15 MPs' pension scheme etc: rectification of discrimination
Finance Act 2024 (2024 c 3) | Legislation

15  MPs' pension scheme etc: rectification of discrimination

(1)     The Treasury may by regulations make provision about the treatment for the purposes of income tax or capital gains tax of—

(a)     rectification payments, or tax redress payments, made to or in respect of a member of a relevant pension scheme,

(b)     tax windfalls resulting from a rectification exercise, or

(c)     increases or decreases resulting from a rectification exercise in—

(i)     the rate of a scheme pension payable by a relevant pension scheme, or

(ii)     the value of any rights under a relevant pension scheme in respect of a member.

(2)     “Relevant pension scheme” means—

(a)     an MPs' pension scheme,

(b)     a Senedd pension scheme, or

(c)     an Assembly pension scheme.

(3)     “Rectification payment” means—

(a)     a payment of pension benefits that—

(i)     are payable as a result of a rectification exercise, and

(ii)     would have become payable at an earlier time if the rectification

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