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...
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