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Finance Act 2010

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48Extension of special annual allowance chargeE+W+S+N.I.

This sectionnoteType=Explanatory Notes has no associated

(1)Schedule 35 to FA 2009 (special annual allowance charge) is amended as follows.

(2)In paragraph 1(2) (high-income individual)—

(a)in the first sentence, for “£150,000” substitute “ £130,000 ”, and

(b)insert at the end—

Paragraph 16A makes special provision about cases in which the individual's relevant income for the tax year 2009-10 is less than £150,000.

(3)In paragraph 2 (calculation of relevant income)—

(a)in the last sentence of sub-paragraph (1),

(b)in sub-paragraph (2) (in each place), and

(c)in sub-paragraph (3) (in both places),

for “£150,000” substitute “ £130,000 ”.

(4)After sub-paragraph (5) of that paragraph insert—

(5A)If—

(a)the individual's relevant income for the tax year (whether that is the tax year 2009-10 or a later tax year) would (apart from this sub-paragraph) be less than £130,000 if the reference in sub-paragraph (5) to a scheme made on or after 22 April 2009 were to a scheme made on or after 9 December 2009, and

(b)the individual's relevant income for the tax year 2009-10 is less than £150,000,

the individual's relevant income for the tax year is to be assumed to be less than £130,000.

(5)In paragraph 11(3)(b), after “22 April” insert “ 2009 ”.

(6)After paragraph 16 insert—

16AIndividuals with relevant income below £150,000 in 2009-10

(1)This paragraph has effect if the individual's relevant income for the tax year 2009-10 is less than £150,000.

(2)References in this Schedule to a pre-22 April 2009 pension input amount are to a pre-9 December 2009 pension input amount.

(3)References in this Schedule to noon on 22 April 2009 are to 9 December 2009.

(4)Other references in this Schedule to 22 April 2009 (except in paragraph 2) are to 9 December 2009.

(5)The reference in paragraph 16(2) to 21 April 2009 is to 8 December 2009.

(6)If the amount arrived at in the case of the individual under sub-paragraph (1) of paragraph 2 for the tax year 2009-10 is less than £150,000, take the steps in that sub-paragraph in relation to the tax year 2007-08 and the tax year 2008-09.

If the result is £150,000 or more for either or both of those earlier tax years the individual's relevant income for the tax year 2009-10 is to be assumed for the purposes of sub-paragraph (1) to be £150,000.

(7)If there is a scheme the main purpose, or one of the main purposes, of which is to secure that the individual's relevant income for the tax year 2009-10 is less than £150,000, it is to be assumed for the purposes of sub-paragraph (1) to be £150,000.

(7)The amendments made by this section have effect for the tax year 2009-10 and subsequent tax years (but see paragraph 21(2) of Schedule 35 to FA 2009).

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