# Finance Act 2024, Paragraph 92: Amendments of Schedule 6 to FA 2014

Extent: E+W+S+N.I.

(1) In Schedule 6 to FA 2014 (transitional provision relating to new standard lifetime allowance for the tax year 2014-15 etc), in Part 1 (“individual protection 2014”), paragraph 1 (the protection) is amended as follows.
(2) In sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.
(3) For sub-paragraph (2) substitute—
“(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
(a) the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—
(i) 25% of the individual’s relevant amount;
(ii) £375,000, and
(b) the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—
(i) the individual’s relevant amount;
(ii) £1,500,000.”

---
Source: https://www.legislation.gov.uk/ukpga/2024/3/schedule/9/paragraph/92 (the official version)
Page: https://openlegislation.uk/finance-act-2024/schedule-9/paragraph-92
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.