Part 2 Lump Sum Death Benefits
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

Part 2 Lump Sum Death Benefits

Special lump sum death benefits charge

17

(1)     Section 206 of FA 2004 (special lump sum death benefits charge) is amended as follows.

(2)     After subsection (1) insert—

“(1ZA)     In subsection (1) the reference to a member (and to the member's death) are to be read—

(a)     in relation to—

(i)     a drawdown pension fund lump sum death benefit under paragraph 17(2) of Schedule 29, or

(ii)     a flexi-access drawdown fund lump sum death benefit under paragraph 17A(2) of Schedule 29,

as a reference to a dependant (and to the dependant's death),

(b)     in relation to a flexi-access drawdown fund lump sum death benefit under paragraph 17A(3) of Schedule 29, as a reference to a nominee (and to the nominee's death), and

(c)     in relation to a flexi-access drawdown fund lump sum death benefit under paragraph 17A(4) of Schedule 29, as a reference to a successor (and to the successor's death).â€

(3)     After subsection (1A) insert—

“(1B)     The special lump sum death benefits charge also arises where—

(a)     a lump sum death benefit is paid by a registered pension scheme in respect of a member of the scheme

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