PARLIAMENTARY WRITTEN QUESTION
Tax Allowances (4 October 2024)
Question Asked
To ask the Chancellor of the Exchequer, when she plans to publish guidance for the Transitional Tax Free Allowance Certificate.
Asked by:
Alison Bennett (Liberal Democrat)
Asked by:
Alison Bennett (Liberal Democrat)
Answer
Legislation concerning the abolition of the Lifetime Allowance (LTA) was included in Finance Act 2024. The legislation introduced transitional arrangements including Transitional Tax-Free Amount Certificates (TTFACs). Guidance was published alongside the legislation.
Further regulations to address some discrete technical areas were laid on 7th and 9th of October 2024, with effect from 18th November (subject to parliamentary process). Once effective, they will apply retrospectively from 6th April 2024 onwards.
Further information will be provided in HMRC’s November newsletter and HMRC’s existing guidance will be updated in due course.
Answered by:
Tulip Siddiq (Labour)
11 October 2024
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