Amendments of Part 4 of FA 2004
101(1)Section 261 (enhanced lifetime allowance regulations: documents and information) is amended as follows.
(2)In the heading omit “lifetime”.
(3)In subsection (1)(a) omit “lifetime”.
(4)In subsection (2)—
(a)in paragraph (a), for “lifetime allowance” substitute “lump sum allowance or lump sum and death benefit allowance”;
(b)in paragraph (b), after “pension commencement lump sums” insert “or the uncrystallised funds pension lump sums”.
(5)In subsection (4), in the words before paragraph (a)—
(a)for “lifetime allowance” substitute “lump sum and death benefit allowance”;
(b)for the words “whichever is the higher of” to the end of paragraph (b) substitute “the actual amount of the individual’s lump sum and death benefit allowance at that time.”
(6)In subsection (5)(a)—
(a)for “a benefit crystallisation event” substitute “a relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance)”;
(b)for “the benefit crystallisation event” substitute “the relevant benefit crystallisation event”.
(7)In subsection (6), in paragraphs (a) and (b), after “pension commencement lump sums” insert “or the uncrystallised funds pension lump sums”.