Part 2 “Individual Protection 2016”
Finance Act 2016 (2016 c 24) | Legislation

Part 2 “Individual Protection 2016”

The protection

9

(1)     [Sub-paragraphs (2) to (2B) apply] at any particular time on or after 6 April 2016 in the case of an individual if—

(a)     the individual has one or more relevant arrangements (see sub-paragraph (3)) on 5 April 2016,

(b)     the individual's relevant amount at the particular time is greater than [£1,073,100] (see sub-paragraphs (4) and (7)),

(c)     paragraph 7 of Schedule 36 to FA 2004 (primary protection) does not [apply on 6 April 2016] in relation to the individual,

(d)     none of the provisions listed in sub-paragraph (5) applies in the individual's case at the particular time, and

(e)     at the particular time or any later time, the individual has a reference number (see Part 3 of this Schedule) for the purposes of sub-paragraph (2).

[(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 the amount specified in section 637P of that Act (individual's lump sum allowance) were the lower of—

(a)     25% of the individual's relevant amount, and

(b)     £312,500.

(2A)     Chapter 15A of Part 9 of ITEPA 2003 (pension

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