1(1)Sub-paragraph (2) applies at any particular time on or after 6 April 2016 in the case of an individual if—U.K.
(a)each of the conditions specified in paragraph 2 is met,
(b)there is no protection-cessation event (see paragraph 3) in the period beginning with 6 April 2016 and ending with the particular time,
(c)paragraph 1(2) of Schedule 6 to FA 2014 (“individual protection 2014”) does not apply in the individual's case at the particular time, and
(d)at the particular time or any later time, the individual has a reference number (see Part 3 of this Schedule) for the purposes of sub-paragraph (2).
[F1(2) Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £312,500, and
(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were £1,250,000.]
Textual Amendments
F1Sch. 4 para. 1(2) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 93(3)(a), 124 (with Sch. 9 paras. 125-132)