Chris Holmes and Elsa Littlewood (BDO) examine the overhaul of the pensions tax rules in the Finance Bill.
A number of pension tax changes including the abolition of the Lifetime Allowance (LTA) have been announced over the last year. This article seeks to guide readers through those announcements in both the Finance Bill 2023/24 (‘the Finance Bill’) and wider HMRC guidance.
When we wrote an article on the LTA in June 2022 (‘Back to basics: pensions lifetime allowance’ (Chris Holmes & Catherine Morgan) Tax Journal 17 June 2022) we had no idea that a few months later its demise would be announced. Given that the announcement was made within only weeks of its implementation F(No.2)A 2023 simply abolished the LTA charge whilst leaving the legislative framework in place. It is only now a year on that that framework is being removed from the statute books...
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Chris Holmes and Elsa Littlewood (BDO) examine the overhaul of the pensions tax rules in the Finance Bill.
A number of pension tax changes including the abolition of the Lifetime Allowance (LTA) have been announced over the last year. This article seeks to guide readers through those announcements in both the Finance Bill 2023/24 (‘the Finance Bill’) and wider HMRC guidance.
When we wrote an article on the LTA in June 2022 (‘Back to basics: pensions lifetime allowance’ (Chris Holmes & Catherine Morgan) Tax Journal 17 June 2022) we had no idea that a few months later its demise would be announced. Given that the announcement was made within only weeks of its implementation F(No.2)A 2023 simply abolished the LTA charge whilst leaving the legislative framework in place. It is only now a year on that that framework is being removed from the statute books...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
