The Treasury has issued a draft version of the further set of regulations which will adjust the pensions lifetime allowance abolition legislation. HMRC’s Explanatory Memorandum to the draft regulations explains much of the detail confirming that the changes aim to put individuals in the correct tax position as originally intended. The changes will have effect from 6 April 2024. Interestingly while these are the draft ‘Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024’ it appears that the ‘No. 2’ Regulations have not yet been laid before Parliament.
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The Treasury has issued a draft version of the further set of regulations which will adjust the pensions lifetime allowance abolition legislation. HMRC’s Explanatory Memorandum to the draft regulations explains much of the detail confirming that the changes aim to put individuals in the correct tax position as originally intended. The changes will have effect from 6 April 2024. Interestingly while these are the draft ‘Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024’ it appears that the ‘No. 2’ Regulations have not yet been laid before Parliament.
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