Paragraph 42

United Kingdom

(1)

Section 636A of ITEPA 2003 (exemption for certain lump sums under registered pension schemes) is amended as follows.

(2)

In subsection (1)—

(a)

in paragraph (b), after “serious ill-health lump sum” insert “ paid to a member who has not reached the age of 75 ”;

F1(b)

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F2(c)

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F3(3)

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F4(4)

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(5)

In subsection (7)—

(a)

after “ “defined benefits lump sum death benefit”,” insert—

““drawdown pension fund lump sum death benefit”,”;

(b)

after “ “pension protection lump sum death benefit”,” insert “ and ”;

(c)

omit “ “unsecured pension fund lump sum death benefit”,” (and the “and” before it).

Annotations

F1: Sch. 16 para. 42(2)(b) omitted (with effect in accordance with s. 22(12) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 22(11)(a)
F2: Sch. 16 para. 42(2)(c) omitted (with application in accordance with Sch. 2 para. 20 of the amending Act) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 19(4)(a)
F3: Sch. 16 para. 42(3) omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(3)(a)
F4: Sch. 16 para. 42(4) omitted (with effect in accordance with s. 22(12) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 22(11)(a)