Finance Bill lifetime allowance (LTA) provisions are a “rushed job” that will lead to “challenging” timescales for administrators and a “patch and mend job” through regulations ahead of the new tax year, industry figures say.
This year's first Finance Bill, containing the abolition of the LTA and its replacement by two new lump sum allowances, was to receive Royal Assent yesterday (22 April), having completed all its parliamentary stages. Lane, Clark & Peacock partner David Everett said the bill aims to remove all references to the LTA from the "fiendishly complex and extensive pensions tax law" but said this had been a "rushed job with errors and omissions coming to light" - something he said had resulted in HM Revenue & Customs (HMRC) now having to engage in a "patch and mend job" through regulation. He ...
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