- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
9.—(1) Section 237B of FA 2004 (liability of scheme administrator) applies in relation to—
(a)a Chapter 1 scheme,
(b)the tax year 2022-23, and
(c)an individual who has any remediable service in any earlier tax year,
subject to the modifications specified in paragraph (2).
(2) The modifications of section 237B of FA 2004 mentioned in paragraph (1) are as follows—
(a)the conditions in paragraphs (a) and (b) of subsection (1) are to be treated as met;
(b)subsection (3) has effect as if for paragraph (a) there were substituted—
“(a)does not exceed—
where—
“A” is the amount of the individual’s liability to the annual allowance(1) charge for the tax year;
“B” is the aggregate of the pension input amounts(2) for the tax year in respect of arrangements relating to the individual under the pension scheme;
“C” is the aggregate of the pension input amounts for the tax year in respect of arrangements relating to the individual under all registered pension schemes; and”;
(c)subsections (4) to (4B) are to be ignored.
(3) In the application of section 237BA of FA 2004 in relation to a scheme pays notice given in relation to a Chapter 1 scheme for the tax year 2022-23 by an individual who has any remediable service in any earlier tax year, the reference in subsection (2) of that section to 31st July is to be read as a reference to 6th July 2025 or, where the condition in paragraph (4) is met, 6th July 2027.
(4) The condition is that—
(a)the remediable service in question is pensionable under a Chapter 1 legacy scheme, and
(b)the member is a pensioner or deceased member.
(5) For the purposes of paragraph (4)(b) the member is a pensioner or deceased member if an election under section 6 of PSPJOA 2022 (immediate choice to receive new scheme benefits) has been made, or is capable of being made, in respect of them.
For the purposes of Part 4 of FA 2004 (c. 12), section 228 of that Act provides for the annual allowance for the tax year 2014-15 and each subsequent tax year.
For the purposes of Part 4 of FA 2004, the total pension input amount is arrived at by following the provision made by section 229 of that Act. Section 229 also provides for what is meant by the pension input amount in respect of an arrangement.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: