Part 2 Taxation of Lump Sums
Finance Act 2024 (2024 c 3) | Legislation

Part 2 Taxation of Lump Sums

Amendments of Part 4 of FA 2004 (pension schemes etc)

15

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

16

In section 164 (authorised member payments), in subsection (2)(c), for the words from “for the purposes of†to the end substitute “as a relevant benefit crystallisation event for the purposes of section 637Q or 637S of ITEPA 2003 (availability of individual's lump sum allowance and lump sum and death benefit allowance).â€

17

(1)     Section 166 (lump sum rule) is amended as follows.

(2)     In subsection (1), in the lump sum rule—

(a)     after paragraph (a) insert—

“(aa)     a pension commencement excess lump sum,â€;

(b)     at the end of paragraph (e) insert “, orâ€;

(c)     omit paragraphs (g) and (h).

(3)     In subsection (2)—

(a)     omit paragraph (za);

(b)     in paragraph (a), for “any other pension commencement lump sum†substitute “a pension commencement lump sum or a pension commencement excess lump sumâ€.

18

In section 168 (lump sum death benefit rule), in subsection (1), in the lump sum death benefit rule—

(a)     at the end of paragraph (f) insert “, orâ€;

(b)     omit paragraph (i) (and

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