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ARTICLE · 19 DECEMBER 2023

The Pensions Brief: November 2023

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The legislation remains broadly as set out in HMRC's consultation on the draft legislation. From 6 April 2024 the concept of the LTA will be removed...

United KingdomEmployment and HR
Jay Doraisamy
Jay Doraisamy
Katherine Carter
Katherine Carter
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Issues affecting all schemes

  • Lifetime allowance – abolition

The  Finance Bill has been laid before Parliament. Its pensions-related provisions include :

  • Abolition of the lifetime allowance (LTA).
  • Changes to the taxation of lump sums and lump sum death benefits.
  • Changes to the taxation of lump sums paid by overseas pension schemes.
  • Changes to the overseas transfer charge.
  • Changes to the rules governing LTA protections.
  • Changes to scheme reporting obligations.
  • Transitional provisions, in particular in relation to the treatment of benefits taken before 6 April 2024.

The provisions will come into force on 6 April 2024. Accompanying  explanatory notes and an HMRC policy paper have also been published.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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