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Regulation 20 Carry forward of annual allowance

Original text. Later amendments are not shown.

(1)

This regulation applies where—

(a)

as a result of a rectification exercise, a member’s total pension input amount increases, and

(b)

all or part of that increase (“the excess amount”) would not have occurred if the rectification exercise had been retrospective.

(2)

The excess amount is to be disregarded for the purpose of determining, in accordance with section 228A of FA 2004 (carry forward of unused allowance)f1, whether that member has unused annual allowance available for any of the three tax years following the tax year in which the rectification exercise was conducted.

Annotations

Footnotes

f1

Section 228A was inserted by paragraphs 1 and 5 of Schedule 17 to the Finance Act 2011 and amended by paragraph 67 of Schedule 1 to the Taxation of Pensions Act 2014.