SCHEDULE 36Pension schemes etc: transitional provisions and savings
Part 3Pre-commencement benefit rights
Winding-up lump sums paid by former approved superannuation funds
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).
(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).