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Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | June 2023
An amendment to the Finance (No 2) Bill 2023 will clarify the tax treatment of stand-alone lump sums following the removal of the lifetime allowance charge from the start of the 2023/24 tax year. These benefits relate to members who were entitled to take the entirety of their benefits in lump-sum form before April 6, 2006, and the amendment allows them to continue to exercise that right, provided all uncrystallised benefits under the scheme come into payment at the same time.
The amendment to the Bill inserts an upper limit on the amount of stand-alone lump sum that may be paid to a member with effect from the start of the 2023/24 tax year. This limit is the maximum stand-alone lump sum that could have been paid to the member on April 5, 2023. The amendment clarifies that no income tax arises on any stand-alone lump sum not exceeding the April 5, 2023, maximum, while any excess stand-alone lump sum above that level will be taxed as pension income at the member's marginal rate.
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This article first appeared in the September 2024 issue of Financier Worldwide.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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