Section 48 | Lifetime allowance charge: new standard lifetime allowance for the tax year 2014-15 and subsequent tax years

(1)Section 218 of FA 2004 (standard lifetime allowance etc) is amended as follows.

(2)For subsection (2) substitute—

(2)The standard lifetime allowance for the tax year 2014-15 and, subject to subsection (3), subsequent tax years is £1,250,000.

(3)In subsection (3) for “the tax year 2012-13” substitute “ the tax year 2014-15 ”.

(4)The amendments made by subsections (2) and (3) have effect for the tax year 2014-15 and subsequent tax years.

(5)Schedule 22 contains transitional provision etc.