Revenue limits meaning

ARCHIVED: This archived Checklist outlines the matters trustees would have needed to assess when revising their scheme rules to reflect the legislative changes that took effect on 6 April 2006 (A‑day). It is provided for background purposes only. For more detail, see Practice Note: Updating your rules to reflect A‑day changes [Archived]. A-day—an overview On 6 April 2006, the Finance Act 2004 (FA 2004) commenced, bringing in a new framework for taxing UK pension schemes. The principal reforms were: the former tax approval regime was replaced with registration by HM Revenue & Customs (HMRC) in place of strict caps and limits on benefits, a more flexible approach was adopted, applying tax charges to ‘unauthorised payments’ and where members’ benefits exceed the annual and lifetime allowance Transitional provisions To prevent a sudden rise in pension scheme liabilities following the removal of previous caps and limits, transitional measures were introduced under the Registered Pension Schemes (Modification of the Rules of Existing Schemes)...

In this issue: Budgets and Finance Bills Taxes management and litigation Business structures Anti-avoidance Employment taxes Devolution International Individuals and income tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills National Insurance Contributions (Employer Pensions Contributions) Bill in the House of Lords The National Insurance Contributions (Employer Pensions Contributions) Bill has passed through the House of Commons and is now being scrutinised by the House of Lords. See: LNB News 23/01/2026 8. Further changes to Finance Bill 2026; Public Bill Committee timetable On 23 January 2026, the UK government introduced additional amendments to Finance Bill 2026 (FB 2026) for the Public Bill Committee to examine: clause 13 (enterprise management incentives) and clause 225 (tax adviser registration). The Committee has also released its schedule, with proceedings due to conclude no later than 26 February 2026. See: Tax—Finance...

In this issue: Spring Budget 2024 Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Digital assets and cryptoassets Charity and philanthropy Updated HMRC guidance: How the tax system operates for charities Contentious trusts and estates International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Spring Budget 2024 On Wednesday, 6 March 2024, the Chancellor of the Exchequer, Jeremy Hunt, presented the government’s Spring Budget. For commentary on consultations and statements pertinent to Private Client practitioners, please see News Analyses: Spring Budget 2024—Private Client analysis and Video analysis—Spring Budget 2024: Key Private Client announcements. For coverage of corporate tax matters, consult News Analyses: Spring Budget 2024—Tax analysis and Video...

On 27 May 2025, HM Revenue and Customs (HMRC) said it had been sounding out employers’ views on a number of ‘hypothetical’ situations put to them. Among them was scrapping the National Insurance (NI) relief for employers and employees in relation to these arrangements, removing NI exemptions that currently apply. Typically, employee pension contributions are free of income tax, yet they attract NI. Many employers provide an alternative under which staff give up part of their taxable pay and, instead, the employer makes an equivalent payment into the worker’s pension scheme on their behalf. This reduces NI liabilities for both parties, cutting NI bills for employers and for employees. Government figures suggest salary sacrifice features in about 30% of private sector and 9% of public sector pension arrangements...

Taxpayers who settle tax after the deadline are liable to interest, charged at a rate laid down in law. The Finance Act 2009 (FA 2009) established a unified framework for interest on late-paid tax intended to apply across all taxes, excluding excise duties; corporation tax and petroleum revenue tax were at first outside the framework, but are now slated for inclusion from a date yet to be confirmed. This Practice Note outlines both the unified rules and also covers how interest may arise where late payment falls outside that framework. Harmonised late paid interest regime The FA 2009 framework is being phased in progressively across the different taxes...

This Practice Note explains what a determination (also known as a revenue determination) is for direct tax purposes (ie a direct tax determination) when HMRC may issue a direct tax determination the potential quantum of any direct tax determination the time limits within which HMRC can make such a determination the consequences of a determination for a taxpayer the ways in which a taxpayer may displace a direct tax determination For this Practice Note, unless expressly stated otherwise, determination means a direct tax revenue determination. For a practical, step-by-step aid to handling a direct tax determination, see: Practical steps for dealing with a revenue determination for direct tax purposes—checklist. Note that a revenue determination is not the same as a discovery determination. A discovery determination is akin to a discovery assessment; however, a discovery determination—unlike a discovery assessment and unlike a revenue determination—only applies where a company has submitted a tax return...

ARCHIVED : Section 20 of the Finance Act 2025 (FA 2025) repealed the offshore receipts in respect of intangible property (ORIP) regime for amounts accruing on or after 31 December 2024. Accordingly, ORIP is relevant only to receipts arising from 6 April 2019 through to and including 30 December 2024. The regime was withdrawn on the basis that the undertaxed profits rule (UTPR), which came into force in the UK on 31 December 2024, is expected to provide a more comprehensive deterrent to the multinational tax-planning arrangements that ORIP was designed to tackle. HMRC’s guidance at INTM620710 confirms that, for the 2024–25 tax year, entities within ORIP’s scope need only report ‘UK-derived amounts’ arising before 31 December 2024. For further detail on the UTPR, see: Multinational top-up tax and domestic top–up tax—overview...