The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006

Reliance on section 224 (lifetime allowance enhancement: transfer from recognised overseas pension scheme)

8.—(1) This regulation applies if, in relation to an individual, there is a recognised overseas scheme transfer in the circumstances specified in section 224(1).

(2) The individual may give notice of intention to rely on section 224.

(3) If the individual intends to rely on section 224, the individual must give a notification to the Revenue and Customs on or before the closing date.

(4) For the purposes of this regulation use the rules in this paragraph to find the closing date.

• First rule: Find the 31st January following the tax year in which the recognised overseas scheme transfer takes place.

• Second rule: Find the 31st January five years after that.

• The date so found is the closing date.

(5) Paragraph (6) applies if—

(a) the individual gives the notification to the Revenue and Customs, and

(b) the Revenue and Customs issue a certificate to the individual in response to the giving of the notification.

(6) The individual may rely on section 224 during the period beginning on the day on which the recognised overseas scheme transfer takes place and ending on the day on which the Revenue and Customs—

(a) revoke the certificate, or

(b) issue an amended certificate to the individual.

(7) Paragraph (8) applies if the Revenue and Customs—

(a) issue a certificate to which paragraph (6) applies to the individual, and

(b) later issue an amended certificate (“the subsequent certificate”) to the individual.

(8) The individual may rely on section 224 during the period beginning on the day specified on the subsequent certificate and ending on the day on which the Revenue and Customs—

(a) revoke the subsequent certificate, or

(b) issue an amended certificate to the individual.