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There is a huge amount of detail to understand now these changes have been made. Our LTA Hub is here to help you. You’ll find a range of videos and support articles to help you understand what it means for you and your clients.
We have updated our online crystallisations process for the new pension regime. This means you can continue submitting the majority of requests online through our platform, just as you do today.
While the process remains simple and straightforward, you’ll notice some changes on the screens and in the information we request. These adjustments are due to the introduction of the two new allowances. For an overview, check out our short ‘How do I?’ video linked below.
There are still a small number of scenarios relating to different protections, summarised below, where we will need you to complete our new form due to the more complex nature of the request. We are actively working toward making these types of protection-related processes available online in the future.
| Complete online on our platform | Complete a paper form |
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How do I complete an online crystallisation?
To help ensure you understand the new process and screens, please watch this short ‘How do I?’ video that will show you how to submit a crystallisation request from today following the LTA changes.
Applying for a Transitional Tax-Free Amount Certificate
Follow these 5 steps to apply for a Transitional Tax-Free Amount Certificate (TTFAC):
- Is your client eligible?
- Assess whether your client should apply for a certificate.
- Obtain evidence to accompany the application.
- Complete the TTFAC application form.
- Submit the application form and evidence online via Prompt.
Useful articles
We will continue to add new articles and update content as HMRC issue newsletters and new legislation is published to help you understand what it means for you and your clients.
- Two new allowances: individual’s lump sum allowance (ILSA) and individual’s lump sum and death benefit allowance (ILSDBA)
- Tax-free lump sums whilst alive
- Tax-free lump sums after death
- Transitional regime for past crystallisations
- ILSA, ILSDBA and permitted maximums
- Overseas transfer allowance and overseas transfer charge
- New rules regarding scheme specific tax-free cash
- Transitional tax-free amount certificate (TTFAC)
Register now for our webinar 'The new pension landscape from April 2024'
Watch as Roddy Munro, Head of Proposition Specialists, discusses the abolition of the Lifetime Allowance (LTA) and what this means for you and your clients going forward.
