34(1)Paragraph 1 of Schedule 29 (meaning of “pension commencement lump sum”) is amended as follows.U.K.
(2)In sub-paragraph (3)(b) (member must become entitled to lump sum in connection with becoming entitled to relevant pension: lump sum and pension to be under same arrangement), for “under the arrangement” substitute “ , otherwise than by virtue of the operation of paragraph 8(2) of Schedule 28, under the pension scheme ”.
(3)After sub-paragraph (5) insert—
“(6)The Board of Inland Revenue may by regulations provide that, where incorrect income tax has been paid by the scheme administrator in relation to the member by way of the lifetime allowance charge in circumstances prescribed by the regulations, a lump sum subsequently paid to the member in circumstances so prescribed is to be treated as a pension commencement lump sum even though either or both of the conditions in sub-paragraph (1)(c) and (e) are not met.”
Commencement Information
I1Sch. 10 para. 34 in force at 6.4.2006, see Sch. 10 para. 64(1)