(1) Income tax shall be charged in accordance with section 787R where, on or after 7 December 2005, a benefit crystallisation event occurs (in this section referred to as the 'current event') in relation to an individual who is a member of a relevant pension arrangement and either of the conditions in subsection (2) are met.
(2) The conditions referred to in subsection (1) are -
(a) that all or any part of the individual's standard fund threshold or, as the case may be, personal fund threshold is available at the date of the current event but the amount of that event exceeds the amount of the standard fund threshold or personal fund threshold which is available at that date, or
(b) that none of the individual's standard fund threshold or personal fund threshold, as the case may be, is available at the date of the current event.
(3) For the purposes of subsection (2), the amount of an individual's standard fund threshold or, as the case may be, personal fund threshold that is available
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