Introduction Background
11.This section provides a power to amend Part 2 of Schedule 18 to FA 2011 in relation to fixed protection 2012. FA 2011 reduced the standard lifetime allowance from £1,800,000 to £1,500,000 with effect from 6 April 2012. A transitional protection regime, ‘fixed protection 2012’ was introduced in Part 2 of Schedule 18. Individuals with fixed protection 2012 have a lifetime allowance of the greater of £1,800,000 and the standard lifetime allowance. The new power will be used to help ensure that individuals do not lose fixed protection 2012 in circumstances outside their control.