Version Superseded: 17/12/2014
Point in time view as at 19/07/2011.
There are currently no known outstanding effects for the Finance Act 2004, Charity lump sum death benefit.
18(1)A lump sum death benefit is a charity lump sum death benefit if—U.K.
F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)there are no dependants of the member,
(c)it is paid [F2in respect of the member's drawdown pension fund] in respect of an arrangement at the date of the member’s death, and
(d)it is paid to a charity nominated by the member F3....
[F4(1A)A lump sum death benefit is also a charity lump sum death benefit if—
(a)the member had reached the age of 75 at the date of the member's death,
(b)there are no dependants of the member,
(c)it is paid in respect of relevant uncrystallised funds in respect of a money purchase arrangement at the date of the member's death, and
(d)it is paid to a charity nominated by the member.
(1B)“Relevant uncrystallised funds” has the meaning given by paragraph 15(2).]
(2)A lump sum death benefit is also a charity lump sum death benefit if—
(a)it is paid on the death of a dependant of the member,
F5(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)there are no other dependants of the member,
(d)it is paid in respect of [F6the dependant's drawdown pension fund] at the date of the dependant’s death in respect of an arrangement relating to the member, and
(e)it is paid to a charity nominated by the member [F7or, if the member made no nomination, by the dependant F8....]
(3)But if the amount of a lump sum falling within sub-paragraph (1) or (2) exceeds the permitted maximum, the amount of the excess is not a charity lump sum death benefit.
(4)The permitted maximum is the aggregate of—
(a)the amount of the sums, and
(b)the market value of the assets,
[F9representing what is the member's or dependant's drawdown pension fund] in respect of the arrangement immediately before the payment is made.
Textual Amendments
F1Sch. 29 para. 18(1)(a) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(a)
F2Words in Sch. 29 para. 18(1)(c) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(b)
F3Words in Sch. 29 para. 18(1)(d) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(2)(c)
F4Sch. 29 para. 18(1A)(1B) inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(3)
F5Sch. 29 para. 18(2)(b) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(a)
F6Words in Sch. 29 para. 18(2)(d) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(b)
F7Words in Sch. 29 para. 18(2)(e) substituted (19.7.2007 (with effect in accordance with Sch. 19 para. 29(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 16(5)
F8Words in Sch. 29 para. 18(2)(e) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 38(4)(c)
F9Words in Sch. 29 para. 18(4) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 38(5)
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