Home / Pensions / Taxation / Pensions allowances

Legal News

Abolition of lifetime allowance charge and lifetime allowance—key aspects and impact

Copyright © 2025 LexisNexis
Published on: 04 April 2023
Published by a LexisNexis Pensions expert

Table of contents

  • What is the background to the reforms to the LTA and AA?
  • What are the changes to the AA and the MPAA?
  • What are the changes to the LTA?
  • What is the impact of the changes to the LTA?

Article summary

Pension analysis: On 15 March 2023, the Chancellor of the Exchequer, Jeremy Hunt, announced the removal of the lifetime allowance charge from 6 April 2023 and the abolition of the lifetime allowance entirely from 2024. Paul Carney, partner, and Craig Thomas, senior associate at Shoosmiths, examine the decision and its potential impact.

Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Related documents:

4 News
View More
8 Q&As
View More
Powered by Lexis+®

Related documents:

4 News
View More
8 Q&As
View More

Popular documents

Benefit crystallisation events (BCEs)

Benefit crystallisation events (BCEs)FORTHCOMING DEVELOPMENT: Further to the Spring Budget of 15 March 2023, the Finance (No.2) Act 2023 removed the lifetime allowance charge with effect from 6 April 2023, pending the abolition of the lifetime allowance regime through the Finance Bill 2024 with

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a