More people than ever breach pension lifetime and annual allowances

clock • 6 min read
More people than ever breach pension lifetime and annual allowances

The amount of tax charged for people breaching the UK's Lifetime Allowance has soared to £283m, a 6% increase from £269m in 2017 to 2018 representing the single biggest amount clawed back in one year since the lifetime allowance was introduced in 2006, according to updated Annual Allowance and Lifetime Allowance pension figures published today (30 June) by HMRC. They show that both Annual Allowance (AA) and Lifetime Allowance (LTA) tax charges have sharply risen over the past few years. ...

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