Fresh LTA rule update gives advisers clarity but questions remain

February HMRC newsletter gave LTA update ahead of 6 April abolition

Jenna Brown
clock • 1 min read

HM Revenue & Customs (HMRC) has issued a further update to the post-lifetime allowance (LTA) abolition rulebook ahead of its removal on 6 April.

With less than two months to go before the changes, HMRC's February newsletter gave "welcome clarification" to the rules for those responsible for advising clients, according to Royal London pensions expert Clare Moffat. She said: "This is especially true in relation to transitional tax-free amount certificates, which we receive the most queries about, along with questions on the implications of the changes on those who have already taken benefits but who will take more after 6 April." However, Moffat said there were still unanswered questions.  "HMRC state that more information wi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Industry backs 'surprise' Pension Schemes Bill in King's Speech

Industry backs 'surprise' Pension Schemes Bill in King's Speech

Pensions Bill inclusion was welcomed by industry commentators

Martin Richmond
clock 17 July 2024 • 6 min read
Direction of travel: What Labour has planned for pensions freedom

Direction of travel: What Labour has planned for pensions freedom

'The targeted support proposal is particularly critical'

Jon Greer
clock 15 July 2024 • 4 min read
Compulsion and choice: Lessons from the Aussie pension system

Compulsion and choice: Lessons from the Aussie pension system

In his latest article for Professional Adviser, Roger Brosch explores what the ‘super’ Down Under means for pensions up here

Roger Brosch
clock 10 July 2024 • 4 min read