the aggregate of—

(a) such of the sums held for the purposes of the pension scheme, and

(b) the market value of such of the assets held for the purposes of the pension scheme,

as are applied in (or in connection with) the purchase or provision of the scheme pension and any related dependants’ scheme pension.

(4) There is to be deducted from the amount determined under sub-paragraph (3)—

(a) if the scheme pension is funded (in whole or in part) by the application of sums or assets representing the whole or part of the member’s drawdown pension fund or of the member’s flexi-access drawdown fund, the aggregate of those sums and the market value of those assets, and

(b) in any case, so much (if any) of the sums and assets referred to in sub-paragraph (3)(a) and (b) as represent rights which are attributable to a disqualifying pension credit.]

Textual Amendments

F17 Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F17 3 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17 Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F18 Pension commencement lump sums: anti-avoidance] U.K.

Textual Amendments

F18 Sch. 29 para. 3A cross-heading inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F19 3A (1) Where this paragraph applies in relation to a pension commencement lump sum paid to the member, the pension scheme is to be treated as making to the member an unauthorised payment of the appropriate amount. U.K.

(2) Subject to [F20 sub-paragraphs (3) to (4A)], this paragraph applies in relation to a pension commencement lump sum if—

(a) because of the lump sum, the amount of the contributions paid by or on behalf of, or in respect of, the member to the pension scheme, or to any other registered pension scheme, is significantly greater than it otherwise would be, and

(b) the member envisaged at the relevant time that that would be so.

(3) This paragraph does not apply in relation to any lump sum paid to the member on any day if the amount of the lump sum, when added to any other pension commencement lump sum paid to the member within the period of 12 months ending with that day, does not exceed [F21 £7,500].

(4) This paragraph does not apply if the amount by which the contributions paid as mentioned in sub-paragraph (2)(a) is greater than it otherwise would be because of the lump sum does not exceed 30% of the amount of the lump sum.

[F22 (4A) This paragraph does not apply if—

(a) the member has reached the age of 75 when the contributions are paid as mentioned in sub-paragraph (2)(a), and

(b) the contributions are not paid by an employer of the member.]

[F23 (5) “The appropriate amount” is [F24 the amount of the lump sum].

(6) “The relevant time” is—

(a) if paragraph (a) of sub-paragraph (2) is satisfied before the lump sum is paid, the time when that paragraph is first satisfied, and

(b) otherwise, the time when the lump sum is paid.]]

Textual Amendments

F19 Sch. 29 para. 3A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 159(1)(2)

F20 Words in Sch. 29 para. 3A(2) substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(2)

F21 Sum in Sch. 29 para. 3A(3) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 70(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 70(1)

F22 Sch. 29 para. 3A(4A) inserted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(3)

F23 Sch. 29 para. 3A(5) substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 27(4)

F24 Words in Sch. 29 para. 3A(5) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

Modifications etc. (not altering text)

C8 Sch. 29 para. 3A excluded (N.I.) (1.4.2015) by The Teachers Pension Scheme Regulations (Northern Ireland) 2014 (S.R. 2014/310), regs. 1, 167(1)

C9 Sch. 29 para. 3A excluded (E.W.) (1.4.2015) by The Teachers' Pension Scheme Regulations 2014 (S.I. 2014/512), reg. 167(1) (with reg. 183)

[F25 3B (1) Sub-paragraph (2) applies if— U.K.

(a) sums or assets held for the purposes of, or representing accrued rights under, a money purchase arrangement relating to the member under a registered pension scheme (“member money purchase funds”) are subject to a relevant surrender or a relevant transfer,

(b) the sole or main purpose of the relevant surrender or relevant transfer is to increase the applicable amount for the purposes of paragraph 2 on the member becoming entitled to a scheme pension, and

(c) the member becomes entitled to a scheme pension under a relevant defined benefits arrangement.

(2) The pension scheme under which the relevant defined benefits arrangement is an arrangement is to be treated as making an unauthorised payment to the member of the amount by which—

(a) the applicable amount in relation to the relevant defined benefits arrangement (as determined under paragraph 2C), exceeds

(b) what would be the applicable amount (as determined under paragraph 2D) if the arrangement were a money purchase arrangement.

