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Finance Act 2004

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Interpretation of Part 1U.K.

12(1)Expressions used in this Part of this Schedule and in Schedule 28 have the same meaning in this Part of this Schedule as in Schedule 28.U.K.

[F1(1A)For the purposes of determining whether all or part of the member's lifetime allowance is available—

(a)the fact that benefit crystallisation event 5 or benefit crystallisation event 5B has occurred in relation to the member is to be disregarded, and

(b)anything which, but for paragraph 2 or 15A of Schedule 32, would have been a benefit crystallisation event is to be treated as if it were such an event.]

(2)Where all or part of the member’s lifetime allowance is available immediately before a lump sum is paid, sub-paragraph (3) applies to the lump sum if—

(a)its amount exceeds the member’s available lifetime allowance, and

(b)but for that fact, it would satisfy all the requirements of paragraph 1(1), 4(1), [F24A(1),] 7(1) or 10(1).

(3)For the purposes of this Schedule, the whole of the lump sum (and not only so much of it as does not exceed the member’s available lifetime allowance) is to be treated as paid when all or part of the member’s lifetime allowance is available.

(4)But sub-paragraph (3) does not apply—

(a)in the case of a lump sum that would satisfy all the requirements of paragraph 1(1), to so much of it as would be prevented from being a pension commencement lump sum by paragraph 1(2),

[F3(aa)in the case of a lump sum that would satisfy all the requirements of paragraph 4A(1) and is paid when the member has not reached the age of 75, to so much of it as would be prevented from being an uncrystallised funds pension lump sum by paragraph 4A(2),] and

(b)in the case of a lump sum that would satisfy all the requirements of paragraph 10(1), to so much of it as would be prevented from being a winding-up lump sum by paragraph 10(2).

(5)Where by virtue of paragraph 1(2), [F44A(2),] 5(2), 6(2) or 10(2) an excess is not an authorised lump sum of one description, that does not prevent the excess being an authorised lump sum of another description.

(6)Authorised lump sum” means a lump sum authorised to be paid by the lump sum rule.

Textual Amendments

F1Sch. 29 para. 12(1A) inserted (with effect in accordance with Sch. 16 paras. 85, 101 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 31

F2Word in Sch. 29 para. 12(2)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 58

F3Sch. 29 para. 12(4)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 59

F4Word in Sch. 29 para. 12(5) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 60

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