PART 1Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER 4Pensions
49Annual allowance: new annual allowance for the tax year 2014-15 and subsequent tax years
1
Section 228 of FA 2004 (annual allowance) is amended as follows.
2
For subsection (1) substitute—
1
The annual allowance for the tax year 2014-15 and, subject to subsection (2), each subsequent tax year is £40,000.
3
In subsection (2) for “2011-12” substitute “
2014-15
”
.
4
The amendments made by this section have effect for the tax year 2014-15 and subsequent tax years.