Part 6 Commencement and Transitional Provision etc
Finance Act 2024 (2024 c 3) | Legislation

Part 6 Commencement and Transitional Provision etc

Commencement

124

The amendments made by section 14 and this Schedule have effect for the tax year 2024-25 and subsequent tax years.

Availability of individual's lump sum allowance

125

(1)     This paragraph applies where—

(a)     one or more benefit crystallisation events within the meaning of Part 4 of FA 2004 occurred in relation to an individual before 6 April 2024, . . .

(b)     a relevant benefit crystallisation event within the meaning of section 637Q of ITEPA 2003 (availability of individual's lump sum allowance) occurs in relation to the individual on or after that date[, and

(c)     at the time the relevant benefit crystallisation occurs, the individual—

(i)     is not an individual to whom paragraph 12 of Schedule 36 to FA 2004 applies (enhanced protection), or

(ii)     is such an individual and is not within paragraph 24(1) of Schedule 36 to FA 2004 (persons with lump sum protection)].

(2)     . . .

(3)     [The] amount of the individual's lump sum allowance that is available on the occurrence of the relevant benefit crystallisation event is—

(a)     the amount of that allowance that is available in accordance with section 637Q of ITEPA 2003

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