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How the new Building Canada Act works
On June 26, Bill C-5, the One Canadian Economy Act, received royal assent. The One Canadian Economy Act introduces two pieces of legislation aimed at bolstering economic development in Canada.
HMRC publishes new lifetime allowance guidance newsletter
United Kingdom | Publication | January 2024
As we have previously reported, the Budget on March 15, 2023, announced the abolition of the lifetime allowance from the start of the 2024 to 2025 tax year.
On December 20, 2023, HMRC published a newsletter dedicated to the progress of the abolition of the LTA, which confirms:
- HMRC has received input from its technical consultation on the draft Finance Bill 2024. The legislation confirms a member's pension commencement lump sum will be free from income tax up to the permitted maximum. The newsletter also confirms the introduction and operation of the new pension commencement excess lump sum (PCELS). A lump sum that exceeds the permitted maximum and does not qualify as a PCELS will be an unauthorised payment
- Payment of a trivial commutation lump sums, winding up lump sums and small lump sums will not reduce a member's available lump sum allowance, or lump sum and death benefit allowance. The newsletter also includes an example of the valuation of pension rights for calculating the commutation limit.
- The interim process for personal representatives to report to HMRC when they identify a chargeable amount after payment of a defined benefits lump sum death benefit or uncrystallised funds lump sum death benefit will be retained and expanded from 2024/25. The process will be updated from April 6, 2025, including new guidance and a dedicated form to complete
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Real estate focus: June 2025
In this edition we report on the Law Commission’s interim statement on 1954 Act reform following its two November consultations. We then examine the facts, judgments and implications of 3 recent cases: Emily Colville comments on the progress of a case determining whether or not a roof top garden should be considered a “storey” for the purposes of the Building Safety Act 2022.
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