Finalise LTA abolition rules by October, warns ACA

ACA warns of "unintended outcomes" if draft legislation is not finalised

Martin Richmond
clock • 2 min read

HM Revenue & Customs (HMRC) has been called to finalise draft legislation for the abolition of the lifetime allowance (LTA) by October, the Association of Consulting Actuaries (ACA) has warned.

In its response to HMRC's LTA abolition consultation, the ACA said it believed October was a "key point" for the practicality of the measure, which was announced by chancellor Jeremy Hunt in his Spring Budget earlier this year. The ACA noted it was critical for the government to have finalised key policy decisions and for the core legislation to reflect those decisions to be drafted by the October deadline. It also noted there should be a window for consultation to ensure any prospective new legislation and policy decisions are "fit for purpose". The ACA warned if the government fails...

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