2Restriction and reduction of tax charges on certain lump sumsU.K.
(1)Chapter 5 of Part 4 of FA 2004 (registered pension schemes: tax charges) is amended as follows.
(2)In section 206(1) (special lump sum death benefits charge arises where certain lump sums are paid by a registered pension scheme) after “registered pension scheme” insert “ in respect of a member who had reached the age of 75 at the date of the member's death ”.
(3)In section 206(4) (special lump sum death benefits charge: rate of charge) for “55%” substitute “ 45% ”.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)The amendments made by this section apply to lump sums paid on or after 6 April 2015.
Textual Amendments
F1S. 2(4) omitted (with effect in accordance with Sch. 5 para. 4 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 3(3)(b)