(3) For the purposes of sub-paragraph (1)—

(a) member money purchase funds are subject to a “relevant surrender” if they are surrendered and, in consequence of the surrender, there is a corresponding increase in the sums or assets held for the purposes of, or representing rights under, a defined benefits arrangement relating to the member under the pension scheme (or such an arrangement is established), and

(b) member money purchase funds are subject to a “relevant transfer” if they are transferred so as to become held for the purposes of, or to represent rights under, a defined benefits arrangement relating to the member under any other registered pension scheme.

(4) In this paragraph “relevant defined benefits arrangement” means—

(a) the defined benefits arrangement mentioned in paragraph (a) or (b) of sub-paragraph (3), or

(b) any other defined benefits arrangement relating to the member (under the pension scheme or any other registered pension scheme) in the case of which any of the sums or assets held for the purposes of, or representing accrued rights under, the arrangement directly or indirectly represent sums or assets previously held for the purposes of, or representing accrued rights under, the defined benefits arrangement so mentioned.]

Textual Amendments

F25 Sch. 29 para. 3B inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(8), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F26 Pension commencement excess lump sum U.K.

Textual Amendments

F26 Sch. 29 para. 3C and cross-heading inserted ( for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(9), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

3C (1) For the purposes of this Part a lump sum is a pension commencement excess lump sum if— U.K.

(a) the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it);

(b) it is paid when none of the member’s lump sum allowance [F27 , or when none of the individual’s lump sum and death benefit allowance,] is available (see paragraph 12A);

(c) it is paid within the period beginning six months before, and ending one year after, the day on which the member becomes entitled to it;

(d) it does not reduce the rate of payment of any pension to which the member has become (actually) entitled, or extinguish the member’s entitlement to payment of any such pension;

(e) it is paid when the member has reached normal minimum pension age (or the ill-health condition is met); and

(f) it is not an excluded lump sum (see sub-paragraph (4)).

F28 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F29 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) A lump sum is an “excluded lump sum” if—

(a) it would, apart from this paragraph, be permitted to be paid under the lump sum rule in section 166, F30 ...

F30 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In determining for the purposes of this paragraph—

(a) whether any of a member’s lump sum allowance [F31 or lump sum and death benefit allowance] is available on the payment of a lump sum, F32 ...

F32 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the member is treated as having already become entitled to any pension commencement lump sum that is paid to the member in connection with becoming entitled to the relevant pension.]

Textual Amendments

F27 Words in Sch. 29 para. 3C(1)(b) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(a)

F28 Sch. 29 para. 3C(2) 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(10)(b)

F29 Sch. 29 para. 3C(3) 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(10)(b)

F30 Sch. 29 para. 3C(4)(b) and preceding word omitted (24.5.2024) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 24(7)

F31 Words in Sch. 29 para. 3C(5)(a) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(10)(c)(i)

F32 Sch. 29 para. 3C(5)(b) 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(10)(c)(ii)

Serious ill-health lump sum U.K.

4 (1) For the purposes of this Part a lump sum is a serious ill-health lump sum if— U.K.

(a) before it is paid the scheme administrator has received evidence from a registered medical practitioner that the member is expected to live for less than one year, [F33 and]

F34 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F35 (ca) either—

(i) it is paid in respect of an uncrystallised arrangement, and it extinguishes the member's entitlement to benefits under the arrangement, or

(ii) it is paid in respect of uncrystallised rights of the member under an arrangement other than an uncrystallised arrangement, and it extinguishes the member's uncrystallised rights under the arrangement.]

F36 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) An uncrystallised arrangement is an arrangement [F37 under which the member has not previously become entitled to any pension or lump sum].

[F38 (2A) In subsection (1)(ca)(ii) “uncrystallised rights”, in relation to the member, means rights of the member that are uncrystallised rights as defined by section 212(1) and (2).]

