Introduction New section 213A High income excess relief charge
3.New section 213A(1) provides for a new charge to income tax for certain individuals who are members of registered pension schemes and who have pensions savings in a tax year. The charge is to be known as the high income excess relief charge.
4.New section 213A(2) provides that the high income excess relief charge applies only to the individual.
5.New section 213A(3) provides that the individual is liable to pay the high income excess relief charge including when the individual and the scheme administrator are not resident, not ordinarily resident and not domiciled in the UK.
6.New section 213A(4) sets the rate of the high income excess relief charge at the appropriate rate in respect of the total pension savings amount. The appropriate rate is determined in accordance with new section 213E.
7.New section 213A(5) provides that the total pension savings amount is not otherwise to be treated as income for the purpose of the Tax Acts.
8.New section 213A(6) provides that income tax in respect of the high income excess relief charge is part of the individual’s income tax liability for the tax year.
9.New section 213A(7) signposts further sections that make provision for the high income excess relief charge.