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Lifetime Allowance

The Chancellor pressured by Health secretary over pensions lifetime allowance

Matt Hancock, has revealed that tax charges on pensions are “the biggest concern I have raised with me by GPs”. In the interview, the senior Cabinet Minister also discloses that he is currently in discussions with the Chancellor over the lifetime allowance The lifetime allowance is a cap on the amount that can be built …

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Recent poll puts personal allowance above LTA in 2018 changes?

A recent poll conducted by FTAdviser states that almost two-thirds of advisers believe a rise in the personal allowance to £12,500 will have the most positive impact on clients. This was the result when advisers were asked which of the four budget announcements will have the largest impact on their clients in a positive way. We …

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Mind the LTA Gap

It’s easier than you think to run up against the pensions lifetime allowance, says David Prosser. Although the government insists that the lifetime allowance (LTA) on pension funds is a tax that hits only a handful of very wealthy savers, it affects more people than you might think. HM Revenue & Customs is raising steadily …

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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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What is the pension lifetime allowance and what changes were made in Budget 2017?

The Budget 2017 did not cut the pension lifetime allowance as feared. But what is the pension lifetime allowance? The pension lifetime allowance (LTA) is the overall amount of pension savings that you can have at retirement without incurring tax charges. The Pensions Advisory Service says: “The Lifetime Allowance is a limit on the amount …

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