LTA abolition brings advisers 'tax year-end with a twist'

Lifetime allowance will be removed from 6 April

clock • 7 min read

Les Cameron shares some technical insight on the upcoming tax year-end as the lifetime allowance comes to an end...

January sees us enter the busy tax year-end period and the usual rush to get everything done by 5 April when the new tax year dawns. But this is a tax year-end with a twist as the Autumn Statement and Autumn Finance Bill provided us with the near-final rules for the abolition of the lifetime allowance (LTA). There are a few things to note. Firstly, the new system produces broadly the same benefits for most clients albeit using different language to describe them. Secondly, the changes don't impact everyone so those not previously affected by the LTA are unlikely to be affected by t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

HNW individuals call for pension reforms and tax changes

HNW individuals call for pension reforms and tax changes

Almost nine in ten want to see pension reforms, Saltus finds

Isabel Baxter
clock 13 May 2024 • 1 min read
FCA/TPR value for money framework a 'key priority' for 2024/25

FCA/TPR value for money framework a 'key priority' for 2024/25

Regulatory duo first announced a plan for common measurements in 2022

Hope Coumbe
clock 10 May 2024 • 1 min read
NAO finds estimated cost of dashboards has risen £54m

NAO finds estimated cost of dashboards has risen £54m

'The DWP must learn lessons from what happened on this programme'

Holly Roach
clock 10 May 2024 • 3 min read