Schedule 9Pensions
Part 6Commencement and transitional provision etc
F1Availability of member’s overseas transfer allowance
127A
(1)
This paragraph applies where—
(a)
one or more benefit crystallisation events within the meaning of Part 4 of FA 2004 occurred in relation to an individual before 6 April 2024, and
(b)
a transfer of the kind mentioned in section 244IA(1)(a) of FA 2004 is made in relation to the individual on or after that date.
(2)
Where the individual’s lifetime allowance previously-used amount is equal to or greater than the individual’s lifetime allowance, none of the individual’s overseas transfer allowance is available on the making of the transfer.
(3)
Otherwise, the amount of the individual’s overseas transfer allowance that is available on the making of the transfer is—
(a)
the amount of that allowance that is available in accordance with section 244IC of FA 2004 on the making of the transfer, less
(b)
the individual’s lifetime allowance previously-used amount,
or, if that produces a negative result, nil.