Finance Bill LTA provisions a 'rushed job' ahead of April

LTA provisions remains a concern in the latest Finance Bill

Jonathan Stapleton
clock • 1 min read

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 ...

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

Chancellor 'confident' govt will not need to mandate pension scheme investment

Chancellor 'confident' govt will not need to mandate pension scheme investment

Rachel Reeves confirmed in Mansion House speech pension funds and government ‘are united’

Holly Roach
clock 16 July 2025 • 2 min read
Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read