F39 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F33 Word in Sch. 29 para. 4(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 27(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F34 Sch. 29 para. 4(1)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 27(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F35 Sch. 29 para. 4(1)(ca) substituted for Sch. 29 para. 4(1)(c)(d) (with effect in accordance with Sch. 5 para. 4 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 1(4)(b)

F36 Sch. 29 para. 4(1)(e) 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. 28(2)(b)

F37 Words in Sch. 29 para. 4(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 27(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F38 Sch. 29 para. 4(2A) inserted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 1(5)

F39 Sch. 29 para. 4(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 27(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

Modifications etc. (not altering text)

C10 Sch. 29 para. 4(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1

C11 Sch. 29 para. 4(2) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 33(1)-(3)

[F40 Uncrystallised funds pension lump sum U.K.

Textual Amendments

F40 Sch. 29 para. 4A and cross-heading inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 57

4A (1) For the purposes of this Part a lump sum is an uncrystallised funds pension lump sum if— U.K.

(a) it is paid on or after 6 April 2015 in respect of a money purchase arrangement [F41 that is not a collective money purchase arrangement],

F42 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) it is paid when the member has reached normal minimum pension age (or the ill-health condition is met),

(d) it is not a pension commencement lump sum,

(e) it is not a lump sum that, for the purposes of Part 9 of ITEPA 2003 (pension income), is treated by regulations under section 164(1)(f) and (2) as a trivial commutation lump sum paid to the member, [F43 and]

(f) immediately before the member becomes entitled to it, the sums or assets that are to be used to provide it—

(i) represent rights of the member under the scheme that are uncrystallised rights as defined by section 212(1) and (2), but

(ii) do not to any extent represent rights attributable to a disqualifying pension credit, F44 ...

F45 (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F46 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F47 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F47 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F47 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F47 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F49 (8) For further provision about circumstances in which a lump sum is not an uncrystallised funds pension lump sum, see the following provisions of Part 2 of Schedule 36 (transitional provision and saving: pre-commencement rights: enhancement of allowances)—

(a) paragraph 7(8) (enhancement of allowances: primary protection);

(b) paragraph 12(3H) (enhancement of allowances: enhanced protection);

(c) paragraph 18(7) (enhancement of allowances: pre-commencement pension credits);

(d) paragraph 20A(8) (pension credits from previously crystallised rights);

(e) paragraph 20B(8) (individuals who are not always relevant UK individuals);

(f) paragraph 20E(9) (transfers from recognised overseas pension schemes).]]

Textual Amendments

F41 Words in Sch. 29 para. 4A(1)(a) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(5), 25(1); S.I. 2022/874, reg. 2

F42 Sch. 29 para. 4A(1)(b) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 28(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F43 Word in Sch. 29 para. 4A(1)(e) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F44 Word in Sch. 29 para. 4A(1)(f) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F45 Sch. 29 para. 4A(1)(g) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(2)(c), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F46 Sch. 29 para. 4A(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 28(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F47 Sch. 29 para. 4A(3)-(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 63(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F48 Sch. 29 para. 4A(7) 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(11)

F49 Sch. 29 para. 4A(8) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 63(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

Short service refund lump sum U.K.

5 (1) For the purposes of this Part a lump sum is a short service refund lump sum if— U.K.

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

(b) the member’s pensionable service was terminated before normal pension age but the member is not entitled to short service benefit by virtue of section 71 of the Pension Schemes Act 1993 (c. 48) (basic principle as to short service benefit),

[F50 (c) the member has not previously become entitled to any pension or lump sum under the pension scheme,]

(d) it extinguishes the member’s entitlement to benefits under the pension scheme [F51 (except to the extent that it is prohibited from being extinguished by the payment of a lump sum by reason of the operation of provision made by or under any enactment)], and

(e) it is paid when the member has not reached the age of 75.

(2) But if a lump sum falling within sub-paragraph (1) exceeds an amount equal to the aggregate of the member’s contributions under the pension scheme, the excess is not a short service refund lump sum.

