TACT – The Association of Corporate Trustees responds to HM Government consultations
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TACT – The Association of Corporate Trustees seeks to advance education in trust law and practice through information and instruction. It carries on the bulk of its work through its operating committees. These gather together the practitioners in each of the major fields – pensions, private and loan capital trusts. These committees have responded to 2 consultations from HM Government this year
21st January, 2025 Consultation Response: Inheritance Tax on pensions: liability, reporting and payment sent to HMRC – Assets, Residence and Valuation team.
It was announced in the Autumn Budget 2024, that from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for Inheritance Tax purposes and pension scheme administrators will become liable for reporting and paying any Inheritance Tax due on pensions to HMRC. This consultation sought views on the processes required to implement these changes.
The Pensions and Private Trusts Committees of TACT responded to the questions raised as well as proposing the adoption of additional requirements/changes to the proposed system.
14th March, 2025 Consultation Response: Financial Conduct Authority’s Consultation Paper CP25-2 sent to FCA -Primary Markets Policy team.
Consultation on further changes to the public offers and admissions to trading regime and the UK Listing Rules. This consultation followed on from The Public Offers and Admissions to Trading Regulations 2024 (POATRs) made in January 2024 and proposals for the POATRs related to admissions to regulated markets and primary MTFs in July 2024.
In the consultation, the FCA proposed to introduce a single disclosure standard based on the current standard for wholesale non-equity securities, reducing the inefficiencies in the listing process for further issuances of securities and the requirement to publish Listing Particulars.
The Loan Capital & Capital Markets Committee of TACT responded to the questions raised as well as providing insights on the issues that beneficiaries of securities have with proof of ownership and instructing trustees to act.
Copies of these letters are available to TACT Member firms through the Members Area of the TACT website or direct by writing to the Chief Executive, Scott Clayton.
29 April, 2025
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