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HMRC updates Pensions Tax Manual to take account of lifetime allowance and annual allowance changes under Finance (No. 2) Act 2023

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Published on: 08 September 2023

Published by LNB News

LNB News 08/09/2023

Document Information

Issue Date: 08 September 2023

Published Date: 08 September 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

On 5 September 2023, HMRC updated its Pensions Tax Manual to take account of the lifetime allowance and annual allowance changes under the Finance (No. 2) Act 2023 which took effect from 6 April 2023, including the abolition of the lifetime allowance charge, the increase in the annual allowance from £40,000 to £60,000, the increase in the money purchase annual allowance from £4,000 to £10,000, and changes to the figures associated with the tapering of the annual allowance.

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