3. In paragraph 34(2) (entitlement to lump sums exceeding 25% of uncrystallised rights) of Schedule 36 (transitional provisions) to the Finance Act 2004, in the sub-paragraph (7A) treated as substituted(1)—
(a)omit the “and” at the end of the definition of “AC”; and
(b)at the end of the definition of “VUR” insert—
“, and
CSLA is the current standard lifetime allowance(2).”
Sub-paragraph (7A) treated as substituted was amended by the Finance Act 2011 (c. 11), Schedule 16, paragraphs 62 and 82(1) and (5) and modified by articles 23ZA, 23ZD, 23ZE and 23D of S.I. 2006/572 (articles 23ZA, 23ZD and 23ZE were inserted by S.I. 2009/1172 and article 23D was inserted by S.I. 2011/732).
The amount of the “standard lifetime allowance” is given in section 218(2) for the tax year 2012-13 and subsequent tax years, subject to increase (for tax years subsequent to 2012-13) by the Treasury (by order under section 218(3)).