The Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order 2011

• Citation: S.I. 2011/1782
• Sections: 2

Section 1 Citation, commencement and effect

(1) This Order may be cited as the Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order 2011 and comes into force on 11th August 2011.

(2) Article 2(2)(a)(i) and (b) has effect for the tax year 2012-13 and subsequent tax years.

(3) Article 2(3), (4) and (5) has effect in relation to lump sums paid on or after 6th April 2011.

Section 2 Amendment of the Taxation of Pension Schemes (Transitional Provisions) Order 2006

(1) The Taxation of Pension Schemes (Transitional Provisions) Order 2006 is amended as follows.

(2) In article 23(2) (modification of paragraph 34 of Schedule 36 to the Finance Act 2004)—

(a) in the sub-paragraph (5) treated as substituted—

(i) for “CLSA” substitute “ULA”, and

(ii) for “FLSA” substitute “FSLA”;

(b) in the sub-paragraph (7) treated as substituted, for the definition of “ CSLA ” substitute—

ULA is the underpinned lifetime allowance,

(3) In article 23C(4) (modification of Schedule 29 to the Finance Act 2004), in the paragraph 7A treated as inserted, in sub-paragraph (1)(b) omit “, but has not reached the age of 75”.

(4) In article 25(3)(a) (stand-alone lump sums: introductory and definition), for “D” substitute “C”.

(5) In article 25A (conditions to be met by stand-alone lump sums), omit paragraph (5).