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

Why waiving the right to tax-free cash is not a straightforward decision

Why waiving the right to tax-free cash is not a straightforward decision

Depends on a number of factors

Lisa Webster
clock 14 May 2026 • 3 min read
King's Speech has limited impact on pensions

King's Speech has limited impact on pensions

Pensions UK says there may be pension implications from other aspects of the legislative programme

Jonathan Stapleton
clock 13 May 2026 • 1 min read
Pensions and divorce: Where advisers can add the most value

Pensions and divorce: Where advisers can add the most value

'A pension is not simply another line on a balance sheet'

Tim Latham
clock 12 May 2026 • 4 min read