OpenLegislation

Paragraph 16AE F1F2

(1)

In paragraphs 16AC(3) and 16AD(3), U% means the highest of—

(a)

5%,

(b)

CPI% (see sub-paragraph (2)), and

(c)

RPI% (see sub-paragraph (3)).

(2)

If the consumer prices index for September in year P is higher than the consumer prices index for September in the tax year preceding year P, CPI% is the percentage increase in the index (but is otherwise 0%).

(3)

If the retail prices index for September in year P is higher than the retail prices index for September in the tax year preceding year P, RPI% is the percentage increase in the index (but is otherwise 0%).

(4)

In this paragraph “year P” has the same meaning as in paragraph 16AC or (as the case may be) paragraph 16AD.

Annotations

Textual amendments

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)

Notes on Schedule 28

Modifications

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)