Lifetime allowance abolition errors corrected by regulations

Regulations laid before parliament to fix LTA errors

Jenna Brown
clock • 2 min read

Errors in lifetime allowance (LTA) abolition legislation have been corrected in regulations laid before parliament yesterday (7 October).

The LTA, the limit on how much money could be saved into a pension before incurring tax charges, was removed from 6 April, however, mistakes were present in the original legislation. Regulations to solve the problems have now been introduced. Nucleus Financial technical director Andrew Tully explained these were one of two sets of regulations needed. The second set will "hopefully appear shortly," said Tully. HM Revenue & Customs (HMRC) highlighted the errors in its newsletter from April this year. Specifically, HMRC said changes would be made soon and suggested the affected mem...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension first or last? What the numbers really tell us

Pension first or last? What the numbers really tell us

'Focusing solely on reducing the pension before death can increase lifetime tax'

Joshua Croft
clock 28 August 2026 • 4 min read
IHT on pensions: New thinking on taking income in retirement?

IHT on pensions: New thinking on taking income in retirement?

‘This has undoubtedly had a huge impact on planning for many clients’

Lisa Webster
clock 26 August 2026 • 3 min read
Pensions gender gap: A low-profile injustice that deserves more attention

Pensions gender gap: A low-profile injustice that deserves more attention

'Pensions are one of the few financial products where time is the single biggest driver of outcome'

Jessica Cook
clock 24 August 2026 • 4 min read