The Act received Royal Assent on 22 February 2024. Schedule 9 of the Act contains provisions in connection with the abolition of the lifetime allowance charge.

The latest lifetime allowance newsletter was published on 13 February. This contains answers to 18 frequently asked questions and gives more information on reporting and on applications for transitional tax-free amount certificates.

A new HMRC newsletter (https://www.gov.uk/government/publications/pension-schemes-newsletter-155-january-2024)was published today. Amongst other things, the newsletter addresses the lifetime allowance reforms, reports that the Bill has passed through public bill committee stage, and outlines areas which may need to be addressed, including in particular pension commencement excess lump sums (PCELS).

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On 26 Oct, HMRC published its latest pensions schemes guidance newsletter.(https://www.gov.uk/government/publications/pension-schemes-newsletter-153-october-2023) Topics covered include pension flexibility and registration statistics and various practical advice in relation to the Managing Pension Schemes service.

On 27 September, the IFS published a report on IHT reform, which includes a discussion of bringing pension pots within the scope of IHT. To read the report, click here.(https://ifs.org.uk/publications/reforming-inheritance-tax)

Please see the following published on 18 July: Finance Bill 2023-24 - GOV.UK (www.gov.uk) Among the policy papers are a paper on abolition of the lifetime allowance and a paper on relief at source.

Congratulations to Paul for a very positive review of his book "A Practitioner's Guide to Correcting Mistakes in Pension Schemes" by Mark Herbert in PCB 4 [2023] 156. Affirming the accuracy of the praise in Asplin LJ's foreward, "comprehensive, clear and authoritative", Mark concludes that "there is meat in this book [for private client practitioners alongside pensions lawyers], and potatoes also"!

the Royal Court of Jersey has allowed an appeal by the Comptroller of Revenue against a determination by the Commissioners of Appeal for Tax that a New Zealand scheme was an "equivalent scheme" for the purposes of the Income Tax Act (Jersey) 1961 so that a Jersey personal pension scheme could make a transfer of a member's benefits to it. The Comptroller had been justified in taking into account the New Zealand statutory regime (in particular, the tax regime) and the Commissioners had been wrong to disagree. There was a real prospect that the effect on the individual concerned would be materially different bewteen the scheme as operated under the Jersey tax regime and the New Zealand Regime. To read the judgment, click here.

Those with an interest in the McCloud remedy for public sector pension schemes may be interested in the consultation published on 30 May 2023 in relation to changes to the LGPS. The consultation will run until 30 June 2023. Click here to view page. See also the HMRC public service remedies newsletter, published on 23 May 2023, linking to a consultation on the draft Regulations, whcih closes on 19 June 2023.

This newsletter was published yesterday. One significant item is that it explains that, following concerns raised by the industry and a lifetime allowance working group meeting on 4 April 2023, schemes can for the time being continue to use the current process for the taxation of defined benefits lump sum death benefits/uncrystallised funds lump sum death benefits (where HMRC calculates the tax after payment) rather than HMRC's proposed new process (where PAYE would apply and there could therefore be payment delays).

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Pensions Barrister is now having an Easter break, but we will be back soon with more pensions content and analysis.