Finance Act 2024

(2ZA) Subsection (2) does not apply to an application in the case of an undertaking given under section 8ZF or 8ZG, and in such a case on the hearing of the application an officer of Revenue and Customs— (a) must appear and call the attention of the court to any matters which appear to the officer to be relevant; (b) may give evidence or call witnesses.

;

• (b) in subsection (3), in paragraph (b), for “or 8” substitute “, 8, 8ZF or 8ZG”.

• (5) In section 12A (Northern Irish disqualification orders), in the words before paragraph (a), after “2002” insert “or made by the High Court of Northern Ireland under section 8ZF or 8ZG”.

• (6) In section 12B (Northern Irish disqualification undertakings), in the words before paragraph (a), after “undertaking” insert “under section 8ZF or 8ZG so far as they extend to Northern Ireland or”.

• (7) In section 12C (determining unfitness etc: matters to be taken into account)—

• (a) in subsection (1)—

• (i) in paragraph (b), after “8” insert “, 8ZG”, and

• (ii) in paragraph (c), after “6” insert “or 8ZF”;

• (b) after subsection (3) insert—

(3A) This section also applies where an officer of Revenue and Customs must determine— (a) whether a person's conduct as a director of one or more companies or overseas companies makes the person unfit to be concerned in the management of a company; (b) whether to exercise any discretion the officer has to accept a disqualification undertaking under section 8ZF or 8ZG.

;

• (c) in subsection (4), after “Secretary of State” insert “or the officer (as the case may be)”.

• (8) In section 16(4) (application for disqualification order: parties), after paragraph (b) insert—

(ba) an officer of Revenue and Customs;

.

• (9) In section 17 (application for leave under an order or undertaking)—

• (a) after subsection (3ZB) insert—

(3ZC) Where a person is subject to a disqualification undertaking accepted at any time under section 8ZF or 8ZG, any application for leave for the purposes of section 1A(1)(a) must be made to any court to which, if an officer of Revenue and Customs had applied for a disqualification order under the section in question at that time, the application could have been made.

;

• (b) after subsection (5) insert—

(5A) Subsection (5) does not apply to an application for leave— (a) for the purposes of section 1(1)(a) if the application for the disqualification order was made by an officer of Revenue and Customs, or (b) for the purposes of section 1A(1)(a) if the disqualification undertaking was accepted by an officer of Revenue and Customs. (5B) In such a case, on the hearing of the application an officer of Revenue and Customs— (a) must appear and call the attention of the court to any matters which appear to the officer to be relevant; (b) may give evidence or call witnesses.

• (10) In section 18(2A) (disqualification undertakings to be included in register), after paragraph (a) insert—

(aa) disqualification undertakings accepted by an officer of Revenue and Customs under section 8ZF or 8ZG;

.

• (11) In section 20 (admissibility in evidence of statements)—

• (a) in subsection (1), after “1986” insert “or under the 1989 Order”;

• (b) in subsection (3)—

• (i) omit the “or” at the end of paragraph (c);

• (ii) at the end of paragraph (d), insert

; or (e) an offence under Article 10 of the Perjury (Northern Ireland) Order 1979 (S.I. 1979/1714 (N.I. 19)) (false statements made otherwise than on oath).

;

• (c) after subsection (4) insert—

(5) In subsection (1), “the 1989 Order” means the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).

• (12) In section 21 (interaction with Insolvency Act 1986)—

• (a) in the heading, after “1986” insert “etc”;

• (b) after subsection (4) insert—

(5) Sections 8ZF and 8ZG and the other provisions of this Act so far as relating to applications and orders made, and undertakings accepted, under those provisions in Northern Ireland, are deemed included in Parts 2 to 7 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) for the purposes of the following Articles of that Order— - Article 359 (power to make insolvency rules); - Article 361 (fees orders).

• (13) In section 22 (interpretation), after subsection (2A) insert—

(2B) So far as this Act extends to Northern Ireland, subsections (2) and (2A) do not apply and instead— - “company” means— a company registered under the Companies Act 2006 in Northern Ireland, or a company that may be wound up under Part 6 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) (unregistered companies), and - “overseas company” means a company which is incorporated or formed outside Northern Ireland.

