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Finance Act 2004

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Point in time view as at 01/10/2023.

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There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Winding-up lump sums paid by former approved superannuation funds. Help about Changes to Legislation

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)

C2Sch. 36 paras. 35, 36 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 32

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