PART 1Income Tax, Corporation Tax and Capital Gains Tax

CHAPTER 4Pensions

49Annual allowance: new annual allowance for the tax year 2014-15 and subsequent tax years

(1)

Section 228 of FA 2004 (annual allowance) is amended as follows.

(2)

For subsection (1) substitute—

“(1)

The annual allowance for the tax year 2014-15 and, subject to subsection (2), each subsequent tax year is £40,000.”

(3)

In subsection (2) for “2011-12” substitute “ 2014-15 ”.

(4)

The amendments made by this section have effect for the tax year 2014-15 and subsequent tax years.