• (14) In section 22H (application of Act to protected cell companies)—

• (a) in subsection (1)(a), at the beginning, insert “so far as this section extends to England and Wales and Scotland,”,

• (b) after subsection (1)(a) insert—

(aa) so far as this section extends to Northern Ireland, “protected cell company” means a protected cell company incorporated under Part 4 of the Risk Transformation Regulations 2017 which has its registered office in Northern Ireland;

• (c) in subsection (4)(j), at the beginning insert “so far as this section extends to England and Wales and Scotland,”;

• (d) after subsection (4)(j), insert—

(k) so far as this section extends to Northern Ireland, references to an overseas company include references to a protected cell company incorporated under the Risk Transformation Regulations 2017 which has its registered office in England and Wales (or Wales) or Scotland.

• (15) In section 24 (extent), after subsection (2) insert—

(3) For provision extending this Act (other than sections 13 to 15) to Northern Ireland so far as relating to applications and orders made, and undertakings accepted, under section 8ZF or 8ZG, see paragraph 4 of Schedule 13 to the Finance Act 2024.

3

In the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)), in the heading of Article 17, for “in Great Britain” substitute “under the Company Directors Disqualification Act 1986”.

Extent

4

• (1) The amendments made by paragraph 1 extend to England and Wales, Scotland and Northern Ireland.

• (2) The amendments made by paragraph 2 extend to—

• (a) England and Wales and Scotland, and

• (b) Northern Ireland, so far as relating to applications and orders made, and undertakings accepted, under sections 8ZF or 8ZG of CDDA 1986 (inserted by paragraph 1).

• (3) The other provisions of CDDA 1986, except for sections 13 to 15 (consequences of contravention), extend to Northern Ireland (as well as England and Wales and Scotland) so far as relating to applications and orders made, and undertakings accepted, under section 8ZF or 8ZG.

Practice and procedure

5

• (1) The procedural rules for applications under section 8 of CDDA 1986 apply to HMRC disqualification applications as they apply to applications by the Secretary of State, subject to any necessary modifications.

• (2) The procedural rules for applications under Article 11 of the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)) apply to HMRC disqualification applications as they apply to applications by the Department for the Economy in Northern Ireland, subject to any necessary modifications.

• (3) Sub-paragraphs (1) and (2) apply only if, and to the extent that, there are not otherwise procedural rules for HMRC disqualification applications.

• (4) In this paragraph—

• (a) the “procedural rules” for applications of a particular kind are the rules, regulations or practice directions for the time being governing the practice and procedure (including fees) in respect of applications of that kind, and

• (b) an “HMRC disqualification application” is an application by an officer of Revenue and Customs under section 8ZF or 8ZG of CDDA 1986.

Interpretation

6

In this Schedule, “CDDA 1986” means the Company Directors Disqualification Act 1986.

Permanent full expensing etc for expenditure on plant or machinery

New regime for research and development carried out by companies

Films, television programmes and video games produced by companies

Theatrical productions made by companies

Orchestral concerts produced by companies

Museum and gallery exhibitions produced by companies

Sections 3 to 6: administration of reliefs

Miscellaneous amendments relating to REITs

Theatrical productions made by companies

Increase in capital allowances limit for ship leasing

Extension of EIS relief and VCT relief to shares issued before 6 April 2035

Relief for payments of compensation by government etc to companies

Enterprise management incentives: time limits

Provision in connection with abolition of the lifetime allowance charge

Provision relating to the cash basis

PAYE regulations: special types of payer or payee

Carer’s allowance supplement: correction of statutory reference

Growth market exemption: qualifying UK multilateral trading facilities etc

Capital-raising arrangements etc

New investment exemption

Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc

Rates of tobacco products duty

Rates of vehicle excise duty

Rates of air passenger duty

Rebate on heavy oil and certain bioblends used for heating

Vehicle excise duty exemption for foreign vehicles

Interpretation of VAT and excise law

Rates of landfill tax

Rate of aggregates levy

Rate of plastic packaging tax

Increase in maximum terms of imprisonment for tax offences

Disqualification of directors etc promoting tax avoidance schemes

Promoters of tax avoidance: failure to comply with stop notice etc

Construction industry scheme: gross payment status

Additional information to be contained in returns under TMA 1970 etc

Commencement of rules imposing penalties for failure to make returns etc

Abbreviations used in Act

Short title

FA 1998

Films Act 1985

FA 1998

FA 2007

CTA 2009

CTA 2010

Films Act 1985

ICTA

FA 1998

FA 2007

CTA 2009

FA 2009

CTA 2010

FA 2016

General commencement

Closure of existing regimes to new productions

Opting into new regime during transitional period

Productions not moving into new regime

Continuity between regimes: taxation as separate trade

Continuity between regimes: calculation of expenditure credit

Continuity between regimes: British certification

Continuity between regimes: UK expenditure (films and television programmes)

Transition of video games from European expenditure condition to UK expenditure condition

