Part 1 “Individual Protection 2014”
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 6 Transitional Provision Relating to New Standard Lifetime Allowance for the Tax Year 2014–15 etc

Section 44

Part 1 “Individual Protection 2014”

The protection

1

(1)     [Sub-paragraphs (2) to (2B) apply] on and after 6 April 2014 in the case of an individual—

(a)     who, on 5 April 2014, has one or more relevant arrangements (see sub-paragraph (4)),

(b)     whose relevant amount is greater than £1,250,000 (see sub-paragraph (5)), and

(c)     in relation to whom paragraph 7 of Schedule 36 to FA 2004 (primary protection) does not [apply on that date],

if notice of intention to rely on it is given to an officer of Revenue and Customs before 6 April 2017.

[(2)     Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637P of that Act (individual's lump sum allowance) were the lower of—

(a)     25% of the individual's relevant amount, and

(b)     £375,000.

(2A)     Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified

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