The government has published its Spring Finance Bill, setting out how it will deliver the recently announced changes to pensions tax.
The bill legislates for the pensions tax changes that were announced in the 2023 Spring Budget on 15 March to support individuals to stay in work. Among the plans announced by the government were the abolishment of the lifetime allowance (LTA) and increases to the annual allowance (AA) and the money purchase annual allowance (MPAA). Changes to the LTA, AA and the MPAA are set to come into force from 6 April 2023, and the Spring Finance Bill looks at how the changes will be delivered. The Office for Budget Responsibility estimated round 15,000 individuals will remain in the labour ...
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