Rebecca Cantrell

Mar 1, 2024 | mondaq.com | Jennifer Alldridge |Rebecca Cantrell |Claire Rankin

Most of the legislative changes needed to remove the lifetime allowance from 6 April 2024 are contained in the Finance Bill 2023-24, which had its first reading in the House of Commons on 27 November 2023 and is continuing its passage through Parliament. However, it does not provide the complete picture. HMRC is issuing guidance on a regular basis and has confirmed that schemes can expect changes to the Finance Bill and new sets of regulations.

Jul 27, 2023 | mondaq.com | Rebecca Cantrell |Jennifer Alldridge

Draft legislation released by HMRC packs some unexpected consequences The Finance (No 2) Act 2023, which received Royal Assent on 11 July, has started to make the changes to the lifetime allowance (LTA) that were announced at the Spring Budget 2023, including the removal of the lifetime allowance charge. HMRC has also opened a technical consultation on draft legislation to abolish the LTA altogether with effect from the start of the 2024/25 tax year.

Jul 26, 2023 | lexology.com | Rebecca Cantrell |Jennifer Alldridge

Draft legislation released by HMRC packs some unexpected consequencesThe Finance (No 2) Act 2023, which received Royal Assent on 11 July, has started to make the changes to the lifetime allowance (LTA) that were announced at the Spring Budget 2023, including the removal of the lifetime allowance charge. HMRC has also opened a technical consultation on draft legislation to abolish the LTA altogether with effect from the start of the 2024/25 tax year.