Statutory Instruments
2011 No. 1782
Income Tax
The Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order 2011
Made
20th July 2011
Laid before the House of Commons
21st July 2011
Coming into force
11th August 2011
The Treasury make the following Order in exercise of the powers conferred upon them by sections 282(A1), 283(2) and 283(3A) of the Finance Act 2004( 1 ).
Citation, commencement and effect
1. —(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.
Amendment of the Taxation of Pension Schemes (Transitional Provisions) Order 2006
2. —(1)The Taxation of Pension Schemes (Transitional Provisions) Order 2006( 2 ) 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).
Angela Watkinson
Jeremy Wright
Two of the Lords Commissioners of Her Majesty’s Treasury
20th July 2011
2004 c.12 . Section 282(A1) was inserted by section 75(1) of the Finance Act 2009 (c.10) ; section 283(3A) was inserted by paragraph 35 of Schedule 23 to the Finance Act 2006 (c.25) .
SI 2006/572 ; article 23(2) was amended by SI 2008/2990 with effect from 6 April 2006; article 23C was inserted by SI 2009/1172 with effect from 1 June 2009; article 25 was substituted, together with articles 25A to 25D, for article 25 as originally enacted, by SI 2006/2004 with effect from 25 July 2006. There are other amendments but none is relevant.