SCHEDULES

C3SCHEDULE 36Pension schemes etc: transitional provisions and savings

Annotations:
Modifications etc. (not altering text)
C3

Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3)

C1Part 3Pre-commencement benefit rights

Annotations:
Modifications etc. (not altering text)

Winding-up lump sums paid by former approved superannuation funds

C1C235

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).

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).