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Health Canada identifies lithium-ion batteries, infant bath seats, and water beads as hazards of concern
Health Canada has recently identified three new classes of products that pose a hazard of concern.
United Kingdom | Publication | July 2023
HM Treasury and HMRC have published draft legislation for inclusion in the Finance Bill 2024, including two pensions-related measures.
These are:
The measures provide for a new "lump sum allowance" of £268,275 in relation to tax-free pension commencement lump sums and a new "lump sum and death benefit allowance" of £1,073,100 (the current level of the LTA) in relation to authorised lump sums and authorised lump sum death benefits. These allowances will apply across all registered pension schemes of which an individual is a member. Payments exceeding the allowances will be subject to income tax at the recipient's marginal rate. Details of these changes are set out in the Pension schemes newsletter no. 152, along with administrative issues relating to the digitisation of relief at source.
In the policy paper accompanying the draft Finance Bill are changes to the taxation of inherited pension pots where a member dies before age 75. Since 2015, it has been possible to inherit a pension pot in such circumstances free of IHT and income tax. The policy paper states that “Individuals will still be able to receive the benefits which are currently tested against the LTA, but the values will no longer be excluded from marginal rate income tax…with effect from April 6, 2024.” This has been described as a “sea change” in tax treatment of inherited benefits. More detail on the related proposed legislation is expected. It will be important to check whether the newly drafted Finance Bill maintains the tax protections currently enjoyed by death benefits under an excepted group life policy, as such policies are widely used by employers.
The consultation on the draft legislation runs until September 12, 2023.
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Health Canada has recently identified three new classes of products that pose a hazard of concern.
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An employer’s ability to ask for a sick note when an employee is absent from work due to illness is becoming increasingly curtailed across Canada.
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Since 2022, the Government of Canada has introduced three waves of amendments to the Competition Act (Act), making substantive changes to Canada’s competition laws, with the most recent amendments receiving royal assent on June 20, 2024.
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