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Finance Act 2009

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Changes over time for: Cross Heading: Increased special annual allowance

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Changes to legislation:

Finance Act 2009, Cross Heading: Increased special annual allowance is up to date with all changes known to be in force on or before 14 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1Increased special annual allowanceU.K.

17(1)This paragraph has effect where the mean of the infrequent money purchase contributions amount for the tax years 2006-07, 2007-08 and 2008-09 (“the relevant mean”) exceeds £20,000.U.K.

(2)Where the relevant mean is less than £30,000, this Schedule has effect as if the references in paragraph 1(4) and (5) to £20,000 were instead to the relevant mean.

(3)Where the relevant mean is £30,000 or more, this Schedule has effect as if those references were instead to £30,000.

(4)The “infrequent money purchase contributions amount” for a tax year is the aggregate of any relevant contributions paid in the tax year—

(a)under money purchase arrangements, other than cash balance arrangements, under registered pension schemes, and

(b)less frequently than on a quarterly basis;

(and so is nil if no such contributions were so paid).

(5)But if the infrequent money purchase contributions amount for a tax year would otherwise be greater than the annual allowance for the tax year, it is to be taken to be the annual allowance for the tax year.

(6)Relevant contributions” means contributions which are—

(a)relievable pension contributions by or on behalf of the individual, or

(b)contributions paid by an employer of the individual in respect of the individual.]

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