
Publication
Essential Corporate News – Week ending 23 May 2025
The Companies and Limited Liability Partnerships (Annotation) Regulations 2025 and an accompanying Explanatory Memorandum were published on 14 May 2025.
United Kingdom | Publication | April 2024
The lifetime allowance was abolished with effect from April 6, 2024. HMRC has published two newsletters on the topic, and also confirms that further minor technical changes are to be made in additional regulations later this year.
HMRC’s newsletter 157, published on March 28, 2024, sets out HMRC's responses to 39 frequently asked questions on the LTA abolition. They deal particularly with issues relating to retirements around April 6, 2024, and the transitional certificates for those members’ tax-free amounts.
Newsletter 158, published on April 4, 2024, highlights some key issues about the impact of the regulations that became effective from April 6, 2024. Further regulations will make minor changes, backdated to April 6, so schemes should ensure that members are aware that they may need to wait until these are effective before taking or transferring certain benefits, as their tax position could change.
The main instances for delay in proceeding include:
HMRC has begun the process of updating its online tax manual to reflect the LTA abolition and the new allowances. It has also updated its guidance for scheme administrators.
Publication
The Companies and Limited Liability Partnerships (Annotation) Regulations 2025 and an accompanying Explanatory Memorandum were published on 14 May 2025.
Publication
The Regulator’s annual funding statement for private sector DB schemes was published on April 29, 2025. It is the first such statement since the new DB funding regime came into force from September 22, 2024, onwards.
Publication
On April 29, 2025, Minister for Pensions Torsten Bell confirmed that new regulations will be laid in the autumn to allow for multi-employer collective defined contribution (CDC) schemes to be established. The related press release can be read here.
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