OpenLegislation

Article 37 Modification of section 637G ITEPA 2003F4I1

United Kingdom

(1)

F1Section 637G of ITEPA 2003 (trivial commutation and winding-up lump sums) is modified as follows in relation to an equivalent pension benefits commutation lump sum pursuant to regulation 2(1A) of—

(a)

the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc) Regulations 1997f1; or

(b)

the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc) Regulations (Northern Ireland) 1997f2.

F2(2)

In the heading, at the end insert “etc”.

(3)

In subsection (1)—

(a)

at the end of paragraph (a) omit “or”;

(b)

at the end of paragraph (b) add “or”; and

(c)

after that paragraph insert the following paragraph—

“(c)

an equivalent pension benefits commutation lump sum,”

F3(4)

In subsection (4), after “In this section” insert “—

  • ““equivalent pension benefits commutation lump sum” means a lump sum payment arising from the commutation of equivalent pension benefits pursuant to—

    1. (a)

      regulation 2(1A) of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997, or

    2. (b)

      regulation 2(1A) of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997;”.

Annotations

Textual amendments

F1

Words in art. 37(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(22)(b)

F2

Art. 37(2) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(22)(c)

F3

Art. 37(4) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(22)(d)

F4

Words in art. 37 heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(22)(a)

Commencement

I1

Art. 37 in force at 6.4.2006, see art. 1(1)

Footnotes

f1

S.I. 1997/785. Paragraph (1A) was inserted by regulation 9 of S.I. 2002/681. There are other amending instruments but none is relevant.

f2

S.R. 1997 No. 153. Paragraph (1A) was inserted by regulation 8 of S.R 2002 No. 109. There are other amending instruments but none is relevant.