Breaches of the lifetime allowance (LTA) in the 2022/23 tax year increased to 13,080 as reported by pension schemes through accounting for tax (AfT) returns, according to latest statistics.
HM Revenue & Customs (HMRC) revealed the increase in its annual private pension statistics published today (31 July). LTA charges for 2022/33 increased to just over 13,000 through AfT returns. This was up from 11,720 LTA charges reported in 2021/22. Analysis from Broadstone also found the total value of LTA charges reported by schemes in 2022/23 was a record £516m. It said this was an increase from £501m in 2021/22. The LTA was scrapped by then-chancellor Jeremy Hunt in the last Conservative Budget. However, Labour, then in opposition, immediately said it would look at reintroducin...
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