Hot Topic: Pensions tax – transitional tax-free amount certificates – July 2024
6 April 2024 (“LTA-Day”) marked the end of the LTA and the debut of two new tax-free lump sum allowances: the “lump sum allowance” (“LSA”) and the “lump sum and death benefit allowance” (“LSDBA”). For individuals who took benefits before LTA-Day, transitional provisions help to determine their future allowances.
In this Hot Topic:
- The main headlines
- Applying for a TTFAC
- The process
- Who decides if the evidence is adequate?
- What should the certificate look like?
- What if a TTFAC is wrong?
- Practical points
Read our hot topic here.