227ZAThe chargeable amount

1

The chargeable amount is the alternative chargeable amount (see section 227B) if—

a

the year is—

i

the tax year in which the individual first flexibly accesses pension rights (see section 227G), or

ii

a tax year later than that tax year,

b

the money-purchase input sub-total (see section 227C) exceeds £10,000, and

c

the alternative chargeable amount exceeds the default chargeable amount.

2

Otherwise, the chargeable amount is the default chargeable amount.

3

The default chargeable amount is the amount (if any) by which—

a

the total pension input amount calculated in accordance with section 229(1), exceeds

b

the annual allowance for the year in the case of the individual (see sections 228(1) and 228A).