[F52 (2A) In sub-paragraph (2) the reference to the member's contributions includes—

(a) any amount paid under section 7 of the Social Security Act 1986 (incentive payments to schemes becoming contracted-out between 1986 and 1993),

(b) any amount paid by the Commissioners for Her Majesty's Revenue and Customs under section 42A(3) of the Pension Schemes Act 1993 or section 38A(3) of the Pension Schemes (Northern Ireland) Act 1993 (rebates), and

(c) any amount recovered by the member's employer under regulations falling within sub-paragraph (2B) in respect of minimum payments made to the scheme in relation to any period before 6 April 2012.

(2B) Those regulations are regulations which were made under—

(a) section 8(3) of the Pension Schemes Act 1993 (recovery of minimum payments), or

(b) section 4(3) of the Pension Schemes (Northern Ireland) Act 1993 (corresponding provision for Northern Ireland).]

(3) “Pensionable service”, “normal pension age” and “short service benefit” have the same meaning as in the Pension Schemes Act 1993 (see section 181 (1) of that Act).

Textual Amendments

F50 Sch. 29 para. 5(1)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 29(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F51 Words in Sch. 29 para. 5(1)(d) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 27

F52 Sch. 29 para. 5(2A)(2B) inserted (retrospective to 6.4.2013) by Finance Act 2013 (c. 29), s. 52(8)(10)

Refund of excess contributions lump sum U.K.

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 [F53 (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 [F54 (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.

[F55 (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.]

Textual Amendments

F53 Words in Sch. 29 para. 6(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(2)

F54 Words in Sch. 29 para. 6(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(2)

F55 Sch. 29 para. 6(7) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 28(3)

Trivial commutation lump sum U.K.

7 (1) For the purposes of this Part a lump sum is a trivial commutation lump sum if— U.K.

(a) it is paid when no trivial commutation lump sum has previously been paid to the member (by any registered pension scheme) or, if such a lump sum has previously been paid, before the end of the commutation period,

[F56 (aa) it is paid in respect of a defined benefits arrangement, [F57 or in respect of a collective money purchase arrangement,] [F58 or in respect of a scheme pension payable by the scheme administrator to which the member has become entitled under a money purchase arrangement [F59 that is not a collective money purchase arrangement] (an “in-payment money-purchase in-house scheme pension”), [F60 or in respect of any combination of such arrangements and scheme pensions],]]

(b) on the nominated date, the value of the member’s pension rights does not exceed the commutation limit,

(c) it is paid when all or part of the member’s [F61 lump sum allowance is available (see paragraph 12A)],

(d) it extinguishes [F62 any entitlement to defined benefits [F63 , and any entitlement to collective money purchase benefits,] [F64 , and any entitlement to payments of in-payment money-purchase in-house scheme pensions,] that the member has] under the pension scheme, and

(e) it is paid when the member has reached [F65 normal minimum pension age (or the ill-health condition is met)] F66 ....

(2) The commutation period is the period beginning with the day on which a trivial commutation lump sum is first paid to the member and ending 12 months after that day.

(3) The nominated date is the day within the period of three months ending with the first day of the commutation period nominated by the member (or, if no date is nominated, is the first day of the commutation period).

(4) The commutation limit is [F67 £30,000].

[F68 (4A) The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (4) such larger amount as is specified in the order.]

(5) The value of the member’s pension rights on the nominated date is the aggregate of—

(a) the value of the member’s relevant crystallised pension rights on that date (calculated in accordance with paragraph 8), and

(b) the value of the member’s uncrystallised rights on that date (calculated in accordance with paragraph 9).

Textual Amendments

F56 Sch. 29 para. 7(1)(aa) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(a)

F57 Words in Sch. 29 para. 7(1)(aa) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(i), 25(1); S.I. 2022/874, reg. 2

F58 Words in Sch. 29 para. 7(1)(aa) inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 7(2)

F59 Words in Sch. 29 para. 7(1)(aa) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(ii), 25(1); S.I. 2022/874, reg. 2

F60 Words in Sch. 29 para. 7(1)(aa) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(a)(iii), 25(1); S.I. 2022/874, reg. 2

F61 Words in Sch. 29 para. 7(1)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 30(1), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F62 Words in Sch. 29 para. 7(1)(d) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(b)

