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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United Kingdom | Publication | 4月 2023
The Association of Consulting Actuaries has published information providing an update from HMRC on death benefits following the changes announced in the Budget.
Where previously subject to a 55 per cent tax charge above the LTA, the following payments will now be taxed at the recipient’s marginal rate of income tax:
The information from HMRC states: “… schemes may continue to use the current process for taxation of various death benefits.” Where a late member’s legal personal representative identifies a chargeable amount after payment of a DBLSDB or UFLSDB, they must report this to HMRC. It is HMRC that then assesses the tax due and HMRC will then raise marginal rate taxation (as opposed to an LTA charge) on the applicable portion of these payments. “HMRC will approach affected beneficiaries following the end of the tax year in line with the existing process but with the marginal rate charge instead of the LTA charge. This process will continue until HMRC develops a longer-term position for the full abolition of the LTA from April 6, 2024.”
Further information will continue to be provided in LTA-specific pension scheme newsletters.
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