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Changes over time for: Paragraph 24
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Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2024
Status:
Point in time view as at 21/07/2009.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 24.
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Changes to Legislation
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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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