35(1)For the tax year 2006-07, Schedule 29 (authorised lump sums) applies in relation to former approved superannuation funds with the modifications specified in sub-paragraphs (2) and (3).U.K.
(2)Paragraph 10 (winding-up lump sums) applies as if the following were omitted—
(a)sub-paragraph (1)(c) and (d),
(b)sub-paragraph (2), and
(c)sub-paragraph (3).
(3)Paragraph 11 (lifetime allowance excess lump sums) applies as if at the end of paragraph (b) there were inserted “or a winding-up lump sum”.
(4)Section 636B of ITEPA 2003 (taxation of trivial commutation and winding-up lump sums) applies in relation to a winding-up lump sum paid by a former approved superannuation fund in the tax year 2006-07 as if—
(a)in subsection (2), after “equal to” there were inserted “75% of”, and
(b)subsection (3) were omitted.
(5)“Former approved superannuation fund” has the meaning given by paragraph 1(3).
Modifications etc. (not altering text)
C1Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1)
C2Sch. 36 paras. 35, 36 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 32