Total tax collected from exceeding the pension Lifetime Allowance is set to reach almost £1.5 billion annually
Successive cuts to the Lifetime Allowance (LTA) and a freeze means that more people than ever could face an unexpected tax bill when they access their pension.
The LTA is the total amount a person can build up in pension benefits without incurring tax charges. Since it was introduced in the 2006/07 tax year, there have been several cuts to the allowance, and it’s now frozen until 2026.
As a result, more people are being affected by the LTA...
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