How does someone apply for IP2014?

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There will be a three-year window to apply to HMRC for IP2014 from 6 April 2014 up until 5 April 2017. This period has been set to allow plenty of time for valuations on 5 April 2014 to be obtained, as valuations will be required as part of the application process.

Applications for IP2014 will be able to be made to HMRC using form APSS240. An IP2014 certificate will be issued by HMRC if someone has applied for IP2014 on its own. The certificate will confirm the protected lifetime allowance, which the person will then be able to use each time they take any pension benefits.

If IP2014 is applied for where someone already has enhanced protection, fixed protection 2012 or fixed protection 2014, then HMRC will confirm to the applicant that their IP2014 application has been accepted. An IP2014 certificate won’t be issued unless the IP2014 option becomes active and this will happen only if the other form of protection is lost.