Neil MacGillivray: Annual allowance and 'scheme pays' explained

At this time of year, questions from advisers on the annual allowance (AA) and the AA charge come into my team thick and fast. For most people, the AA is of little concern as they're unlikely to ever be in a situation where their pension savings exceed the allowance of £40,000 in a single year. However, for a small minority of clients, and particularly those affected by the tapering of the AA, the whole issue around the AA charge can be something of a headache because they need to finalise their tax return and pay any resulting liability for the previous tax year before the end of Januar...