United Kingdom | Publication | January 2025
On January 8, 2025, the Pensions Dashboards Programme published a blog on its draft reporting standards, following a November 2024 update.
The reporting standards set out the requirements on pension providers and schemes for generating and recording operational information and reporting it to the Money and Pensions Service (MaPS). Although pension providers and schemes will initially be required to keep records from April 2025, an additional duty to routinely send data to MaPS will apply at a later date. Operational monitoring has also been removed.
The reporting standards are not expected to undergo further significant change before formal approval is sought from the Secretary of State for Work and Pensions. However, minor corrections and clarifications could be made if required.
The final reporting standards are expected to be published in the first quarter of 2025.
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On February 1, US President Donald Trump signed three executive orders which impose tariffs on Canada, China, and Mexico based on declared national emergencies associated with purported illegal immigration and fentanyl imports from each country.
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In this edition we outline the important issues to look out for in 2025, and report on a case which serves as a reminder of the importance of assessing potential tax avoidance schemes when SDLT group relief is involved. We also flesh out more detail around the government’s new Remediation Acceleration Plan.
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