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Taxation of Pensions Act 2014

Consolidated Text As Enacted Cited authorities 10 Cited in Amendments 76 Related
JurisdictionUK Non-devolved
Citation2014 c. 30
Year2014
  • Schedule 1 has effect. In that Schedule—
    • (1) Chapter 5 of Part 4 of FA 2004 (registered pension schemes: tax charges) is amended as follows.(2) In section 206(1) (special lump sum death benefits charge arises where certain lump sums are paid by a registered pension scheme) after “registered pension scheme” insert “ in respect of a member who had reached the age of 75 at the date of the member's death ”.(3) In section 206(4) (special lump sum death benefits charge: rate of charge) for “55%” substitute “ 45% ”.(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(5) The amendments made by this section apply to lump sums paid on or after 6 April 2015.
  • Schedule 2 has effect.
    • (1) This Act may be cited as the Taxation of Pensions Act 2014.“FA”, followed by a year, means the Finance Act of that year, and“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003.(3) The Commissioners for Her Majesty's Revenue and Customs may by regulations make such amendments of Part 4 of FA 2004, or Part 9 of ITEPA 2003, as the Commissioners consider appropriate in consequence of this Act.(4) For the purposes of section 282 of FA 2004 and section 1014 of the Income Tax Act 2007 (orders and regulations) , the power under subsection (3) of this section is treated as a power under Part 4 of FA 2004 (so that section 282, and not section 1014, applies in relation to regulations made under subsection (3) ) .(1) In section 165(1) of FA 2004 (the pension rules) in pension rule 5 (annual cap on drawdown pension) after “in each drawdown pension year” insert “ from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fund ”.in the opening words omit “they”,in paragraph (a) for “have been designated at any time” substitute “ they have, at any time before 6 April 2015, been designated ”,before the “or” at the end of paragraph (a) insert—
    • (aa) they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and—
    • (i) sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and
    • (ii) section 165(3A) did not apply to the arrangement immediately before 6 April 2015,
    sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, andsection 165(3A) did not apply to the arrangement immediately before 6 April 2015,at the beginning insert “ they ”, andfor “sums or assets which have been so designated or” substitute “ member-designated funds under paragraph (a) or (aa) or from sums or assets ”.In Schedule 28 to FA 2004 after paragraph 8 insert—
      Member's flexi-access drawdown fund
    • (8A)
    • (1) For the purposes of this Part the member's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated funds.
    • (2) For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated funds if—
    • (a) they—
    • (i) have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and
    • (ii) are not member-designated funds, or
    For the purposes of this Part the member's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated funds.have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, andare not member-designated funds, orthey were member-designated funds immediately before 6 April 2015 and section 165(3A) applied to the arrangement at that time, orthey have become newly-designated funds by the operation of paragraph 8B, 8C or 8D, orthey arise, or (directly or indirectly) derive, from newly-designated funds under paragraph (a) , (b) or (c) or from sums or assets which so arise or derive.Any sums or assets that become newly-designated funds under sub-paragraph (2) (b) cease to be member-designated funds as from the start of 6 April 2015.a member's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,section 165(3A) did not apply to the arrangement immediately before 6 April 2015, andof

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