Paragraph 16AC F1 F2

(1)

This paragraph applies for the purposes of paragraph 16AB(4).

(2)

“The general limit” at a time in the tax year 2016-17 is £25,000.

(3)

“The general limit” at a time in a later tax year (“year T”)—

(a)

is given by—

G + (G \times U %)

where G is the general limit at times in the tax year (“year P”) that precedes year T, or

(b)

if the amount given by paragraph (a) is not a multiple of £100, is that amount rounded up to the nearest amount that is such a multiple.

(4)

See paragraph 16AE for the meaning of U%.

Annotations

F1: Sch. 28 paras. 16A-16C inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 28, 64(1)
F2: Sch. 28 paras. 16AA-16AE inserted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(3)(6)

C1: Sch. 28 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 14 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 5)