Pensions tax – transitional tax-free amount certificates
6 April 2024 (“LTA-Day”) marked the end of the LTA and the debut of two new tax-free lump sum allowances: the “lump sum allowance” (“LSA”) and the “lump sum and death benefit allowance”...
Find out what’s happening at Sackers. Our News section provides information about recent work, press comment and media coverage, and what our people are doing.
6 April 2024 (“LTA-Day”) marked the end of the LTA and the debut of two new tax-free lump sum allowances: the “lump sum allowance” (“LSA”) and the “lump sum and death benefit allowance”...
Introduction Ahead of the LTA’s removal on 6 April 2024 (“LTA-Day”), HMRC’s latest newsletter was published on 4 April 2024 (“Newsletter 158”). Crucially, HMRC states that certain members may wish to delay transferring or...
Introduction 6 April 2024 (“LTA-Day”) will mark the end of the LTA and the introduction of new allowances, the “lump sum allowance” (“LSA”) and the “lump sum and death benefit allowance” (“LSDBA”). In this Alert we look...
The Finance Act 2024 paves the way for the LTA’s demise from 6 April 2024. But this brings with it a number of complications, the key one being where to draw the dividing line between tax-free lump sums and taxed lump sums. This Hot...
Background On 18 July 2023, draft clauses for inclusion in the next Finance Bill to deal with abolishing the lifetime allowance (“LTA”) from 6 April 2024 were published for technical consultation by HM Revenue & Customs...
Introduction Following on from this year’s Spring Budget, on 11 July 2023 the Finance (No.2) Bill received Royal Assent and, just a week later, draft clauses for inclusion in the next Finance Bill to deal with abolishing the LTA were...
It’s been hard to miss that pensions was a key area in the Spring Budget, but in all the excitement, it can be easy to lose track of exactly what’s changing. So here is a quick recap of those changes, along with a reminder of...
Introduction The Finance (No.2) Bill (“the Bill”) was published today, 23 March 2023. With the notable exception of the abolition of the LTA, which is being dealt with by a separate Finance Bill, the Bill sets out measures which are...
