United Kingdom | Publication | February 2024
On February 13, 2024, HMRC published the second edition of its lifetime allowance guidance newsletter, which includes information about several changes that HMRC proposes to make to the provisions in the Finance Bill 2024, which will abolish the lifetime allowance and modify the pensions tax regime from the start of the 2024/25 tax year.
The newsletter sets out detail on transitional tax-free amount certificates, and guidance on how and when to apply for such certificates.
HMRC also notes that the legislation will be amended in regulations ahead of April 6, 2024, to remove the ‘permitted maximum’ for the pension commencement excess lump sum, which in some circumstances would have been far more restrictive than under the current regime. HMRC promises to provide further guidance and worked examples as soon as possible.
Several new FAQs have also been published in response to industry feedback.
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On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.
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On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.
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As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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