50.—(1) No person is entitled under any provision of these Regulations to receive benefits the capital value of which exceed that person's lifetime allowance, except in accordance with actuarial guidance issued by the Secretary of State and any benefits to which a person is entitled are capped accordingly.
(2) In this regulation “lifetime allowance” is to be construed in accordance with section 218 of and Schedule 36 to the Finance Act 2004 M1 and, where applicable, is to include primary protection, enhanced protection or fixed protection within the meaning of those provisions.
(3) The capital value of a person's benefits shall be calculated in accordance with actuarial guidance issued by the Secretary of State.
Marginal Citations
M12004 c. 12; section 218 was amended by the Finance Act 2011 (c.11).There are numerous amendments to Schedule 36 which are not relevant to these regulations.