The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025
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10 Redress for relevant lifetime allowance charge: relevant pension scheme
(1) This regulation applies where a tax redress payment is made to a recipient in respect of a relevant lifetime allowance charge that was paid by the recipient as a result of a benefit crystallisation event having occurred in respect of a member under a relevant pension scheme in a tax year in the period beginning with 2015-16 and ending with 2023-24. (2) The qualifying amount is— (a) the amount of the relevant lifetime allowance charge that was paid by the recipient in respect of the benefit crystallisation event, less (b) both— (i) the amount of the relevant lifetime allowance charge that would have arisen in respect of that benefit crystallisation event if the rectification exercise had been retrospective, and (ii) any overpaid amount that the recipient has not repaid to the relevant pension scheme. (3) For the purposes of paragraphs (1) and (2)(a), an amount does not count as having been paid by the recipient if it was paid by a scheme administrator. (4) In this regulation— “overpaid amount” means the amount by which— the amount that was paid under the relevant pension scheme in connection with the benefit crystallisation event, after any relevant deductions, exceeds the amount that would have been paid under the relevant pension scheme in connection with the benefit crystallisation event, after any relevant deductions, if the rectification exercise had been retrospective; “recipient” means— in respect of the tax years 2015-16 to 2022-23— the member, or in the case of benefit crystallisation event 7, the recipient of the lump sum death benefit; in respect of the tax year 2023-24, the recipient of the lump sum or lump sum death benefit; “relevant deductions” means deductions made— in accordance with PAYE regulations, or in connection with the lifetime allowance charge.
10 Redress for relevant lifetime allowance charge: relevant pension scheme
(1) This regulation applies where a tax redress payment is made to a recipient in respect of a relevant lifetime allowance charge that was paid by the recipient as a result of a benefit crystallisation event having occurred in respect of a member under a relevant pension scheme in a tax year in the period beginning with 2015-16 and ending with 2023-24. (2) The qualifying amount is— (a) the amount of the relevant lifetime allowance charge that was paid by the recipient in respect of the benefit crystallisation event, less (b) both— (i) the amount of the relevant lifetime allowance charge that would have arisen in respect of that benefit crystallisation event if the rectification exercise had been retrospective, and (ii) any overpaid amount that the recipient has not repaid to the relevant pension scheme. (3) For the purposes of paragraphs (1) and (2)(a), an amount does not count as having been paid by the recipient if it was paid by a scheme administrator. (4) In this regulation— “overpaid amount” means the amount by which— the amount that was paid under the relevant pension scheme in connection with the benefit crystallisation event, after any relevant deductions, exceeds the amount that would have been paid under the relevant pension scheme in connection with the benefit crystallisation event, after any relevant deductions, if the rectification exercise had been retrospective; “recipient” means— in respect of the tax years 2015-16 to 2022-23— the member, or in the case of benefit crystallisation event 7, the recipient of the lump sum death benefit; in respect of the tax year 2023-24, the recipient of the lump sum or lump sum death benefit; “relevant deductions” means deductions made— in accordance with PAYE regulations, or in connection with the lifetime allowance charge.
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