HMRC issues guidance on abolition of pensions lifetime allowance

30 Mar 2023

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance.

At the Spring Budget, Chancellor Jeremy Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully abolished from the 2024/25 tax year via a future Finance Bill, HMRC said.

However, experts have warned that it is currently not clear how the interim period between 6 April 2023 and the full abolition in the 2024/25 tax year will work.

HMRC has created a lifetime allowance working group which allows it to work closely with the public in analysing the details in relation to the full abolition of the allowance, including the impact on legislation and processes. Those interested in joining the working group should email ltaadministration@hmrc.gov.uk and put 'lifetime allowance (LTA) working group' in the subject heading.

Home | Contact us | Accessibility | Disclaimer | Help | Site map | Accreditation |

© 2024 DSJ Partners (UK) Limited. All rights reserved. | DSJ Partners (UK) Limited, 2nd Floor, 1 Bell Street, London NW1 5BY

Registered in England & Wales Registration number: 09346452.

Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C004601804.

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our Professional Indemnity Insurers are Aqueous Underwriting. Contact details: 10th Floor, 5 Churchill Place, London E14 5HU. Policy number P231PA0006201

We use cookies on this website, you can find more information about cookies here.