The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations, SI 2014/1449, come into effect on 1 July 2014. They clarify that where a pension already in payment at A-day is transferred to a new scheme pension on or after 6 April 2014, but prior to the scheme member’s first lifetime allowance charge valuation (or ‘benefit crystallisation’) event, the new scheme pension is to be treated as if it were the original pre-A-day pension.
The Individual Savings Account (Amendment No. 2) Regulations, SI 2014/1450, come into effect on 1 July. They increase the overall annual ISA subscription limit to £15,000, remove the limit on cash ISAs and permit the transfer of ISA funds from a stocks and shares to a cash account. The junior ISA subscription limit is increased to £4,000. The regulations also modify the range of qualifying investments for ISAs and junior ISAs.
]On 2 June, the US Internal Revenue Service (IRS) published its first list of FATCA-compliant foreign financial institutions. On 9 June, the Loan Market Association published the 2014 summary note on FATCA. This replaces the May 2013 note. The new note explains the rationalising of the drafting, as the 1 July 2014 deadline for implementation approaches. The investment grade facility agreements now contain language for FATCA on the basis of an agent in a jurisdiction with a model I intergovernmental agreement in place but that is not a qualified intermediary.
New HMRC guidance is available from HMRC’s website, including:
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations, SI 2014/1449, come into effect on 1 July 2014. They clarify that where a pension already in payment at A-day is transferred to a new scheme pension on or after 6 April 2014, but prior to the scheme member’s first lifetime allowance charge valuation (or ‘benefit crystallisation’) event, the new scheme pension is to be treated as if it were the original pre-A-day pension.
The Individual Savings Account (Amendment No. 2) Regulations, SI 2014/1450, come into effect on 1 July. They increase the overall annual ISA subscription limit to £15,000, remove the limit on cash ISAs and permit the transfer of ISA funds from a stocks and shares to a cash account. The junior ISA subscription limit is increased to £4,000. The regulations also modify the range of qualifying investments for ISAs and junior ISAs.
]On 2 June, the US Internal Revenue Service (IRS) published its first list of FATCA-compliant foreign financial institutions. On 9 June, the Loan Market Association published the 2014 summary note on FATCA. This replaces the May 2013 note. The new note explains the rationalising of the drafting, as the 1 July 2014 deadline for implementation approaches. The investment grade facility agreements now contain language for FATCA on the basis of an agent in a jurisdiction with a model I intergovernmental agreement in place but that is not a qualified intermediary.
New HMRC guidance is available from HMRC’s website, including: