SCHEDULES
SCHEDULE 4Pensions: annual allowance
PART 5Other amendments
11
1
Part 4 of FA 2004 is amended as follows.
2
In section 227 (annual allowance charge)—
a
in subsection (1) (charge arises if individual has a chargeable amount) after “has a” insert “
non-zero
”
, and
b
in subsection (1A) (determination of chargeable amount (if any)) omit “(if any)”.
3
In section 227ZA (the chargeable amount) after subsection (3) insert—
4
If there is no such excess, the default chargeable amount is zero.
4
The amendments made by this paragraph have effect for the tax year 2015-16 and subsequent tax years.