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2. In Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes)(1), in section 637G (trivial commutation lump sums and winding-up lump sums), in subsection (2), after “the amount of the taxable pension income” insert “—
“(a)if all the member’s rights under the pension scheme are uncrystallised rights, is 75% of the lump sum, and
(b)otherwise,”.
2003 c. 1. Chapter 15A was added by paragraph 11 of Schedule 31 to FA 2004 and substituted by paragraph 41 of Schedule 9 to FA 2024. Section 38 of FA 2024 defines “ITEPA 2003” as the Income Tax (Earnings and Pensions) Act 2003.
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