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Finance Act 2004

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Changes over time for: Paragraph 23A

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Version Superseded: 06/04/2024

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Status:

Point in time view as at 06/04/2007.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 23A. Help about Changes to Legislation

[F123A(1)Where—U.K.

(a)paragraph 19 applies to a benefit crystallisation event occurring in relation to an individual, and

(b)the benefit crystallisation event consists in the individual becoming entitled to a pension or a pension commencement lump sum,

paragraph 2(6) of Schedule 29 has effect as if CSLA were the current standard lifetime allowance reduced by the relevant percentage (within the meaning of paragraph 19).

(2)Sub-paragraph (3) applies where, after the occurrence in relation to an individual of a benefit crystallisation event in relation to which paragraph 19 has had effect, another benefit crystallisation event occurs in relation to the individual.

(3)If the amount crystallised on the previous benefit crystallisation event exceeded the available amount of the individual's lifetime allowance at the time of that benefit crystallisation event, paragraph 2(6) of Schedule 29 has effect as if, for the purposes of AAC, the amount crystallised were the available amount of the individual's lifetime allowance at that time.]

Textual Amendments

F1Sch. 36 para. 23A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 56, 64(1)

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