LegalizeThe Authorised Surplus Payments Charge (Variation of Rate) Order 2024
Made: 7th March 2024
Laid before the House of Commons: 11th March 2024
Coming into force: 6th April 2024
The Treasury make this Order in exercise of the power conferred by section 207(5) of the Finance Act 2004[^f00001].
Citation and commencement
1
This Order may be cited as the Authorised Surplus Payments Charge (Variation of Rate) Order 2024 and comes into force on 6th April 2024.
Decrease in rate of authorised surplus payments charge
2
In section 207(4) of the Finance Act 2004 (rate of authorised surplus payments charge) for “35%” substitute “25%”.
Signed
Amanda Solloway — Mike Wood — Two of the Lords Commissioners of His Majesty's Treasury — 7th March 2024
Explanatory note
(This note is not part of the Order)
Explanatory Note
This Order amends section 207(4) of the Finance Act 2004 to reduce the authorised surplus payments charge from 35% to 25%. This reduces the charge to income tax which is imposed when an authorised surplus payment is made to a sponsoring employer by an occupational pension scheme that is a registered pension scheme.
A Tax Information and Impact Note covering this instrument is published on the website at www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
Footnotes
[^f00001]: 2004 c. 12.
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