Schedules
Schedule 9Pensions
Part 4Transitional protections
92Amendments of Schedule 6 to FA 2014
1
In Schedule 6 to FA 2014 (transitional provision relating to new standard lifetime allowance for the tax year 2014-15 etc), in Part 1 (“individual protection 2014”), paragraph 1 (the protection) is amended as follows.
2
In sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”
.
3
For sub-paragraph (2) substitute—
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 the lower of—
i
25% of the individual’s relevant amount;
ii
£375,000, and
b
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—
i
the individual’s relevant amount;
ii
£1,500,000.