You heard it here first, the Lifetime Allowance won’t, it seems be reintroduced when/if Labour win. Their knee-jerk reaction to its abolition last year was that they’d bring it back. Whilst getting (sort-of) rid of it has been a mess, trying to bring it back would be still-messier, with all sorts of what-if legislation needed to cover those who’ve taken action thinking it would stay abolished. And of course, there were all those NHS doctors and other well-pensioned but still-needed professionals who were packing it in as soon as their pensions became big enough to pay the penalty tax.
“Jeremy Vine latest to face HMRC in IR35 battle”
Yes, you heard it here first, there was something good in Liz Truss’s mini-budget: she abolished, or tried to abolish IR35. The ‘IR’ stands for Inland Revenue, so you can see it’s a regulation, or attempt at a regulation, which goes back to pre-HMRC days (that’s when it was merged with Customs & Excise, kids etc.).
