# Finance Act 2024, Paragraph 127A: Availability of member’s overseas transfer allowance


(1) This paragraph applies where—
(a) one or more benefit crystallisation events within the meaning of Part 4 of FA 2004 occurred in relation to an individual before 6 April 2024, ...
(b) a transfer of the kind mentioned in section 244IA(1)(a) of FA 2004 is made in relation to the individual on or after that date , and
(c) at the time the transfer is made, the individual is not an individual to whom paragraph 12 of Schedule 36 to FA 2004 applies (enhanced protection).
(2) Where the individual’s ... lifetime allowance previously-used amount is equal to or greater than the individual’s lifetime allowance, none of the individual’s overseas transfer allowance is available on the making of the transfer.
(3) Otherwise, the amount of the individual’s overseas transfer allowance that is available on the making of the transfer is—
(a) the amount of that allowance that is available in accordance with section 244IC of FA 2004 on the making of the transfer, less
(b) the individual’s ... lifetime allowance previously-used amount,
or, if that produces a negative result, nil.
(4) Sub-paragraph (5) applies where the individual’s lifetime allowance previously-used amount includes one or more amounts (“crystallised drawdown amounts”) that are attributable to the occurrence, before 6 April 2024, of benefit crystallisation event 1 (designation of money purchase funds for drawdown).
(5) The individual’s lifetime allowance previously-used amount is to be reduced for the purposes of sub-paragraphs (2) and (3) (but not below zero) by—
(a) if there is only one crystallised drawdown amount, the amount given by the following formula in relation to it, or
(b) if there is more than one crystallised drawdown amount, the sum of the amounts given by the following formula in relation to each of them.
(6) The formula is—
AB×1,073,100where—
“A” is the crystallised drawdown amount in question;
“B” is the individual’s lifetime allowance on the occurrence of the benefit crystallisation event to which the crystallised drawdown amount in question is attributable.

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Source: https://www.legislation.gov.uk/ukpga/2024/3/schedule/9/paragraph/127A (the official version)
Page: https://openlegislation.uk/finance-act-2024/schedule-9/paragraph-127A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.