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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 | July 2024
The new Prime Minister, Sir Keir Starmer, has appointed Liz Kendall as the new Work and Pensions Secretary. MP for Wycombe, Emma Reynolds, has been appointed as the new pensions minister. The pensions portfolio promises to be busy and we hope to see the following issues addressed as soon as possible:
The new Government has committed itself to a review of the UK pension system, although it is currently unclear exactly what this review will address. Hopefully, stability in pensions policy and certainty of the tax rules that apply to savers will be two of the outcomes.
Although the new Government’s has confirmed it will not reintroduce the lifetime allowance or alter the state pension triple lock, it remains to be seen if pensions could be subject to other tax changes. These could potentially include including pension pots in individuals’ estates for IHT purposes, decreasing the annual allowance which is now £60,000 or reducing the 25 per cent tax-free cash which can currently be taken.
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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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