How do people get stung with Lifetime Allowance charges?
The tax paid by individuals who have breached the lifetime allowance (LTA) has soared by 1,000% since it was introduced in 2006. Figures obtained by Retirement Advantage earlier this year highlighted that £110 million in tax was obtained from savers who exceeded the LTA during 2016/17, compared with less than £10 million in 2006/7 when the allowance …
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