Article 7 Modification of Chapter 15A of ITEPA 2003F1
United Kingdom
Chapter 15A of ITEPA 2003 (lump sums under registered pension schemes) has effect as if, after section 637N, there were inserted—
“Life cover lump sums
637NA(1)No liability to income tax arises on a life cover lump sum.”.
Annotations
Textual amendments
- F1
Art. 7 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(3)