Statutory Instruments
2007 No. 494
income tax
The Registered Pension Schemes (Standard Lifetime and Annual Allowances) Order 2007
Made
21st February 2007
Laid before House of Commons
22nd February 2007
Coming into force
6th April 2007
The Treasury make the following Order in exercise of the powers conferred by sections 218(3) and 228(2) of the Finance Act 2004( 1 ).
Citation and commencement
1. This Order may be cited as the Registered Pension Schemes (Standard Lifetime and Annual Allowances) Order 2007 and shall come into force on 6th April 2007.
Standard lifetime allowance
2. The standard lifetime allowance—
(a) for the tax year 2007-08 is £1,600,000;
(b) for the tax year 2008-09 is £1,650,000;
(c) for the tax year 2009-10 is £1,750,000;
(d) for the tax year 2010-11 is £1,800,000.
Annual allowance
3. The annual allowance—
(a) for the tax year 2007-08 is £225,000;
(b) for the tax year 2008-09 is £235,000;
(c) for the tax year 2009-10 is £245,000;
(d) for the tax year 2010-11 is £255,000.
Alan Campbell
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
21st February 2007