⬇️ The key pensions measures from the Budget, explained by thomasselby
As well as setting out his intention to scrap the lifetime allowance, the Chancellor also announced significant boosts to pensions annual allowances. These govern how much can be paid into a pension each tax year before an annual allowance charge is levied.
At the same time, the money purchase annual allowance, which is triggered when you “flexibly access” taxable income from your retirement pot, will rise from £4,000 to £10,000. If you breach any of these annual allowances, a tax charge will be applied to the excess designed to remove the upfront tax relief your contribution received.One final thing to note is that pensions are now even more attractive from an inheritance tax perspective as a result of the Budget.
From 6 April onwards, the reduction in the lifetime allowance charge to 0 per cent means pensions of any size could potentially be inherited completely free of tax.Lots of people are already worrying about whether Labour could reverse this decision if they win the next general election. Some might even be thinking about taking decisions with their pension to mitigate against this risk.
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