Paragraph 10

(1)

Paragraph 28(3) is amended as follows.

(2)

In the sub-paragraphs (6A) and (7) treated as substituted—

(a)

in the formula, for “CSLA” substitute “ ULA ”, and

(b)

for the definition of CSLA substitute— “ ULA is the underpinned lifetime allowance, and ”.

(3)

After the sub-paragraph (7) treated as substituted insert—

“(7A)
The underpinned lifetime allowance” is the greater of the current standard lifetime allowance and £1,800,000 (the standard lifetime allowance for the tax year 2011-12).”