Transfer of terminal losses between productions in existing and new regimes

Introduction

Meaning of “theatrical production”

Meaning of “core expenditure”

Provision to emphasise that capital expenditure does not generally qualify for relief

UK expenditure threshold to replace EEA expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of R&D exclusion

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 5

Transitional provision in relation to paragraph 6

Introduction

Time of election for orchestral concerts to be treated as a series

Meaning of “core expenditure”

Provision to emphasise that capital expenditure does not generally qualify for relief

UK expenditure threshold to replace EEA expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of exclusion for other reliefs

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 5

Transitional provision in relation to paragraph 6

Introduction

Museum and gallery exhibitions not to be wholly remote

Meaning of “core expenditure”

UK expenditure threshold to replace European expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of exclusion for R&D relief and other creative sector reliefs

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 4

Transitional provision in relation to paragraph 5

Power to recover overpayments

Time limit for claims

Supporting information

Amendment of CTA 2010

CoACS to be institutional investors

Non-close condition

Certain institutional investors required to meet GDO or non-close condition

Paragraph 4: transitional provision

Insurance companies may be included in group UK REIT

Property financing costs

Single property rule

Disposal of rights or interests in UK property rich funds

Holders of excessive rights

Corporate interest restriction and disposal of interests in UK property rich companies

Introduction

Qualifying companies to include companies managing qualifying ships

Daily profits of managed ships

Tonnage tax activities include activities in managing ships

Effect of temporarily ceasing to manage or operate qualifying ships

Training requirement

Disapplication of 75% limit for ship managers

Commencement

Amendments of Part 4 of FA 2004 (pension schemes etc)

Amendments of Part 9 of ITEPA 2003

Amendments of the Registered Pension Schemes (Authorised Payments) Regulations 2009

Amendments of Part 4 of FA 2004

Amendments of Chapter 4 of Part 9 of ITEPA 2003

Amendments of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006

Amendments of Schedule 29 to FA 2004

Amendments of Schedule 34 to FA 2004

Amendments of Part 2 of Schedule 36 to FA 2004

Amendments of Part 3 of Schedule 36 to FA 2004

Amendment of Part 4 of Schedule 36 to FA 2004

Amendments of Schedule 18 to FA 2011

Amendments of Schedule 22 to FA 2013

Amendments of Schedule 6 to FA 2014

Amendments of Schedule 4 to FA 2016

Amendments of the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006

Amendments of the Taxation of Pension Schemes (Transitional Provisions) Order 2006

Amendments of the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011

Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013

Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014

Amendments of Part 4 of FA 2004

Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006

Amendments of the Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006

Commencement

Availability of individual’s lump sum allowance

Availability of individual’s lump sum and death benefit allowance

Transitional tax-free amount certificates

Provision of information by scheme administrators to members

Paragraphs 125 to 128: interpretation

Statements for certain members who would not otherwise receive one in the tax year 2024-25

Lump sum death benefits paid on or after 6 April 2024 that crystallised before that date

References in scheme rules to lifetime allowance excess lump sums

Power to make further transitional provision

Power to make further provision in connection with the abolition of lifetime allowance charge

Introduction of cash basis default

Removal of turnover restrictions etc

Removal of interest payments restriction

Removal of loss restrictions

Other amendments of Chapter 3 of Part 2

Amendments of other provisions

TMA 1970

TCGA 1992

CAA 2001

ITA 2007

Consequential repeals

Commencement

Transitional provision

Introduction

Stamp duty

Stamp duty reserve tax

Commencement

Transitional provision: depositary receipts: exception from SDRT for replacement securities

Transitional provision: clearance services: exception from SDRT for replacement securities

Transitional provision: bearer instruments

Transitional provision: warrants to purchase Government stock etc

Partnerships

Qualifying non-profit subsidiaries

Charging permanent establishments of intermediate/partially-owned parent members

De-merged groups

Adjustment for changes in accounting policies and prior period errors

Pension expense

Tax credits

Adjustments for companies in distress

Adjustments where life assurance business carried on

Exclusion of certain insurance reserve movement expense

Permanent establishment income and expense attribution

Election to spread certain capital gains

Transparent entities etc

Covered taxes

Tax equity partnerships

Reallocation of tax expense

Controlled foreign company tax regimes

Blended CFC regimes

Qualifying foreign tax credits (substitute loss carry forward assets)

Substance based income exclusion: inter-jurisdictional employees and assets

Substance based income exclusion: inclusion of payroll costs and assets voluntary

