Taxman's takings from LTA 'super tax trap' up 80%

According to data from HM Revenue & Customs the amount of tax it collected from such savers rose from £20m in 2014/15 to £36m in 2015/16, the adviser said. This means the tax take has tripled from the £12m collected in 2012/13, it added. The lifetime allowance is the maximum amount of money a saver can save into their pension pot before incurring an additional tax charge of up to 55%. The allowance was reduced to £1m in April 2016. The amount of tax collected from those who breached the lifetime allowance rose 276% between 2010, when former chancellor George Osborne took up the rol...