- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)A charge to income tax, to be known as the annual allowance charge, arises where—
(a)the total pension input amount for a tax year in the case of an individual who is a member of one or more registered pension schemes, exceeds
(b)the amount of the annual allowance for the tax year.
(2)The person liable to the annual allowance charge is the individual.
(3)The individual is liable to the annual allowance charge whether or not—
(a)the individual, and
(b)the scheme administrator of the pension scheme or schemes concerned,
are resident, ordinarily resident or domiciled in the United Kingdom.
(4)The annual allowance charge is a charge at the rate of 40% in respect of the amount by which the total pension input amount exceeds the amount of the annual allowance.
(5)That excess is not to be treated as income for any purpose of the Tax Acts.
(6)The following sections make further provision about the annual allowance charge—
section 228 (annual allowance),
section 229 (total pension input amount to be aggregate of pension input amounts for pension input periods ending in tax year),
sections 230 to 237 (pension input amounts), and
section 238 (pension input period).
(7)Schedule 36 contains (in Part 4) transitional provision about the annual allowance charge.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: