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ARTICLE · 30 JULY 2023

Draft Finance Bill 2024 Published For Consultation

Norton Rose Fulbright
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HM Treasury and HMRC have published draft legislation for inclusion in the Finance Bill 2024, including two pensions-related measures.

United KingdomEmployment and HR
Lesley Browning
Lesley Browning
Shane O'Reilly
Shane O'Reilly

HM Treasury and HMRC have published draft legislation for inclusion in the Finance Bill 2024, including two pensions-related measures.

These are:

  • The abolition of the lifetime allowance (LTA) following removal of the LTA charge from April 6, 2023.
  • Amendments to enable modernisation of the relief at source system from April 6, 2025.

The measures provide for a new "lump sum allowance" of £268,275 in relation to tax-free pension commencement lump sums and a new "lump sum and death benefit allowance" of £1,073,100 (the current level of the LTA) in relation to authorised lump sums and authorised lump sum death benefits. These allowances will apply across all registered pension schemes of which an individual is a member. Payments exceeding the allowances will be subject to income tax at the recipient's marginal rate. Details of these changes are set out in the Pension schemes newsletter no. 152, along with administrative issues relating to the digitisation of

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