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Point in time view as at 01/10/2023.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Winding-up lump sums paid by former approved superannuation funds.
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Changes to Legislation
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Winding-up lump sums paid by former approved superannuation fundsU.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)
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