Spring Budget 23: Ten key takeaways for advisers

1) Abolition of pensions lifetime allowance The chancellor completely scrapped the lifetime tax allowance (LTA) in a surprise move and increased the annual allowance (AA) from £40,000 to £60,000. The LTA was originally set at £1.5m when it was introduced in 2006. It gradually rose to £1.8m in 2010 but fell to just £1m in 2016. Upratings since then have seen the LTA grow to £1.1m. The AA was originally set at £215,000 in 2006, rising to £255,000 in the 2010/11 tax year before being cut back.  2) OBR forecasts inflation and living standards The Office for Budget Responsibility pu...