HNWs considering working for longer following LTA removal

The majority of HNW individuals plan to take advantage of the tax change

Isabel Baxter
clock • 2 min read

More than two thirds (67%) of high-net-worth (HNW) individuals are considering working for longer than planned after the removal of the Lifetime Allowance (LTA), according to the Saltus Wealth Index report.

In March's Spring Budget, chancellor Jeremy Hunt scrapped the LTA from 6 April 2023. He also raised the annual allowance from £40,000 to £60,000. The decision was an aim to tackle fears that the cap set by the LTA - which had been frozen for six years in 2020 - was encouraging many professionals to retire in their fifties. Saltus' research has suggested that it is starting to have the desired effect. Its research found that more than two thirds (67%) of HNW individuals said they will consider working for longer than they had previously planned, rising to 76% of those in the health sector...

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