Introduction Details of the Section
2.Subsection (2) provides a number of minor amendments to paragraph 14 of Schedule 18 to FA 2011.
3.Subsection (3) inserts new paragraphs 15 to 17 into Part 2 of Schedule 18. Part 2 of Schedule 18 provides for transitional protection for pension savers following changes to the lifetime allowance in Part 1 of Schedule 18.
4.New paragraph 15(1) provides a power for HMRC to amend paragraph 14 of Schedule 18 by regulations.
5.New paragraph 15(2) provides that the regulations under new paragraph 15 may add to the cases when paragraph 14 of Schedule 18 is to apply or cease to apply.
6.New paragraph 15(3) provides that regulations under new paragraph 15 may have effect from 6 April 2012 but only where that they do not increase any person’s liability to tax.
7.New paragraph 15(4) provides that where regulations are made before the end of 2013 and they do not have effect before 6 April 2013, the requirement not to increase a person’s liability to tax does not apply.
8.New paragraph 16 provides a power for HM Revenue & Customs to make regulations specifying how a notice of intention to rely on the transitional protection under paragraph 14 of Schedule 18 should be given.
9.New paragraph 17 provides that regulations made under new paragraphs 15 or 16 may include supplementary or incidental provision, are to be made by statutory instrument and are subject to the negative procedure.
10.Subsection (4) provides that the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011 (SI 2011/1752) will continue to have effect.