The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The maximum amount that an individual can build up in pension savings is limited in two ways:
The lifetime allowance was introduced from 6 April 2006. When a member of a scheme takes benefits in excess of his applicable lifetime allowance, he will be liable to a tax charge and the amount of the tax charge will depend on whether the excess benefits are taken as a lump sum or not.
The amount of the lifetime allowance has changed frequently:
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