UK HMRC advised clients to delay pension benefits due to incorrect LTA legislation ahead of its abolition.
UK tax authority HMRC advised some clients to delay taking pension benefits due to incorrect legislation ahead of the abolition of the Lifetime Allowance (LTA) on April 6th. Affected groups include those with schemes specific tax-free cash protection, transfers involving enhanced protection cases, and some transfers from drawdown to QROPS schemes. HMRC is working on passing updated regulations through Parliament, but the confusion has led some to criticize the poor implementation of the changes.
April 05, 2024
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