United Kingdom | Publication | December 2024
On November 18, 2024, two sets of regulations that address certain anomalies in the legislation removing the Lifetime Allowance came into force and are backdated to April 6, 2024.
HMRC has updated its Pensions Tax Manual to reflect the changes.
The Pensions (Abolition of Lifetime Allowance Charge etc) (No 2) Regulations 2024 and The Pensions (Abolition of Lifetime Allowance Charge etc) (No 3) Regulations 2024 both make amendments in areas including lump sums and death benefits and pension protections.
Detail can be seen in HMRC’s Pension schemes newsletter no. 163.
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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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