Tax Note: Power to Permit Regulations for 2024-2025 Tax Year

HMRC Policy Papers & Consultations

Published March 9th, 2026

Detected March 9th, 2026

Summary

HM Revenue & Customs has updated the power to permit regulations for the 2024-2025 tax year. This measure allows new regulations made under the Finance Act 2024 to take effect retroactively and extends the expiration of the power to June 30, 2026. Regulations made will be subject to affirmative parliamentary procedure.

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What changed

HM Revenue & Customs (HMRC) has amended the power to permit regulations under the Finance Act 2024. This change allows regulations made for the 2025-2026 tax year to be applied retroactively to the 2024-2025 tax year. The power's expiration date has also been extended to June 30, 2026. All regulations made under this power, including those related to transitional issues, will require affirmative parliamentary procedure.

This amendment has immediate implications for tax planning and compliance related to pension Lifetime Allowances for the 2024-2025 tax year. Regulated entities and their advisors should review the specific regulations that will be made under this amended power to understand any new obligations or changes to existing rules. The affirmative parliamentary procedure means that Parliament will have to approve any new regulations, providing a degree of oversight.

What to do next

Review specific regulations made under the amended power to understand new obligations.
Assess impact on tax planning and compliance for the 2024-2025 tax year.

Source document (simplified)

Policy paper

Lifetime Allowance abolition — amendment of power to make further regulations

This tax information and impact note is about updates to the current power to permit regulations laid in the 2025 to 2026 tax year to take effect for the 2024 to 2025 tax year.

From: HM Revenue & Customs Published 9 March 2026 Get emails about this page

Documents

Abolition of Lifetime Allowance — amendment of power to make further regulations

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Details

This measure updates the current power in paragraph 134 of Schedule 9 to the Finance Act 2024 to allow any new regulations made under that power to have effect from the 2024 to 2025 tax year. Any regulations made under the power will be subject to the affirmative parliamentary procedure. The measure also extends the expiration of the power to 30 June 2026. The existing power in paragraph 133 in respect of transitional issues remains subject to the conditions within paragraph 134 and any regulations made under this power in paragraph 133 will also be subject to the affirmative procedure.