Paragraph 11

Paragraph 34(2) is amended as follows.

In the sub-paragraph (5) treated as substituted, for “ CSLA ” substitute “ULA”.

In the sub-paragraph (7) treated as substituted, for the definition of CSLA substitute— “ ULA is the underpinned lifetime allowance, ”.

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

“(7AZA)

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).”