Part 2 Annual Allowance for, and Carry-Forward from, 2015–16
Finance (No 2) Act 2015 (2015 c 33) | Legislation

Part 2 Annual Allowance for, and Carry-Forward from, 2015–16

6

In Part 4 of FA 2004, after section 228B insert—

“228C Annual allowance for, and carry-forward from, 2015–16

(1)     The provisions relating to the annual allowance charge (whether provisions contained in or made under this or any other Act) have effect subject to the following rules.

2015–16 split into two tax years for annual allowance purposes

(2)     For the purposes of those provisions but subject to subsection (3), the tax year 2015–16 is to be treated as consisting of two tax years as follows—

(a)     one beginning with 6 April 2015 and ending with 8 July 2015 (“the pre-alignment tax year”), and

(b)     one beginning with 9 July 2015 and ending with 5 April 2016 (“the post-alignment tax year”).

(3)     Despite subsection (2)—

(a)     separate annual allowance charges for each of the pre-alignment and post-alignment tax years cannot arise, but a single annual allowance charge for the tax year 2015–16 arises if the individual has a chargeable amount for either or each of the pre-alignment and post-alignment tax years, and

(b)     that single annual allowance charge is calculated as if—

(i)     in section 227(4) the reference to the chargeable

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