ARTICLE · 05 SEPTEMBER 2023

Key Issues For Your Trustee Agenda

TLT Solicitors

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We recommend prioritising these issues on your Autumn agenda...

United KingdomTax

Sasha Butterworth

We recommend prioritising these issues on your Autumn agenda:

Tackling the tax changes
Focus on trusteeship
The Virgin Media case: do you need to act?

Plus – what to keep an eye on, and what to look out for in the coming weeks.

Tax changes

The Finance (No 2) Act 2023, which covers the first tranche of changes to pensions tax legislation stemming from the Spring Budget, received Royal Assent in July. This included various increases in the Annual Allowance, removal of the Lifetime Allowance ('LTA') charge from 6 April 2023, and a cap on pension commencement lump sums.

Draft Finance Bill 2023-24provisions have now also been published, addressing among other things the abolition of the LTA from 6 April 2024. The Bill introduces two new lump sum allowances, and addresses benefit crystallisation events and the impact on tax protections from that date. A new deadline of 5 April 2025 is also proposed for applications for certain existing protections.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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