Part 2 Pre-Commencement Rights: [Enhancement of Allowances etc]
Finance Act 2004 (2004 c 12) | Legislation

Part 2 Pre-Commencement Rights: [Enhancement of Allowances etc]

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6A

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[“Primary protectionâ€]

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(1)     This paragraph applies in the case of an individual where—

(a)     the amount of the relevant pre-commencement pension rights of the individual exceeds £1,500,000, and

(b)     notice of intention to rely on this paragraph is given to His Majesty's Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty's Revenue and Customs.

[(2)     Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)     the amount specified in section 637P of that Act (individual's lump sum allowance) were £375,000, and

(b)     the amount specified in section 637R of that Act (individual's lump sum and death benefit allowance) were the individual's enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).

(3)     For the purposes of paragraph 20H—

(a)     the individual's “protected lump sum and death benefit allowance†is £1,800,000;

(b)     a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (7) of this paragraph, operates in relation to the individual.]

(4)

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