Substance based income exclusion: impairment losses

Substance based income exclusion: dual use assets

Substance based income exclusion: leases

Substance based income exclusion: power to make further provision

Transfer of assets or liabilities to a member of a multinational group

Investment entity tax transparency election

Meaning of country-by-country report

Joint ventures

Insurance investment entities

Location of entities

Currency

Application of Pillar Two rules to members of a group

Qualifying domestic top-up tax not treated as accruing

Consistency with Pillar Two rules

Overpaid tax

Intragroup transfers before entry into regime

Transitional safe harbour

Transitional reporting election

Qualifying domestic top-up tax safe harbour

Securitisation entities

Investment entities

Treatment of qualifying refundable tax credits

Effect of becoming subject to Pillar Two rules

Dividends from protected cell companies

Consistency with Pillar Two rules

Dividends from protected cell companies

Chapter 3 of Part 3 (effective tax rate)

Chapter 4 of Part 3 (calculation of adjusted profits)

Chapter 5 of Part 3 (covered tax balance)

Chapter 6 of Part 3 (calculation of top-up amounts)

Chapter 7 of Part 3 (allocating top-up amounts)

Chapter 8 of Part 3 (further adjustments)

Chapter 9 of Part 3 (special provision for investment entities etc)

Chapter 10 of Part 3 (definitions etc)

Part 4 (domestic top-up tax)

Schedules 14 to 17

Disqualification for promoting tax avoidance

Minor and consequential amendments

Extent

Practice and procedure

Interpretation

Editorial notes

Permanent full expensing etc for expenditure on plant or machinery

New regime for research and development carried out by companies

Films, television programmes and video games produced by companies

Orchestral concerts produced by companies

Museum and gallery exhibitions produced by companies

Sections 3 to 6: administration of reliefs

Miscellaneous amendments relating to REITs

Managers of ships

Increase in capital allowances limit for ship leasing

Extension of EIS relief and VCT relief to shares issued before 6 April 2035

Relief for payments of compensation by government etc to companies

Enterprise management incentives: time limits

Provision in connection with abolition of the lifetime allowance charge

MPs’ pension scheme etc: rectification of discrimination

Provision relating to the cash basis

PAYE regulations: special types of payer or payee

Carer’s allowance supplement: correction of statutory reference

Growth market exemption: qualifying UK multilateral trading facilities etc

Capital-raising arrangements etc

New investment exemption

Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc

Rates of tobacco products duty

Rates of vehicle excise duty

Rates of air passenger duty

Rebate on heavy oil and certain bioblends used for heating

Vehicle excise duty exemption for foreign vehicles

Interpretation of VAT and excise law

Rates of landfill tax

Rate of aggregates levy

Rate of plastic packaging tax

Increase in maximum terms of imprisonment for tax offences

Disqualification of directors etc promoting tax avoidance schemes

Promoters of tax avoidance: failure to comply with stop notice etc

Construction industry scheme: gross payment status

Additional information to be contained in returns under TMA 1970 etc

Commencement of rules imposing penalties for failure to make returns etc

Abbreviations used in Act

Short title

FA 1998

FA 2007

CTA 2009

CTA 2010

TIOPA 2010

FA 2013

General commencement of Parts 1 and 2

Assignments and nominations

Avoidance of overlaps and gaps in entitlement during transition

Transitional provision relating to claim notifications

Transitional provision relating to the R&D intensity condition

Higher rate of payable credit for R&D-intensive SMEs from 1 April 2023

Films Act 1985

FA 1998

FA 2007

CTA 2009

CTA 2010

Films Act 1985

ICTA

FA 1998

FA 2007

CTA 2009

FA 2009

CTA 2010

FA 2016

General commencement

Closure of existing regimes to new productions

Opting into new regime during transitional period

Productions not moving into new regime

Continuity between regimes: taxation as separate trade

Continuity between regimes: calculation of expenditure credit

Continuity between regimes: British certification

Continuity between regimes: UK expenditure (films and television programmes)

Transition of video games from European expenditure condition to UK expenditure condition

Transfer of terminal losses between productions in existing and new regimes

Introduction

Meaning of “theatrical production”

Meaning of “core expenditure”

Provision to emphasise that capital expenditure does not generally qualify for relief

UK expenditure threshold to replace EEA expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of R&D exclusion

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 5

Transitional provision in relation to paragraph 6

Introduction

Time of election for orchestral concerts to be treated as a series

Meaning of “core expenditure”

Provision to emphasise that capital expenditure does not generally qualify for relief

UK expenditure threshold to replace EEA expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of exclusion for other reliefs

