Revenue steps in to curb pensions 'abuse' post A-Day

It says it will view these acts as an ‘abuse’ of the primary protection and enhanced protection provisions by avoiding the lifetime allowance charge, adding in the run up to A-Day it will move to address such schemes. A day will provide individuals with a lifetime allowance in respect of the tax relief given to their pension saving, the bulk of whom will have a standard lifetime allowance, set at £1,500,000 for the forthcoming tax year. Any amount exceeding that figure will be subject to an income tax charge or a lifetime allowance charge. Revenue says the value of an individuals pensio...