HM Revenue & Customs is implementing the abolition of the Pensions Lifetime Allowance (LTA), a long-standing cap on tax-relieved pension savings. The reform involves amending regulations under the Finance Act 2004 to remove the charge and associated administrative requirements for registered pension schemes.
In response to: Finance Bill 2025-26: Report Stage
In response to: Lifetime Allowance abolition — amendment of power to make further regulations
This tax information and impact note is about updates to the current power to permit regulations laid in the 2025 to 2026 tax year to take effect for the 2024 to 2025 tax year.
Consideration of Bill, not amended in the Public Bill Committee Clause 2 Extent and Commencement 10:32:00 Dr Thérèse Coffey (Suffolk Coastal) (Con): I beg to move amendment 1, page 1, line 22, leave out from “force” to end of line …
We welcome views on this technical consultation on draft regulations to make changes to how pension input is calculated in a legacy public service pension scheme against the Annual Allowance.
Second Reading 09:35:00 Mr Laurence Robertson (Tewkesbury) (Con): I beg to move, That the Bill be now read a Second time. This very small Bill is narrow in scope, but it will provide financial assistance and fairness to people who …
We welcome views on this technical consultation on draft regulations to make changes to how pension input is calculated in a legacy public service pension scheme against the Annual Allowance.
In response to: Abolition of the Lifetime Allowance from 6 April 2024
This tax information and impact note is about abolishing the Lifetime Allowance (LTA).
In response to: Abolishing the pensions lifetime allowance
This measure delivers the changes necessary to abolish the pensions lifetime allowance from the tax year 2024 to 2025 onwards, as announced at Spring Budget 2023.
This measure ensures that no-one will face a Lifetime Allowance charge from April 2023. It increases the Annual Allowance, Money Purchase Annual Allowance, Tapered Annual Allowance, and the adjusted income for the Tapered Annual Allowance.
This measure addresses the pensions tax and Corporation Tax consequences of court directed write-downs under proposed new section 377A of the Financial Services and Markets Act 2000 and any subsequent court-ordered variation or termination of write-down orders.
A technical consultation on this draft statutory instrument, which will extend certain information and reporting deadlines in respect of Scheme Pays and the annual allowance tax charge.
A technical consultation on this draft statutory instrument, which will extend certain information and reporting deadlines in respect of Scheme Pays and the annual allowance tax charge.
A technical consultation on this draft statutory instrument, which will extend certain information and reporting deadlines in respect of Scheme Pays and the annual allowance tax charge.
In response to: Setting the standard Lifetime Allowance from 2021 to 2022 to 2025 to 2026
This tax information and impact note is about setting the standard lifetime allowance to 2025 to 2026
This tax information and impact note details the reduction of the money purchase annual allowance (MPAA).
This applies to individuals whose total UK tax relieved pension savings are near to or more than £1 million.
This tax information and impact note will mainly affect individuals with income of over £150,000, including the value of any pension contributions, who save in a registered pension scheme.
Draft legislation on changes to the taxation of annuities paid to beneficiaries as announced by the Chancellor in Autumn Statement 2014.
Second Reading (and remaining stages) 18:47:00 Bill read a second time. Committee negatived. Standing Order 46 having been dispensed with, the Bill was read a third time and passed. House adjourned at 6.47 pm.
First Reading 18:46:00 The Bill was brought from the Commons, endorsed as a money Bill, and read a first time.
Ordered, That the Order of 29 October 2014 (Taxation of Pensions Bill (Programme)) be varied as follows: (1) Paragraphs (4) and (5) of the Order shall be omitted. (2) Proceedings on Consideration shall (so far as not previously concluded) be …
Consideration of Bill, as amended in the Public Bill Committee. New Clause 1 Impact on Government revenues ‘(1) The Chancellor of the Exchequer shall, within a period of no more than two years from 6 April 2015, publish and lay …
Second Reading 13:15:00 The Financial Secretary to the Treasury (Mr David Gauke): I beg to move, That the Bill be now read a Second time. Security in retirement has been a central part of the Government’s agenda. It is important …