Transitional tax-free amount certificates – what, who, when and how

On 6 April 2024, the lifetime allowance (LTA) was scrapped. In its place, three new allowances were introduced: the lump sum allowance (LSA) set at £268,275, the lump sum and death benefit allowance (LSDBA) set at £1,073,100 and the overseas transfer allowance (OTA) set at £1,073,100. It's the LSA that is now the primary limit on the amount of tax-free cash someone can take.  Given the speed at which the changes were introduced, there were gaps and errors in the legislation. These were fixed by regulations that came into force on 18 November 2024 (but with effect from 6 April 2024)...