Part 1 Amendments
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 17 Annual Allowance Charge

Section 66

Part 1 Amendments

1

Part 4 of FA 2004 (pension schemes etc) is amended as follows.

2

In section 172D(4)(b) (limit on increase in benefits), for “236†substitute “236Aâ€.

3

(1)     Section 227 (annual allowance charge) is amended as follows.

(2)     Omit subsections (2) and (3).

(3)     In subsection (4), for “rate of 40%†substitute “appropriate rateâ€.

(4)     After that subsection insert—

“(4A)     The appropriate rate is—

(a)     the basic rate in relation to so much (if any) of the excess 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 excess as, when so added, exceeds the basic rate limit for the tax year but does not exceed the higher rate limit for the tax year, and

(c)     the additional rate in relation to so much (if any) of the excess as, when so added, exceeds the higher rate limit for the tax year.

(4B)     The individual's reduced net income for the tax year is the amount

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