Lifetime allowance abolition: It's all in the detail

'The more you know, the more you know you don't know'

clock • 3 min read

Neil MacGillivrayv looks at the abolition of the lifetime allowance in his latest article for Professional Advice. Here he delves into the detail of the announcement...

As you can probably imagine, the changes announced in the Budget have led to a flurry of questions to myself and the team around the implications for pension members. The primary focus for many of the questions has been Jeremy Hunt's announcement that the lifetime allowance (LTA) is to be abolished. In fact, for the tax year 2023/24, it's only the lifetime allowance charge itself that's being abolished and not the LTA. The actual legislation for the abolition of the LTA is to be contained in a future Finance Bill. With much of pension tax legislation, the devil is in the detail, and i...

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