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In force since 2024-04-06, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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2024 No. 357 Income Tax The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order 2024 Made 12th March 2024 Laid before the House of Commons 15th March 2024 Coming into force 6th April 2024 The Treasury make this Order in exercise of the powers conferred by sections 238A and 282(A1) of the Finance Act 2004.
Propose a change(1) This Order may be cited as the Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order 2024 and comes into force on 6th April 2024. (2) The amendments made by this Order have effect for the tax year 2023-24 and subsequent tax years.
Propose a change(1) Part 4 of the Finance Act 2004 (pension schemes, etc) is amended as follows. (2) After section 236 insert— Defined benefits arrangements: public service pension schemes 236ZA. (1) Subsection (2) applies where— (a) at the end of a pension input period, an individual has rights under— (i) a reformed public service pension scheme arrangement (“the reformed arrangement”), and (ii) a corresponding legacy public service pension scheme arrangement (“the legacy arrangement”), and (b) the opening value of the individual’s rights under the legacy arrangement for the period (as determined for the purposes of section 234) exceeds the closing value of the individual’s rights under that arrangement for that period (as so determined). (2) The pension input amount in respect of the reformed arrangement for the tax year in which the pension input period ends is to be reduced (but not below zero) by the amount of the excess mentioned in subsection (1)(b). (3) For the purposes of this section an arrangement “corresponds” with another arrangement if— (a) the arrangements are under pension schemes that are connected, and (b) a final salary link applies in relation to the individual’s service under those schemes. (4) In this section— (a) “reformed public service pension scheme arrangement” means an arrangement under a scheme established by— (i) regulations under section 1 of the Public Service Pensions Act 2013 (“the 2013 Act”), or (ii) regulations under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (“the 2014 Act”); (b) “legacy public service pension scheme arrangement” means an arrangement under a scheme listed in— (i) Schedule 5 to the 2013 Act, or (ii) Schedule 5 to the 2014 Act; (c) “connected”, in relation to a pension scheme, has the same meaning as in— (i) the 2013 Act (see section 4(6) of that Act), or (ii) the 2014 Act (see section 4(6) of that Act); (d) a “final salary link” applies in relation to an individual’s service under two pension schemes if, pursuant to— (i) paragraph 1 or 2 of Schedule 7 to the 2013 Act, or (ii) paragraph 1 or 2 of Schedule 7 to the 2014 Act, the determination of the individual’s final salary for the purposes of one of those schemes is determined (to any extent) by reference to their service in the other scheme. . (3) In section 236A (post-entitlement enhancements), in subsection (4)(b), for “and 236” substitute “, 236 and 236ZA”.
Propose a change