Part 4 Annual Allowances
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

Part 4 Annual Allowances

Basic structure of the annual allowance charge

63

(1)     Section 227 of FA 2004 (pensions under registered pension schemes: annual allowance charge) is amended as follows.

(2)     In subsection (1) (imposition of the charge) for the words from “where†to the end substitute “where an individual who is a member of one or more registered pension schemes has a chargeable amount for a tax year.â€

(3)     After subsection (1) insert—

“(1A)     The chargeable amount (if any) is to be determined in accordance with section 227ZA.â€

(4)     In subsection (4) (basic calculation of charge) for the words in the first sentence after “in respect of†substitute “the chargeable amount.â€

(5)     In subsection (4A) (the appropriate rate) for “excess†(in each place) substitute “chargeable amountâ€.

(6)     In subsection (5) (excess is not income) for “That excess†substitute “The chargeable amountâ€.

(7)     In subsection (6) (further provision)—

(a)     before the entry for section 228 insert—

“sections 227ZA and 227B (chargeable amount),

sections 227C to 227G (supplemental provision for calculations under section 227B),â€,

(b)     in the entry for section 229, for “229†substitute “229(1)â€, and

(c)     after that entry insert—

“section 229(2) to

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