HMRC have revised their February 2024 lifetime allowance newsletter to explain the conditions where event number 24 applies. HMRC have confirmed that FA 2024 Sch 9 para 106 (which introduced new event number 24) will be amended so that event 24 only applies where either:
a lump sum (other than a lump sum death benefit) paid exceeds an individual’s available allowances (or would have done had the individual not been relying on a protection or an enhancement); or
a lump sum death benefit paid exceeds an amount equal to the individual’s lump sum and death benefit allowance of £1,073,100 as set out in section 637R (this reporting requirement does not require any assessment of an individual’s available lump sum and death benefit allowance).
HMRC have revised their February 2024 lifetime allowance newsletter to explain the conditions where event number 24 applies. HMRC have confirmed that FA 2024 Sch 9 para 106 (which introduced new event number 24) will be amended so that event 24 only applies where either:
a lump sum (other than a lump sum death benefit) paid exceeds an individual’s available allowances (or would have done had the individual not been relying on a protection or an enhancement); or
a lump sum death benefit paid exceeds an amount equal to the individual’s lump sum and death benefit allowance of £1,073,100 as set out in section 637R (this reporting requirement does not require any assessment of an individual’s available lump sum and death benefit allowance).
