SCHEDULES

SCHEDULE 18Lifetime allowance charge

Part 1Amendments

5

1

Paragraph 10 (winding-up lump sum) is amended as follows.

2

In sub-paragraph (2), for “1% of the standard lifetime allowance when the lump sum is paid,” substitute “£18,000,”.

3

After that sub-paragraph insert—

2A

The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (2) such larger amount as is specified in the order.