27(1)If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, paragraph 2 of Schedule 29 applies in relation to the individual with the following modifications.U.K.
(2)If the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 (calculated in accordance with paragraphs 25 and 26) was nil, the permitted maximum under paragraph 2 is nil.
(3)Otherwise, paragraph 2 applies as if for sub-paragraphs (5) to (8) there were substituted—
“(5)If sub-paragraph (2) does not apply, the permitted maximum is [F1the lower of—
(a)the applicable amount calculated in accordance with paragraph 3, and
(b)the amount that would have been the applicable amount calculated in accordance with paragraph 3 if the lump sum had been paid on 5 April 2023.”]
Textual Amendments
F1Words in Sch. 36 para. 27(3) substituted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 23(3)(8)