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Paragraph 20H C1C2F1

(1)

This paragraph applies for determining the amount of the “enhanced lump sum and death benefit allowance” of an individual in relation to whom one or more lump sum and death benefit allowance enhancement factors operate.

(2)

The individual’s “enhanced lump sum and death benefit allowance” is—

A + A × B

where—

  • A is—

    1. (a)

      in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (as defined in that provision);

    2. (b)

      B is the aggregate of the lump sum and death benefit allowance enhancement factors that operate in relation to the individual.

(3)

The following provisions are “relevant protection provisions”—

(a)

paragraph 7 of this Schedule (primary protection);

(b)

paragraph 14 of Schedule 18 to FA 2011 (fixed protection);

(c)

paragraph 1 of Schedule 22 to FA 2013 (“fixed protection 2014”);

(d)

paragraph 1 of Schedule 6 to FA 2014 (“individual protection 2014”);

(e)

paragraph 1 of Schedule 4 to FA 2016 (“fixed protection 2016”);

(f)

paragraph 9 of that Schedule (“individual protection 2016”).

(4)

The following paragraphs of this Schedule make provision for the operation of a lump sum and death benefit allowance enhancement factor in relation to an individual—

(a)

paragraph 7 (primary protection),

(b)

paragraph 18 (pre-commencement pension credits),

(c)

paragraph 20A (pension credits from previously crystallised rights),

(d)

paragraph 20B (non-residence: general), and

(e)

paragraph 20E (transfers from recognised overseas pension scheme: general).

Annotations

Textual amendments

F1

Sch. 36 para. 20H and cross-heading inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(16)

Modifications

C1

Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(9)(b) (with reg. 6))

C2

Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(10)(b) (with reg. 6))

Notes on Schedule 36

Modifications

C1

Sch. 36 applied (1.6.2018) by The Local Government Pension Scheme (Scotland) Regulations 2018 (S.S.I. 2018/141), regs. 1(1), 48(2)

C2

Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3; and as amended (for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(15) and by S.I. 2026/698, regs. 1(2)(6), 14(3))

Notes on Part 2

Textual amendments

F1

Words in Sch. 36 Pt. 2 heading substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(2)

F2

Words in Sch. 36 Pt. 2 heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 66, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)

Modifications

C1

Sch. 36 Pt. 2 applied (with modifications) (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 5-11