The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024
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Change 1
5 The Registered Pension Schemes (Authorised Payments) Regulations 2009
(1) The Registered Pension Schemes (Authorised Payments) Regulations 2009 are amended as follows. (2) In regulation 5 (prescribed payments and taxation), in the opening words, for “Part 4” substitute “any of regulations 17 to 19”. (3) After that regulation insert— 5ZA A payment by a registered pension scheme that is described in regulation 19A or 19B of these Regulations— (a) is a payment of a prescribed description for the purposes of section 164(1)(f) of the Finance Act 2004; (b) shall be treated for the purposes of Part 9 of ITEPA 2003 as pension that— (i) is paid to the recipient under a registered pension scheme; and (ii) accrues in the tax year in which the payment is made. . (4) After regulation 19 (commencement lump sums paid after death) insert— Commencement lump sums paid in reliance on inaccurate transitional tax-free amount certificate 19A (1) A payment of the overpaid portion of a lump sum the whole of which is intended to represent a pension commencement lump sum, where the amount of the lump sum paid is calculated by reference to an amount specified on a transitional tax-free amount certificate. (2) In paragraph (1), “the overpaid portion”, in relation to a lump sum, means so much of it as— (a) was not a pension commencement lump sum, but (b) would have been a pension commencement lump sum if the amount specified on the certificate had been accurate. Other lump sums paid in reliance on inaccurate transitional tax-free amount certificate 19B A payment of a lump sum which is intended to represent a trivial commutation lump sum or a winding-up lump sum, where— (a) the scheme administrator or insurance company acted in reliance on an amount specified on a transitional tax-free amount certificate when deciding that the lump sum was a lump sum of that description, (b) the lump sum was not a lump sum of that description, and (c) the lump sum would have been a lump sum of that description if the amount specified on the certificate had been accurate. .
5 The Registered Pension Schemes (Authorised Payments) Regulations 2009
(1) The Registered Pension Schemes (Authorised Payments) Regulations 2009 are amended as follows. (2) In regulation 5 (prescribed payments and taxation), in the opening words, for “Part 4” substitute “any of regulations 17 to 19”. (3) After that regulation insert— 5ZA A payment by a registered pension scheme that is described in regulation 19A or 19B of these Regulations— (a) is a payment of a prescribed description for the purposes of section 164(1)(f) of the Finance Act 2004; (b) shall be treated for the purposes of Part 9 of ITEPA 2003 as pension that— (i) is paid to the recipient under a registered pension scheme; and (ii) accrues in the tax year in which the payment is made. . (4) After regulation 19 (commencement lump sums paid after death) insert— Commencement lump sums paid in reliance on inaccurate transitional tax-free amount certificate 19A (1) A payment of the overpaid portion of a lump sum the whole of which is intended to represent a pension commencement lump sum, where the amount of the lump sum paid is calculated by reference to an amount specified on a transitional tax-free amount certificate. (2) In paragraph (1), “the overpaid portion”, in relation to a lump sum, means so much of it as— (a) was not a pension commencement lump sum, but (b) would have been a pension commencement lump sum if the amount specified on the certificate had been accurate. Other lump sums paid in reliance on inaccurate transitional tax-free amount certificate 19B A payment of a lump sum which is intended to represent a trivial commutation lump sum or a winding-up lump sum, where— (a) the scheme administrator or insurance company acted in reliance on an amount specified on a transitional tax-free amount certificate when deciding that the lump sum was a lump sum of that description, (b) the lump sum was not a lump sum of that description, and (c) the lump sum would have been a lump sum of that description if the amount specified on the certificate had been accurate. .
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