Paragraph 47

Section 12 (dispositions allowable for income tax or conferring benefits under pension scheme) is amended as follows.

After subsection (2) insert—

“(2ZA)

Where a person who is a member of a registered pension scheme, a qualifying non-UK pension scheme or a section 615(3) scheme omits to exercise pension rights under the pension scheme, section 3(3) above does not apply in relation to the omission.”

Omit subsections (2A) to (2E).