SCHEDULES
C3SCHEDULE 36Pension schemes etc: transitional provisions and savings
C1Part 3Pre-commencement benefit rights
Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1)
Winding-up lump sums paid by former approved superannuation funds
C1C235
1
For the tax year 2006-07, Schedule 29 (authorised lump sums) applies in relation to former approved superannuation funds with the modifications specified in sub-paragraphs (2) and (3).
2
Paragraph 10 (winding-up lump sums) applies as if the following were omitted—
a
sub-paragraph (1)(c) and (d),
b
sub-paragraph (2), and
c
sub-paragraph (3).
3
Paragraph 11 (lifetime allowance excess lump sums) applies as if at the end of paragraph (b) there were inserted “or a winding-up lump sum”
.
4
Section 636B of ITEPA 2003 (taxation of trivial commutation and winding-up lump sums) applies in relation to a winding-up lump sum paid by a former approved superannuation fund in the tax year 2006-07 as if—
a
in subsection (2), after “equal to” there were inserted “75% of”
, and
b
subsection (3) were omitted.
5
“Former approved superannuation fund” has the meaning given by paragraph 1(3).
Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3)