Part 1 Abolition of Lifetime Allowance Charge
Finance Act 2024 (2024 c 3) | Legislation

SCHEDULE 9 Pensions

Section 14

Part 1 Abolition of Lifetime Allowance Charge

1

Part 4 of FA 2004 (pension schemes etc) is amended as follows.

2

In section 204 (tax charges: authorised pensions and lump sums), after subsection (2) insert—

“(3)     For further provision, in addition to that contained in this Chapter, about the taxation of pensions and lump sums which are authorised to be paid by this Part, see—

(a)     Chapter 5A of Part 9 of ITEPA 2003 (pensions under registered pension schemes);

(b)     Chapter 15A of that Part of that Act (lump sums under registered pension schemes).â€

3

Omit sections 214 to 226 (lifetime allowance charge) and the italic heading before those sections.

4

(1)     Section 232 (annual allowance charge: cash balance arrangements: adjustments of closing value) is amended as follows.

(2)     In subsection (8A)(c)—

(a)     omit “or, but for paragraph 15A of Schedule 32, would occurâ€;

(b)     for “lifetime allowance excess lump sum†substitute “pension commencement excess lump sumâ€.

(3)     In subsection (8D)—

(a)     in paragraph (a) omit “or benefit crystallisation event 5, 5A or 5B occurs in relation to the individual and the pension schemeâ€;

(b)     in paragraph (b) omit “or

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