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Finance Act 2004
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Changes over time for: Paragraph 24
Version Superseded: 06/04/2024
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- 22/07/2004- Amendment
- 21/07/2009
Point in time - 06/04/2024- Amendment
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24(1)If the lump sum condition and the registration condition are met in relation to an individual—U.K.
(a)paragraphs 27 to 29 (which modify Schedule 29 in relation to pension commencement lump sums), and
(b)paragraph 30 (which makes provision about scheme chargeable payments),
apply in relation to the individual.
(2)The lump sum condition is met if on 5th April 2006 the amount of an individual’s total lump sum rights exceeds £375,000 (25% of the standard lifetime allowance for the tax year 2006-07).
(3)Paragraph 25 defines the amount of an individual’s total lump sum rights on that date.
(4)The registration condition is met if either or both of the notice requirements is met.
(5)The first notice requirement is met if notice of intention to rely on paragraph 7 (primary protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual.
(6)The second notice requirement is met if notice of intention to rely on paragraph 12 (enhanced protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual.
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