Publication
Merger law reform in Australia: What next after the Exposure Draft?
As expected, the Australian Commonwealth Treasury released an exposure draft for the proposed new Australian merger regime on 24 July 2024.
United Kingdom | Publication | March 2024
The Finance Bill 2024 had its second and third readings in the House of Lords on February 21, 2024. No amendments were made during these remaining Lords stages and the Bill received Royal Assent on February 22, 2024, becoming the Finance Act 2024.
The Act sets out the legal framework for the abolition of the lifetime allowance and its replacement by two new lump sum allowances.
Pensions administrators now have very little time in which to adjust their systems, processes and member communications to take account of the changes. There is concern that, despite the significant burden of introducing the new regime, it could yet be reversed depending on the outcome of the General Elections.
However, the regulations removing the lifetime allowance have now been made and come into force on April 6, 2024. They include:
HMRC guidance on the removal of the LTA was last updated on March 15, 2024, and can be found here.
Publication
As expected, the Australian Commonwealth Treasury released an exposure draft for the proposed new Australian merger regime on 24 July 2024.
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