This is the amount of any increase in the value of the individual's rights under the arrangement during the ‘pension input period’ (see ¶386-250) of the arrangement ending in the tax year (FA 2004, s. 234(1)–(3)).

The opening value of the individual's rights is determined at the end of the immediately preceding pension input period (if there was no such preceding period, the value is nil), or immediately before the current pension input period if it is the first such period, whilst the closing value is determined at the or end of the current pension input period. The value at those times is the sum of:

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