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 5

Transitional provision in relation to paragraph 6

Introduction

Museum and gallery exhibitions not to be wholly remote

Meaning of “core expenditure”

UK expenditure threshold to replace European expenditure threshold

EEA expenditure not to qualify for relief

Profit element of non-arm's-length payments to connected parties not to qualify for relief

Amendment of exclusion for R&D relief and other creative sector reliefs

Restriction where tax liabilities outstanding: meaning of “payment period”

Relief not to be available for companies in insolvency

Transitional provision in relation to paragraph 4

Transitional provision in relation to paragraph 5

Power to recover overpayments

Time limit for claims

Supporting information

Amendment of CTA 2010

CoACS to be institutional investors

Non-close condition

Certain institutional investors required to meet GDO or non-close condition

Paragraph 4: transitional provision

Insurance companies may be included in group UK REIT

Property financing costs

Single property rule

Disposal of rights or interests in UK property rich funds

Holders of excessive rights

Corporate interest restriction and disposal of interests in UK property rich companies

Introduction

Qualifying companies to include companies managing qualifying ships

Daily profits of managed ships

Tonnage tax activities include activities in managing ships

Effect of temporarily ceasing to manage or operate qualifying ships

Training requirement

Disapplication of 75% limit for ship managers

Commencement

Amendments of Part 4 of FA 2004 (pension schemes etc)

Amendments of Part 9 of ITEPA 2003

Amendments of the Registered Pension Schemes (Authorised Payments) Regulations 2009

Amendments of Part 4 of FA 2004

Amendments of Chapter 4 of Part 9 of ITEPA 2003

Amendments of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006

Amendments of Schedule 29 to FA 2004

Amendments of Schedule 34 to FA 2004

Amendments of Part 2 of Schedule 36 to FA 2004

Amendments of Part 3 of Schedule 36 to FA 2004

Amendment of Part 4 of Schedule 36 to FA 2004

Amendments of Schedule 18 to FA 2011

Amendments of Schedule 22 to FA 2013

Amendments of Schedule 6 to FA 2014

Amendments of Schedule 4 to FA 2016

Amendments of the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006

Amendments of the Taxation of Pension Schemes (Transitional Provisions) Order 2006

Amendments of the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011

Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013

Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014

Amendments of Part 4 of FA 2004

Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006

Amendments of the Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006

Commencement

127A

• (1) This paragraph applies where—

• (a) one or more benefit crystallisation events within the meaning of Part 4 of FA 2004 occurred in relation to an individual before 6 April 2024, and

• (b) a transfer of the kind mentioned in section 244IA(1)(a) of FA 2004 is made in relation to the individual on or after that date.

• (2) Where the individual’s adjusted lifetime allowance previously-used amount is equal to or greater than the individual’s lifetime allowance, none of the individual’s overseas transfer allowance is available on the making of the transfer.

• (3) Otherwise, the amount of the individual’s overseas transfer allowance that is available on the making of the transfer is—

• (a) the amount of that allowance that is available in accordance with section 244IC of FA 2004 on the making of the transfer, less

• (b) the individual’s adjusted lifetime allowance previously-used amount,

or, if that produces a negative result, nil.

• (4) In this paragraph “adjusted lifetime allowance previously-used amount” means—

$$A-B$where—A is the lifetime allowance previously-used amount;B is the aggregate of any amounts included in A that are attributable to the occurrence, before 6 April 2024, of benefit crystallisation event 1.$

130A

• (1) The amendments made by or under this Schedule, and the amendments made by section 14, are to be disregarded for the purposes of determining—

• (a) the extent (if any) to which a transitional lump sum is a lump sum of a description permitted to be paid by the lump sum rule in section 166(1) of FA 2004, and

• (b) the tax treatment under Part 9 of ITEPA 2003 of a transitional lump sum.

• (2) In this paragraph “transitional lump sum” means a lump sum to which a member of a registered pension scheme becomes entitled before 6 April 2024 and which is paid on or after that date.

• (3) In sub-paragraph (2) “member” has the same meaning as in Part 4 of FA 2004.

132A

• (1) This paragraph applies where any provision of or made under this Schedule re-enacts (with or without modification) a provision of the pensions tax code that is repealed by or under this Schedule.

• (2) The repeal and re-enactment does not affect the continuity of the law.

• (3) Anything done (including any subordinate legislation made) or having effect as if done, under or for the purposes of the repealed provision that could have been done under or for the purposes of the corresponding provision of the pensions tax code, if in force or effective immediately before the commencement of that corresponding provision, has effect thereafter as if done under or for the purposes of that corresponding provision.