Finance Act 2004

Winding-up lump sums paid by former approved superannuation funds U.K.

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)

C1 Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1)

C2 Sch. 36 paras. 35, 36 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 32