F63 Words in Sch. 29 para. 7(1)(d) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 21(6)(b), 25(1); S.I. 2022/874, reg. 2

F64 Words in Sch. 29 para. 7(1)(d) inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2016 (c. 24), Sch. 5 para. 7(3)

F65 Words in Sch. 29 para. 7(1)(e) substituted (17.12.2014) (with effect in accordance with Sch. 1 para. 71(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 71(1)(c)

F66 Words in Sch. 29 para. 7(1)(e) 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. 29

F67 Sum in Sch. 29 para. 7(4) substituted (with effect in accordance with s. 42(8) of the amending Act) by Finance Act 2014 (c. 26), s. 42(1)

F68 Sch. 29 para. 7(4A) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 4(3)

Modifications etc. (not altering text)

C12 Sch. 29 para. 7(1)(a)(b) excluded (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 25(2) (with reg. 1(3))

8 (1) The value of the member’s relevant crystallised pension rights on the nominated date is F69 ...— U.K.

F70 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F71 (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.]

F72 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F72 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F69 Words 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)

F70 Sch. 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)

F71 Sch. 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)

F72 Sch. 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)

9 (1) The value of the member’s uncrystallised rights on the nominated date is the aggregate value of the member’s uncrystallised rights on that date under each arrangement relating to the member under a registered pension scheme. U.K.

(2) The value on the nominated date of the member’s uncrystallised rights under such an arrangement is to be calculated in accordance with section 212 (valuation of uncrystallised rights for purposes of section 210).

Winding-up lump sum U.K.

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) [F73 any 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 [F74 lump sum allowance is available (see paragraph 12A)], [F75 and]

(e) it extinguishes the member’s entitlement to benefits under the pension scheme, F76 ...

F76 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) But if a lump sum falling within sub-paragraph (1) exceeds [F77 £18,000,] the excess is not a winding-up lump sum.

[F78 (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 [F79 referred to in paragraph (c) of sub-paragraph (1) are that the person mentioned in that paragraph]—

F80 (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

F73 Words 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)

F74 Words 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)

F75 Word 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)

F76 Sch. 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)

F77 Word 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)

F78 Sch. 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)

F79 Words 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)

F80 Sch. 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)

F81 ... U.K.

Textual Amendments

F81 Sch. 29 para. 11 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 32, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F81 11 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F82 ... U.K.

Textual Amendments

F82 Sch. 29 para. 11A and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 33, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F82 11A U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation F83 ... U.K.

Textual Amendments

F83 Words in Sch. 29 para. 12 cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 34, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

12 (1) Expressions used in this Part of this Schedule and in Schedule 28 have the same meaning in this Part of this Schedule as in Schedule 28. U.K.

F84 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F84 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F84 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F84 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Where by virtue of paragraph 1(2), [F85 3C(2)], 5(2), 6(2) or 10(2) an excess is not an authorised lump sum of one description, that does not prevent the excess being an authorised lump sum of another description.

(6) “Authorised lump sum” means a lump sum authorised to be paid by the lump sum rule.

Textual Amendments

F84 Sch. 29 para. 12(1A)-(4) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 35(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F85 Word in Sch. 29 para. 12(5) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 35(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

[F86 12A (1) In this Part of this Schedule, a reference to the amount of an individual’s lump sum allowance that is available on the individual becoming entitled to a lump sum, or being paid a lump sum, is to the amount of that allowance that would be so available on the following assumption. U.K.

(2) The assumption is that the individual becoming entitled to or (as the case may be) being paid the lump sum was a relevant benefit crystallisation event within the meaning of section 637Q of ITEPA 2003 (availability of individual’s lump sum allowance).

(3) In this Part of this Schedule, a reference to the amount of an individual’s lump sum and death benefit allowance that is available on the individual becoming entitled to a lump sum, or being paid a lump sum, is to the amount of that allowance that would be so available on the following assumption.

(4) The assumption is that the individual becoming entitled to or (as the case may be) being paid the lump sum was a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).]

Textual Amendments

F86 Sch. 29 para. 12A inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 36, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)