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.