Lifetime Allowance abolition — amendment of power to make further regulations
This tax information and impact note is about updates to the current power to permit regulations laid in the 2025 to 2026 tax year to take effect for the 2024 to 2025 tax year.
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This measure updates the current power in paragraph 134 of Schedule 9 to the Finance Act 2024 to allow any new regulations made under that power to have effect from the 2024 to 2025 tax year. Any regulations made under the power will be subject to the affirmative parliamentary procedure. The measure also extends the expiration of the power to 30 June 2026. The existing power in paragraph 133 in respect of transitional issues remains subject to the conditions within paragraph 134 and any regulations made under this power in paragraph 133 will also be subject to the affirmative procedure.