227 Annual allowance charge
Finance Act 2004 (2004 c 12) | Legislation

Annual allowance charge

227  Annual allowance charge

(1)     A charge to income tax, to be known as the annual allowance charge, arises [where an individual who is a member of one or more registered pension schemes has a [non-zero] chargeable amount for a tax year].

[(1A)     The chargeable amount . . . is to be determined in accordance with section 227ZA.]

(2)     . . .

(3)     . . .

(4)     The annual allowance charge is a charge at the [appropriate rate] in respect of [the chargeable amount]. [. . .]

[(4A)     The appropriate rate is—

(a)     the basic rate [. . .] in relation to so much (if any) of the [chargeable amount] as, when added to the individual's reduced net income for the tax year, does not exceed the basic rate limit for the tax year,

(b)     the higher rate [. . .] in relation to so much (if any) of the [chargeable amount] as, when so added, exceeds the basic rate limit for the tax year but does not exceed the higher rate

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