Regulation 6 Reliance on section 220 (lifetime allowance enhancement: registration of pension credits)

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 6 heading words substituted by Finance Act 2024 Sch. 9 para. 94(10)(a)(i)
reg. 6 heading words substituted by Finance Act 2024 Sch. 9 para. 94(10)(a)(ii)
reg. 6(1) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(b)
reg. 6(2) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(c)
reg. 6(3) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(d)
reg. 6(3A) inserted by Finance Act 2024 Sch. 9 para. 94(10)(e)
reg. 6(4) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(f)(i)
reg. 6(4) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(f)(ii)
reg. 6(6) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(g)
reg. 6(8) words substituted by Finance Act 2024 Sch. 9 para. 94(10)(h)

(1)

This regulation applies if an individual acquires rights under a registered pension scheme in the circumstances specified in section 220(1).

(2)

The individual may give notice of intention to rely on section 220^f1.

(3)

If the individual intends to rely on section 220, the individual must give a notification to the Revenue and Customs on or before the closing date.

(4)

For the purposes of this regulation use the rules in this paragraph to find the closing date.

First rule: Find the 31st January following the tax year in which the pension sharing order or provision takes effect.
Second rule: Find the 31st January five years after that.
The date so found is the closing date.

(5)

Paragraph (6) applies if—

(a)

the individual gives the notification to the Revenue and Customs, and

(b)

the Revenue and Customs issue a certificate to the individual in response to the giving of the notification.

(6)

The individual may rely on section 220 during the period beginning on the day on which the pension sharing order or provision takes effect and ending on the day on which the Revenue and Customs—

(a)

revoke the certificate, or

(b)

issue an amended certificate to the individual.

(7)

Paragraph (8) applies if the Revenue and Customs—

(a)

issue a certificate to which paragraph (6) applies to the individual, and

(b)

later issue an amended certificate (“the subsequent certificate”) to the individual.

(8)

The individual may rely on section 220 during the period beginning on the day specified on the subsequent certificate and ending on the day on which the Revenue and Customs—

(a)

revoke the subsequent certificate, or

(b)

issue an amended certificate to the individual.

Annotations

Footnotes

f1: Section 220 was amended by paragraph 45 of Schedule 10 to the Finance Act 2005 with effect from 6th April 2006.